 |
|
Domestic Accounts
There is no minimum investment for domestic accounts.
International Accounts
Investrade Discount Securities requires a low minimum initial requirement to open an International account. Cash accounts can be opened with a minimum of $5,000.00 in any combination of US Dollars and/or US/foreign exchange traded securities. Some foreign securities may be ineligible. Cash accounts may only be approved to write covered calls and/or buy calls and puts. Please call 1-847-375-6080 for more information.
International Margin and Spread trading accounts require an additional security deposit of $5,000.00 that will be held in your account separately from the funds you will be using for trading and will not count towards your buying power or equity figures. The funds will be reflected in your monthly statements. Margin is required in order to be approved for spread trading. For International accounts that wish to trade uncovered puts, the security deposit will be an additional $10,000.00.
International Clients may wire funds or may choose to transfer funds from a US based brokerage firm. Foreign stocks can be held and sold, and, Investrade Discount Securities can purchase some, but not all, foreign securities. All Investrade Discount Securities accounts deal in US dollars and are only based on cleared funds. Receipt of a wire transfer from a US affiliated bank constitutes “cleared funds”.
International applicants are required to complete a W-8BEN form, foreign account questionnaire and provide a copy of their non-expired passport for identification. In addition, please provide a copy of your current bank statement or utility bill to confirm name and address on the account application.
Important Note for International Accounts: To ensure prompt and efficient service we encourage our international clients to contact us via E-mail: support@investrade.com.
How to Fund Your Account
Accounts may be funded by check, ACH, wire transfer, stock certificate, or by transferring an account to Investrade.
Select your preferred method.
- Check
- Electronic Transfer (ACH)
- Wire Transfer
- Stock Certificate
- Account Transfer
- Money orders, third party checks, credit card checks, home equity line checks and starter checks are not accepted.
- Make all checks payable to Penson Financial Services, Inc.
- Mail checks to Investrade Discount Securities, Attn: Customer Service, 950 Milwaukee Ave., Ste. 102, Glenview, IL 60025.
- IRA contributions made by check require an IRA Deposit Slip.
- All checks, including certified and cashier's checks require a minimum of 10 business days to become available for investing.
- Cashier's checks must have the remitter's name electronically printed directly on the check by the issuing bank.
Set up incoming or outgoing electronic funds transfer (ACH) between bank and brokerage accounts, including automatic contributions to your IRA. Transfers can be made on demand or on a recurring basis. ACH deposits are limited to $10,000.00 per day.
From receipt of your ACH authorization form, activation may take up to 10 business days. ACH deposits may be held for an additional 5 business days. If you want to trade immediately, Investrade suggests funding your account via wire transfer. Call 1-800-498-7120 for assistance.
Wire Transfer Rebate for New Accounts
If you are funding a new account, wire transfers of $10,000 or more will be reimbursed wire transfer fees up to $30. Learn More
Mail the completed Authorization for Electronic Transfer form, including a voided check or bank letter to:
Investrade Discount Securities
Attn: Customer Service
950 Milwaukee Ave., Ste. 102
Glenview, IL 60025.
Payroll Direct Deposit
Submit a voided check to your employer along with your completed Direct Deposit form. The Direct Deposit Form must be mailed to:
Reich & Tang Funds
Attn: Client Interface Dept.
600 Fifth Avenue, 8th Floor
New York, NY 10020
If you need assistance call 1-800-433-1918.
Wires must be sent to same-titled accounts. No third party wires may be processed.
Domestic JP Morgan Chase Bank International Chase Manhattan Bank, NYC |
JP Morgan Chase Bank 270 Park Avenue Chase Manhattan Bank270 Park Avenue Penson Financial Services1700 Pacific Avenue |
Wire Transfer Rebate for New Accounts
If you are funding a new account, wire transfers of $10,000 or more will be reimbursed wire transfer fees up to $30. More information
Stock Certificate
To endorse stock certificates over to Investrade:
- On the back of the stock certificate, enter Penson Financial Services, Inc. as the attorney to transfer the stock.
- Each person registered on the stock certificate must sign the back exactly as printed on the front, including initials, suffix, etc.
- Date the certificate.
If you have any questions regarding stock certificates, please call customer service at 1-800-498-7120.
Transfer an existing account from another brokerage firm.
Full, automated customer account transfers (ACAT), will typically take 7 to 10 business days. A non-ACAT (partial transfer) or manual transfer may take up to 3 weeks to complete.
Depositing Funds and Securities
Funds and securities are required in advance. Sufficient buying power or cleared funds are required before any buy order can be accepted. Cleared securities must be in your account before any sell order will be accepted.
Account processing will occur within one (1) business day after receipt of account paperwork. Once your account has been approved, cleared funds are required to begin trading. All checks including certified and cashier’s checks require ten (10) business days before the funds are available for investing.