The Most Frequently Asked Questions (FAQ?s)
swiftrade.com
when Opening an Account
Please read the Frequently Asked Questions and Answers, you will find the majority of the answers to your questions listed below.
If the below FAQ?s & Answers do not answer you specific question, please email your question(s) to service@swiftrade.com (we will normally respond within 24 to 48 hours). Please include your contact information (phone number(s) and fax number(s) with your request, sometimes it is easier and quicker to explain the answers to questions over the phone rather then via email.
Microsoft Word version of this FAQ here. (Hold down Shift when clicking on this link to save the file to disk)
Index of FAQ?s
(Answers are provided for these FAQ?s below ? please wait until this page completes loading, then scroll down)
Q.1 How do I get Account opening documents ?
Q.2 How do I fill out the ?Client Account Information? document ?
Q.3 What are the W-8 and 1001 forms used for, and do I fill them out ?
Q.4 How do I complete the Account documents and submit them so that I can receive my account number ?
Q.5 When will I receive my Account Number ?
Q.6 Do I pay Tax on the profits that I make in my account if I am not a U.S. Citizen or Resident Alien?
Q.7 Am I exempt from paying Tax on profits made in the U.S. in my country of residence (Country of residence for tax purposes) ?
Q.8 Is my Account Insured (Are Cash Funds and/or Securities held in my Account Insured) ?
Q.9 Who are the Securities Investor Protection Corporation ( SIPC ) ?
Q.10 What does the term ?Hold in Street Name? mean ?
Q.11 What is the minimum deposit to open an Account ?
Q.12 How do I deposit cash funds into my Account ?
Q.13 Can I use my Credit card to fund my account /or/ pay for purchases in my account ?
Q.14 How do I deposit Share Script (stock certificates) into my account ?
Q.15 How do I have funds sent back to me from my account with Amber Securities ?
Q.16 Where is my Amber Securities Account held ?
Q.17 Where are my Cash Funds and equity in securities held (stocks/shares) ?
Q.18 Do I earn interest on the Cash Funds that are in my Account ?
Q.19 Do you have a fee or charge for opening or maintaining an account ?
Q.20 How much does it cost to trade on Swiftrade ?
Q.21 When can I begin trading in my account ?
Q.22 How often will a ?Statement of Account? be sent to me ?
Q.23 Can I open a Margin account ?
Q.24 Does signing the margin agreement mean that you can use my stock as collateral or lend it out even when I do not have a debit balance ?
Q.25 Is the information in my Amber Securities account Private and Confidential ?
Q.26 Can I have a representative contact me to answer specific questions or to help me fill out the Account Opening documents ?
FAQ?s & their Answers
Q.1 How do I get Account opening documents ?
To open an Account please go to www.swiftrade.com ? Click on the button ?Enter? and then click the button marked ?New Account? on the left side of the screen. Follow the simple instructions, fill in the registration form and click submit. You will receive your account opening documents by Email within 5 ? 10 minutes.
You will receive a number of documents attached to this email: Client Account Information, W-8 and 1001 forms.
Please print out these forms and fill in all of the required information. Incomplete applications cannot be approved by corporate headquarters until all information required is included on the form(S).
Q.2 How do I fill out the ?Client Account Information? document ?
Enter the requested information into each section on the document (please print clearly).
All of the information requested on the form is required before we can approve your application to open an account. If a question is not applicable to you, enter ?Not Applicable? or ?N/A?.
Example: On the form, where it asks you for a U.S. Social Security number or Tax ID number and you do not have one (and it is not applicable to you) ? enter into this area N/A or Not Applicable.
If you do not understand one of the questions on the form(s) or need clarification, please contact our customer service department via email at service@swiftrade.com to ask for an explanation, or clarification.
Q.3 What are the W-8 and 1001 forms used for, and do I fill them out ?
If you are not a U.S. Citizen or Resident Alien you may be exempt from U.S. Capital Gains Tax.
The W-8 and 1001 forms must be completed (so taxes are not withheld) and include them with the ?Client Account Information? document when requesting to open an account.
Note, if you are a U.S. Citizen or Resident Alien, (and/or you are not exempt from U.S. Capital Gains Tax), you should not fill in and sign the W-8 or 1001 forms.
(For further information on Taxation issues, please see Questions 6 and 7 below)
Q.4 How do I complete the Account Opening documents and submit them so that I can receive my account number ?
Complete and sign the ?Client Account Information?, W-8 and 1001 form (if applicable) and fax them to one of our customer service locations. (Please see above ? questions 1, 2 & 3 for explanations / instructions on these forms).
