| Hello Hans,
What you should look for is finding an internet broker that has accounts insured by SIPC, which I believe stands for Securities Investor Protection Corp. Brown (the co. I use) had their accounts insured for $25,000,000 of which $100,000 may be in cash. I say had, because I looked into my original folder and that's what it was when I started many years ago. Things could have changed, most probably with higher limits. Since these figures are for each account, and I'm not approaching the limits I haven't kept up with the latest figures. The site which I quoted on an earlier post will have that info. If you have trouble finding it let me know and I'll get it for you.
This way if the broker goes broke or someone runs off with all the securities the insurance company makes good for it.
Good hunting,
Allan
--- On Tue 12/17, Hans van der Voorn vandervoorn@xtra.co.nz wrote:From: Hans van der Voorn [mailto: vandervoorn@xtra.co.nz]To: sharechat@sharechat.co.nzDate: Wed, 18 Dec 2002 17:13:11 +1300Subject: Re: [sharechat] Markets - Overseas internet brokers
Hi Allan, Actually I was more interested in the US
and UK brokers. Does anyone worry about the security of their money when
they hand it over to an internet broker in the US, or is it not considered to be
an issue there.
Hans
----- Original Message -----
Sent: Wednesday, December 18, 2002 2:14
PM
Subject: Re: [sharechat] Markets -
Overseas internet brokers
Hi again from the U.S. With my ACCESS internet brokerage all
the shares are held in our names, NOT IN THE BROKERS NAME. NZSE now has a
system where everything is done electronically with CSN (customer service
numbers) and I believe this eliminates the loss where an individual broker
goes broke. Any verification of my thoughts from, on the ground Kiwi's?? Allan
--- On Tue 12/17, Hans van der Voorn vandervoorn@xtra.co.nz wrote:From: Hans
van der Voorn [mailto: vandervoorn@xtra.co.nz]To:
sharechat@sharechat.co.nzDate: Wed, 18 Dec 2002 11:27:44 +1300Subject: Re:
[sharechat] Markets - Overseas internet brokers
A general question on overseas internet
brokers: What is the security of the funds sent to the brokers? As I see it
you could end up giving them a lot of money and not necessarily getting
anything back. The stocks are purchased on your behalf but presumably remain
registered in the brokers name. If they go broke are you any better off than
an unsecured creditor?
Some of you may remember a company called
Goldcorp in the 80s which held gold on investors' behalf, except that at
the end there wasn't quite enough gold to go around.
I've been using a full service local broker for
overseas trades. It's very convenient in terms of handling the funds but
inconvenient in (mostly) not being able to deal when the market's open (in
summer there's a window for the US market in the morning), plus the brokerage
is higher. In the UK it has been totally unsatisfactory to the point where I
have sold everything I had there.
Any comments or suggestions for either the US or
UK would be welcome.
Hans
----- Original Message -----
Sent: Wednesday, December 18, 2002 9:37
AM
Subject: RE: [sharechat] Markets
Hi from the U.S.I like, and have personally used Brown Co. for
many years. $5.00 U.S. for a market order, $10.00 U.S. for a limit order.
Good research within the site. Do not know, however what overseas investors
must do to set up an account. Their site is http://brown3.com/ Please look at it, probably
will answer all your questions. If you get stuck, e mail me and I'll call
them in your behalf and obtain your required answers, e mailing you
back.Good luck.Allan--- On Tue 12/17, Holden Glova dsafari@paradise.net.nz
wrote:From: Holden Glova [mailto: dsafari@paradise.net.nz]To:
sharechat@sharechat.co.nzDate: Tue, 17 Dec 2002 21:23:41 +1300Subject:
[sharechat] Markets-----BEGIN PGP SIGNED MESSAGE-----Hash: SHA1Hi all,I've
been spending lots and lots of time reading and pouring over charts
(sometimes coffee) and I have come the conclusion that the NYSE looks easier
to TA then the ASX. The candles seem to follow "the rules" more often. It
does however look more volatile which can work with or against you. I am
interested in anyones opinions and thoughts on this. Also, if you where to
trade online in the USA what is involved to setup an account? Anywhere you
would recommend using? I had a quick look over ameritrade.com but thought i
would ask first.Many thanks in advance for your comments.- -- Signed,Holden
Glova-----BEGIN PGP SIGNATURE-----Version: GnuPG v1.0.7
(GNU/Linux)iD8DBQE9/t8N0X8w8X71zPcRAkLJAJ9bMMd1KJ974ZWMFE1zD26bryqQcgCfbk8dAMbCf/qvs2gga/HTuJvTuD4==hhBg-----END
PGP
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