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For any information not shown below, please email us at This email address is being protected from spambots. You need JavaScript enabled to view it. or call us via phone at (919)719-7200 (US and International) or 1(800)50-PLACE (within the US).

 
 

 

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Even More FAQs 

 

How do I open an account?

How do I transfer my accounts to PT from another firm? Any fees?

How can I check the status of my application?

When can I start trading after my account has been opened?

What are the commissions and fees?

How can I fund my account?

Is there a minimum amount required for opening an account?

How can I view my deposit transaction history?

What type of investments can I make with a PT account?

 

Account Configuration FAQs

Day Trading FAQs

How to Fund your Account - Funding Reference FAQs

IRA FAQs 

Linking Accounts Together

mobileTWS for iOS - FAQs

Stock Yield Enhancement Program FAQs - Short Sales

Tax Information and Reporting ~ FAQs

Need Help logging into Place Trader Workstation (TWS)?

    

 

Mobile Trading at Place Trade

 

mobileTWS for iOS - FAQs 

mobileTWS for Android™ FAQs

 

 

Security

 

What is Place Trade's Insurance policy?

Is Place Trade a member of SIPC?

Does Place Trade offer security devices to protect my account?

Why do you ask questions about my personal information when it is my money?

Who is Place Trade's clearing firm? What is a clearing firm?

 

 

 

Options

 

What if my Options are Assigned and I don't have enough money in my account?

Options Expiration

Why Do Commission Charges on U.S. Options Appear to Vary?

 

 

 

Existing Customers

 

Where can I find investment advice? 

Can I receive statements electronically? 

How do I change my password, email address, name, address, get a security device?

 

 

Investing

 

Does PT offer mutual funds or exchange-traded-funds?

What kind of retirement planning & guidance does PT offer?

What type of US and International Securities do you offer?

Can I manage my accounts online?

What is a margin account?

How can I place a trade if I can't access my account?

What is a sweep account?

Can I trade OTC bulletin board, pink sheet or penny stocks at PT?

Can I buy IPOs or options contracts using electronic funding?

I have other questions. Who can I contact?

 

   

 

 


 

 

Get 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 improvementdeep 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.

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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. 

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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.

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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. To Finish an Application you may follow this link as long as you have your username and password (if you have lost or cannot remember this please give us a call at 1-919-719-7200 and we will find it for you. 

 

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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.

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What are the commissions and fees?
View commissions for US and international markets      

Compare our commissions and fees to the lead competitors and see how much you will be saving when you switch to Place Trade!

Place Trade does not charge for many fees that you may be accustomed to. We charge no annual fees, no inactivity fees1, no start-up fees and no hidden fees. Please read our fine print to understand the fees that our clients may incur.   

 

Please Note:  As with any brokerage account you will incur commissions as well as Other Potential Fees depending on the type of account, level of activity, types of transactions and other factors. Nothing is completely free and no claims will be made to imply otherwise.  

Why doesn't Place Trade offer FREE ETF and other commissions?

Remember the old adage: There is no such thing as a free lunch?  Whenever you hear claims of "Free" from any firm you have to ask yourself where the other costs are because you know that they are paying employees and to keep their lights on somehow. Even "Commission Free" ETFs and no transaction fee or no load mutual funds have fees inside as they have to pay someone to manage them ~ you may not see the fees but they are in there. We keep all of our costs as low as possible and in the long run our clients usually end up much happier!

 

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How can I fund my account?
Visit our Fund Your Account page for more information. 

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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. Individual investors between the ages of 21 and 26 years old may open an account with only $3,000 regardless of the type of account that they wish to open.

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How can I view my deposit transaction history?

To view the latest status of any deposit, withdrawal, transfer or bank instruction request, visit the Transaction History page in Account Management.

 

For more information on funding your account, please click here.

 

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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.

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Security

 

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:

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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Does Place Trade offer security devices to protect my account?
Yes. Place Trade offers several different levels of account protection including security devices which are highly recommended for use by all account holders.

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 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.

Please review an informative article entitled “Broker-Dealers: Why They Ask for Personal Information” that offers a detailed discussion regarding the importance of the matter.

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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

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Investing

Does Place Trade offer ETFs (exchange-traded-funds)?
Yes. Please visit our ETF/exchange traded funds page for more information.

 

Can I invest in mutual funds?
Yes. Please visit our Mutual Funds page for more information.

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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.

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What type of securities can I purchase through Place Trade?
StocksOptionsBondsMutual FundsETFs and so much more. Visit our products & services page as well as the international exchanges for more details.

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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. You may choose to work with an experienced full service financial consultant at any time. Our advisors stand ready to help but will not contact you unless you ask for assistance.   

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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.

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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.)   

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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.   

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Can I trade OTC bulletin boards, pink sheets or penny stocks at Place Trade?
Yes, we can submit orders for nearly 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 on stocks), 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.) 

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Can I buy IPOs or options contracts using electronic funding?

Yes.   

 

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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.

 

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Existing Customers

Where can I find investment advice?
You may contact one of our experienced advisors by calling (919) 719-7200 to speak with someone on our team.

 

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Can I receive statements electronically?
Yes. In fact, all statements are now available online (unless you own mutual funds or other securities that are held directly with the investment or insurance company that manages your investments). For more information, view the My Account page from within 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!

 

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 1Inactivity fees:  Clients who accumulate $30 or more a month in commissions will not be charged any inactivity fees. Our clearing firm requires a minimum of $30 in commissions per month or they will charge $10 for any month that you do not meet the $30 threshold. Place Trade does not charge any inactivity fees nor does Place Trade receive any compensation or benefit of any kind from inactivity fees.

 

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Learn more about retirement planning by visiting some of the links below:

Roth IRA

SEP IRA

SIMPLE IRA

Traditional IRA

Qualified Plans

Rollover IRAs

Find out how Place Trade can help you get the most out of your college planning by visiting some of the links below:


Coverdell ESA

529 College Savings Plans

UGMA/UTMA Accounts

 

 

 

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