*OT* (sorta)
Regarding WIT.
I have 2 accounts, and the second was very easy to set up (after learning from the first). The 2nd account is actually my brothers account. The easiest and quickest method I have found is:
1) Fill out on-line app (make sure to be very "aggressive" when stating income, net-worth, and investing options. If you choose one of your "styles" as "conserving capital" or "conservative", they will not allow you to participate in IPO's.
2) Print out the app, and a W-9 (they don't withhold taxes), and any other documentation needed.
3) Fed-Ex the application to WIT
4) The next day (or day after) you should be able to log into your account.
5) Wire $2K to Wit (wiring instructions are on the web site).
If you send a check, I have heard stories taking days or even weeks to be able to use the account. If time is not of the essence, Fed-Ex and Wiring are not necessary, but it seems to be very reliable that way.
Once you have $2K (it says $1K right now, but minimum is changing to $2K sometime in July) in your account, you are eligible for IPO's.
Unlike Etrade, you do not have to have the amount of the IPO fully funded at the time of pricing.
Don't expect great service or a great trading system from Wit. They are primarily an investment bank, not a broker, and it shows. My only reason for using WIT is the access to IPO's (of which I have received shares in about 10 IPO's to date).
Also, you have a limited time to enter your conditional offers (usually the window is from around 4:00 PM ET or later until midnight ET). After that, when the IPO prices, you need to respond to an email reconfirming your desire to purchase shares. While nobody knows how much time you have, it has been discussed on the WIT thread that after an hour or two it is probably too late. For the good ones that is. Once you do that, you will receive an email sometime late that night, or into the wee hours of the morning, whether or not you got any shares.
I hope this helps. Feel free to PM me if I can be of any help.
Good luck!
Mike |
