I am in the process of opening up an account with CyberBroker so that I can use their software... But what I don't like at all is their policy that if you send a check to fund your account, then you have to wait 10 days for the check to clear before you can even trade...
Now, I have traded with a lot of different brokerage firms and I have NEVER had to wait for the funds to clear before I was allowed to trade... It is standard policy in this industry to have to wait 10 days before you can withdraw or wire out any funds... but even the small discount brokers credit your account to give you immediate buying power upon receipt of your check...
One of the girls who helped me open up my account told me that this was the policy of Penson Financial, their clearing firm... But I talked with the cashiering department at Penson, and they informed me that it is their policy to credit the account the same day they receive a check, but that CyberBroker won't apply it towards buying power for 10 business days...and that this was not their policy, but the policy of the Broker/Dealer...
I e-mailed one of the principals at CyberBroker and asked him to please explain this policy...but to date I have not received any response.
I trade full-time for a living, and always act professionally, but in the same token, I expect to be treated with professional courtesy... Personally, I find it disappointing (and perhaps a little insulting) that CyberBroker has instituted a policy that is not only predicated on not trusting their clients, but is also inconsistent with industry standards... |
