Getting Started
Security
Investing
Existing Customers
Getting Started
How do I open an account?
Place Trade offers clients the ability to open their investment accounts online (whether you are an online trading (only) client or if you are a full service client (where you may still do online trading if you choose to). However, some investments (such as certain mutual funds, annuities or other products) may be held at the companies that offer such products. In this case you may not even need to open an online account. In other cases you may open both. Your financial consultant will let you know which account type that you will need to open based on your investment needs.
Opening an online account:
Opening an online account is super easy at Place Trade! You can either diver right into the full application or if you know the specific securities and countries that you plan to invest in you may chose the short form (Fast Track) application and add more securities or countries later if you choose.
Choose from the two application types available: the FastTrack Application and the ProTrack Application.
Complete a FastTrack Application if you want to begin investing by trading only stocks in a single country and currency through a cash or regular margin account. After you are approved to open an account, adding products and markets to your account permissions is simple.
The FastTrack application automatically adds real-time market data, news and more. This service is free to Place Trade clients who spend $30 or more in commissions each month. In the event that you do not accumulate $30 in a month a $10 fee that will be charged for this service. (It is well worth it, especially when combined with our best execution, verified price improvement, deep discount commissions and extremely low margin rates. Our overall trading cost is still significantly lower than most firms and our services and trading tools are hard to beat!) If you do not need real-time quotes and market data or believe that you will not be trading regularly than you may wish to choose the regular application. (It is a simple application but it a bit longer because it covers more investment products and the ability to trade worldwide.)
Complete a Protrack Application if you are interested in trading a combination of products in addition to stock, in more than one country or currency, or if you want to choose from one of the commission plans offered by out clearing firm. If you are classified as a professional or wish to open a portfolio margin account, you are required to apply via the ProTrack Application.
How do I transfer my accounts to Place Trade from another firm?
Transferring accounts to Place Trade, Inc. is simple and free. When you open your account online you can actually set up the transfer in a couple of simple steps. (Simple but sometimes anything can seem a little tricky so feel free to call us if you have any trouble at all and we will be happy to walk you through it.) Visit our transfer accounts page for more information.
Please note that If you are working with a full service adviser and have any transfers that need to be done for products held outside of Place Trade's online accounts, your adviser will be happy to assist you with the transfer paperwork.
How much will it cost to transfer my accounts to Place Trade?
Although the firm that you are leaving may charge you fees, you don't have to worry about start-up fees at
Place Trade; opening accounts with us is free.
How can I check the status of my application?
Once all account application materials have been received by our clearing firm, your application will be reviewed and a decision will be made to either accept or decline the account. In some cases you will be asked to provide additional documentation such as proof of identification, a brokerage statement from the firm that you are transferring your account from or trust paperwork for example. (Nothing out of the ordinary as compared to other brokerage firms). Once your account is approved you will receive an email informing you of the status of your application. In addition, you may log into “Complete Application” to view updates.
When can I start trading after my account has been opened?
As soon as your account has been funded and approved you may begin trading.
What are the commissions and fees?
Click here to compare our commissions and fees to the lead competitors.
Place Trade does not charge for many fees that you may be accustomed to. We charge no annual fees, no inactivity fees, no start-up fees and no hidden fees. Please read our fine print to understand the fees that our clients may incur.
Fine Print
How can I fund my account?
Visit our Fund Your Account page for more information.
Is there a minimum amount required for opening an account?
Our clearing firm requires a minimum initial investment of $5,000.00 (valued in securities or cash) for
traders, and of $3,000.00 for IRA accounts.
What type of investments can I make with a Place Trade account?
Place Trade offers an extensive wide variety of securities for our clients to invest in. In addition to traditional US stocks, bond, options, mutual funds, college and retirement planning and more, our Clients have access to over 90 market centers worldwide. To view a list of markets and available securities please visit our international page and view North American, European and Asia - Pacific Market Center Information as well.
What type of securities can I purchase through Place Trade?
Stocks, Options, Bonds, Mutual Funds, ETFs and so much more. Visit our products & services page as well as the international exchanges for more details.
Can I manage my accounts online?
Yes. Our online trading tools allow customers to manage their investments online at their own pace.
Visit our Open an Online Trading Account page to learn more.
Who is Place Trade's clearing firm?
We clear through Interactive Brokers, LLC.
What is a clearing firm?
A clearing firm, which can also be called a clearing house, is an independent intermediary that works with
broker-dealers such as Place Trade to handle confirmation, delivery and settlement of transactions.
These corporations can also ensure that trades are settled within a specific period of time and can help
protect the security of customers through account protection policies.