NOTE: If you are not a U.S. Citizen or Resident Alien (and are eligible for a tax exemption) you should also complete the W-8 and 1001 forms and include these with your ?Client Account Information? form.
Asia & Pacific/Rim: Fax: 886-2-27399265 Phone: 886-2-2378-2707
Europe: Fax 34-93-4108213 Phone: 34-93-4301102
All account applications have to be reviewed and approved by our corporate headquarters prior to an account number being given out.
Upon your account being approved, please mail the original signed documents to our Corporate Headquarters as follows:
New Accounts Department
AMBER SECURITIES CORPORATION
888 Prospect Street, Suite 330
La Jolla, California 92037
U.S.A.
Q.5 When will I receive my Account Number ?
When you have submitted the completed (and signed) account opening documents, and our corporate headquarters has approved your account, we will contacted you and give you your account number.
This authorization process usually requires 1 business day (U.S.) if all the required information is submitted.
You do not need to have a second account to trade your account online via Swiftrade.
(For further explanation on account opening procedures please refer to Question?s 1, 2, 3 & 4 above).
Q.6 Do I pay Tax on the profits that I make in my account if I am not a U.S. Citizen or Resident Alien?
No. If you are not a U.S. Citizen or Resident Alien (and are eligible for a tax exemption) you do not have to pay U.S. Capital Gains Tax. If you are eligible for an exemption, you must complete form W-8 and/or 1001.
(Please see Questions 3 & 7 for related information).
Q.7 Am I exempt from paying Tax on profits made in the U.S. in my country of residence (Country of residence for tax purposes) ?
This is a question best answered by your local Tax Advisor or Accountant who is more conversant with the local tax laws in the country where you reside. If your profits or income are taxable in your Country of residence, it is up to you to report this taxable income. (Please see Questions 3 & 6 for related information).
Q.8 Is my Account Insured (Are Cash Funds and/or Securities in my account Insured) ?
All account are automatically protected up to US$500,000 through the Securities Investor Protection Corporation (SIPC) - $100,000 in cash. Additional protection is provided by our clearing firm Emmett A. Larkin through Lloyds of London, up to a total of US$ 2,500,000 (US$2.5 Million).
(Please reference Questions 9 and 10 below for related information).
Q.9 Who are the Securities Investor Protection Corporation (SIPC) ?
The Securities Investor Protection Corporation (SIPC) protects customers of broker-dealers registered with the United States Securities and Exchange Commission, thereby promoting confidence in United States securities markets. Though created by the Securities Investor Protection Act (15 U.S.C. õ78aaa et seq., as amended), SIPC is neither a government agency nor a regulatory authority. It is a nonprofit, membership corporation, funded by its member securities broker-dealers.
* * *For more detailed information about SIPC please follow this link to the SIPC web site www.sipc.org
Q.10 What does the term ?Hold in Street Name? mean ?
This is the term given to securities held in the name of a broker on behalf of a customer (the * ?Beneficial Owner?). This arrangement allows shares to be transferred easily. If the stock were registered in the customer?s name rather than the broker?s name, physical certificates would need to be transferred.
*?Beneficial Owner? is the term given to a person who benefits from ownership of a security or mutual fund. Shares or title may be held by a bank or broker for safety and convenience or in ?street name? to expedite transactions, but the real owner is the beneficial owner.
(Please reference Questions 8 & 9 above for related information).
Q.11 What is the minimum deposit to open an account ?
US$ 2,500 in cash or free trading marginable securities. Once your account is open and funded there is no minimum balance requirement.
Q.12 How do I deposit cash funds into my Account ?
The safest and recommended method is by Wire Transfer (Telegraphic Transfer) directly from your bank to the following:
Bank of America, SA
345 Montgomery Street
San Francisco, California
ABA No : 121000358
FOR BENEFIT OF: Emmett A. Larkin Company, Inc.
ACCOUNT No: 1499 - 6 - 02447
FOR FURTHER CREDIT TO: *Your account Name & account Number
*For prompt credit to your account please make sure that you make the wire transfer ?for further credit to your Account and Account Number. If your account number does not appear on the Wire Transfer the funds will be returned to the issuing bank.
*If the Wire Transfer (Telegraphic Transfer) is from a foreign bank (a bank outside of the U.S.A.), it should be in U.S. Dollars. Clients will receive a better exchange rate in the country of origin.
* IMPORTANT: Please remember to enter into the Remarks Section (or the Senders Name section) of the Wire Transfer, your Account Name & Account Number. If the sender does not provide these details we will be forced to return the funds back to the sender.
Q.13 Can I use my Credit card to fund my account /or/ pay for purchases in my account ?