What is a margin account?
A brokerage account in which the broker lends the customer cash to purchase securities. The loan in the
account is collateralized by the securities and cash. If the value of the stock drops sufficiently, the account
holder will be required to deposit more cash or sell a portion of the stock.
What should I do if I can't access my online account and I want to make a trade?
You have the option of calling an advisor at (919) 719-7200 to get live help and make over-the-phone
changes. (Broker assisted or full service fees will apply.)
What is a sweep account?
A sweep account is an account set up at a bank or other financial institution where the funds are
automatically managed between a primary cash account and secondary investment accounts. This bank
account automatically transfers amounts that exceed (or fall short of) a certain level into a money market
fund at the end of each business day. The objective of a sweep account is to provide the customer with the
greatest amount of interest with the minimum amount of personal intervention.
What is options trading?
An option is a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying
asset at a specific price on or before a certain date. An option, just like a stock or bond, is a security. It is
also a binding contract with strictly defined terms and properties. First, when you buy an option, you have a
right but not an obligation to do something. You can always let the expiration date go by, at which point the
option becomes worthless. If this happens, you lose 100% of your investment, which is the money you
used to pay for the option. Second, an option is merely a contract that deals with an underlying asset. For
this reason, options are called derivatives, which means an option derives its value from something else.
A call gives the holder the right to buy an asset at a certain price within a specific period of time. Calls are
similar to having a long position on a stock. Buyers of calls hope that the stock will increase substantially
before the option expires.
Can I trade OTC bulletin boards, pink sheets or penny stocks at Place Trade?
Yes, we can submit orders for any stock that trades electronically and is showing a bid or offer.
Please note that directed orders may incur additional exchange fees. If your order is available through
smart-routing, you will pay our regular commissions (which include exchange fees), if your order is directed through a
specific exchange, any fees charged by that exchange will be passed to you and you must pay the
fees charged by the exchange. (All orders that are directed to specific exchanges will incur any exchange fees that are charged
by that specific exchange.)
Can I buy IPOs or options contracts using electronic funding?
Yes.
Why do you ask questions about my personal information when it is my money? Not only is Place Trade required to ask a minimum number of questions by law but also because we truly want to look out for your best interest.
The Securities and Exchange Commission has put out an informative article entitled “Broker-Dealers: Why They Ask for Personal Information” that offers a detailed discussion regarding the importance of the matter.
I have other questions. Who can I contact?
Visit our Contact Us page to reach customer service. If you already have an account with us you may log into
Account Management,at the top of the left hand side of the page (above the menu) you may click on the messages
icon to send and read your account messages or click on the chat icon to Chat Live for a faster response! Either way
we will get your questions answered as quickly as possible! Account Management and either send a message or chat
live with a knowledgeable member of the department that handles your question or concern.
What is Place Trade's Insurance policy?
Visit our Account Protection page for more information.
Is Place Trade a member of SIPC?
Yes. The mission of SIPC is as follows:
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When a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing, SIPC steps in as quickly as possible and, within certain limits, works to return customers' cash, stock and other securities, and other customer property. Without SIPC, investors at financially troubled brokerage firms might lose their securities or money forever or wait for years while their assets are tied up in court.
Although not every investor is protected by SIPC, no fewer than 99 percent of persons who are eligible get their investments back from SIPC. From its creation by Congress in 1970 through December 2010, SIPC advanced $1.6 billion in order to make possible the recovery of $109.3 billion in assets for an estimated 739,000 investors.
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Investing
Does Place Trade offer exchange-traded-funds?
Yes. Visit our exchange traded funds page for more information.
Can I invest in mutual funds?
Yes. Visit our Mutual Funds page for more information.
What kind of retirement planning & guidance does Place Trade offer?
We offer a variety of Retirement savings accounts including Traditional, Roth, SIMPLE, and SEP IRAs as
well as qualified plans and 401(k) Rollovers. Our experienced advisors provide guidance regarding both
personal and business retirement plans. Visit our Retirement Planning section for more information.
Existing Customers
Where Can I find investemnt advice?
You may contact one of our experienced advisors by calling (919)719-7200 to speak with someone on our team.
Can I receive statements electronically?
Yes. In fact, all statements are now available online.
For more information, view the My Account page from withing Account Management.
If you are a full service client and hold additional accounts outside of our clearing firm (such as mutual funds
or annuities that are held fund direct) you may have the ability to receive statements electronically as well.
Whether the statements are available in electronic or paper form will be on a company by company basis.
Most companies prefer to send electronic statements over paper statements these days so you will probably be in luck!
Investment Products & ServicesEverything you need in one place!