No, under present circumstance, funding a securities account or paying for a purchase of stock using a credit card is not consistent with industry standards.
Q.14 How do I deposit Share Script (stock certificates) into my account ?
You will need to send us the unrestricted Share Script (do not sign the back of the Share Script/Certificate) and a signed Stock Power. The Stock Power is required to enable us to deposit the share script into your account.
*For safety reasons, please do not sent the Share Script and the Stock Power in the same courier package.
If you have any questions on this subject or it is unclear to you, please email your question to customer service at service@swiftrade.com. If the question cannot be answered easily via email, one of our representatives will contact you so please provide your contact numbers as well with your request.
Q.15 How do I have funds sent back to me from my Account with Amber Securities ?
All we need is your signed faxed or written instructions to send funds back to you.
We will normally only send funds back to an account that has the same name as on your Amber Securities account. This is for the security and safety of client?s funds.
Please include the following information in this request:
Your Amber Securities Account Name and Number.
The amount of funds you wish to have sent back to you.
Your Bank name and address.
Your Bank SWIFT code (your bank can provide this for you).
Your bank account name
Your bank account Number
*** Please remember to sign the fax or letter of instructions you send to us.
NOTE: Transferring funds back to you from your account usually takes approximately 2 business days.
Q.16 Where is my Amber Securities Account held ?
Amber Securities and its clearing firm Emmett A Larkin are U.S. broker/dealers and as such your Account is held in the United States of America.
Q.17 Where are my Cash Funds and equity in securities held (stocks/shares) ?
Your Account is with a U.S. broker/dealer and therefore all your funds and securities are held in the United States of America.
Q.18 Do I earn interest on the Cash Funds that are in my Account ?
Yes. All free cash balances are swept daily into a Money Market account where they will earn the prevailing money market rate.
Q.19 Do you have a fee or charge for opening or maintaining an Account ?
No. There are no charges associated with opening or maintaining an account with Amber Securities Corporation.
Q.20 How much does it cost to trade on Swiftrade ?
$29 per transaction, up to 3,000 shares. For complete information and/or clarification, please go to www.swiftrade.com/main.html and click on the button marked ?Commissions?.
bCertain other fees may apply for other services rendered (wire transfers, stock registration, postage for trade confirmations, etc ).
Q.21 When can I begin trading in my account ?
Once your account is approved and you have funded the account (either with cash or marginable securities) you may start trading in your account.
Q.22 How often will a ?Statement of Account? be sent to me ?
Client that have activity in their account in any specific month will receive a Statement of Account for that month. All clients (with balances and/or positions) will receive a Statement of Account at least every 3 months via First Class Mail.
* Please verify that you have provided us with your correct mailing address and contact numbers.
Q.23 Can I open a Margin account ?
Yes. Please complete and sign the Margin Agreement form and fax this to one of our customer service locations.
Mail the original signed document to our Corporate HQ in California USA. Upon your account being approved for Margin trading you will be able to trade your account on Margin. If you do not have a copy of a margin agreement please email a request to service@swiftrade.com , please include your name, contact numbers and mailing address.
Please mail all completed and signed Margin applications to the following address:
Accounts Dept.
AMBER SECURITIES CORPORATION
888 Prospect Street, Suite 330
La Jolla, California 92037
U.S.A.
* Please be aware that since you will be borrowing money collateralized by your securities, there is risk involved.
"It is important for investors to understand that, even though margin enables them to leverage their securities to increase purchase power, it is a financial tool that does have risk associated with it," said Mary L. Schapiro, President of NASD Regulation, Inc. "Especially during volatile market conditions, investors need to be aware that if the value of securities in a margin account declines, they can lose more than the funds, or securities, they deposit in the account."
Q.24 Does signing the Margin Agreement mean that you can use my stock as collateral or lend it out even when I do not have a debit balance ?
No. We can only use your stock as collateral when you owe us money. If you do not have a debit balance your stock is not available for loan.
Q.25 Is my information in my Amber Securities account Private and Confidential ?
Yes. Amber Securities does not reveal you?re trading history, account information or personal details to anyone who is not authorized to have access to them.
Q.26 Can I have a representative contact me to answer specific questions or to help me fill out the account opening documents ?
Yes. Please contact Customer Service at service@swiftrade.com with your complete contact information (phone and fax numbers) and we will contact you with the following 24 hours approximately.
If the above FAQ?s & Answers do not answer you specific question, please email your question(s) to service@swiftrade.com (we will normally respond within 24 hours). Please include your contact information (phone number(s) and fax number(s) with your request, sometimes it is easier and quicker to explain the answers to questions over the phone rather then via email.
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