Turd uses them, and so do I. I'm happy overall with their interface, but they rape me on commisions, $40 a trade. feelsbadman.jpg
Of course with that $40 I get access to a broker I can call and chat about whatever, but frankly I'm not too interested in their opinion anymore.
You can opt for non broker assisted accounts, and they wont charge you as much (you can negotiate commissions). You dont get to chat, and you simply have to dictate orders to the T, when calling, no help provided.
I have been with Lind for years, and am very pleased.
Yes I should have started by saying I am overall not unhappy with them, and I have also read many positive reviews of their Chicago staff. I can switch to a self directed account, but they still want to charge me $20 a trade and that dosent seem like much of a savings to lose the luxury of a real person I can talk to over the phone. How much lower do you think I could negotiate my fee for a "self directed" account? $10 a trade? Other sites have way lower commissions I know, but I will stay with them because they seem legit and I like the web interface.
FYI, Lind-Waldock is owned by MF-Global who from what I understand has been around for "ever". I know that if you have an Etrade account that you can trade futures with ETrade who farms it out to MF-Global.
Last year, I transfered $$ from a regular Etrade account via phone to an "Etrade Futures" basically "MF-Global account." No fees or charges. I started buying contracts and spreads. There is no hand holding. Just place your buy orders , get pit quotes, place sell orders or let them expire. I get statements from both MF-Global and Etrade. I'm not sure why there is double paperwork. Hope this helps.....
Does anyone else have any concerns about MF Global's financial footing? I have an account there, and am not unhappy with them, but it seems MF Global's attempt to move into investment banking is really hurting their credit worthiness. They seem to be burning through their cash and tapping their credit lines as well as being downgraded to junk status by two of the ratings agencies.
I will try to go check the fine print on my account information, but does anyone know whether futures accounts are covered by SIPC insurance or anything like that? If your broker goes under, what does that mean for account holders? Is it different based on account futures positions and warehouse (delivered) positions? For example, if one had taken delivery of a PM future, and MF global holds the warehouse receipt, I am not sure if that receipt is in their name and then they allocate it to you in their accounts (in which case their creditors could come after it) or whether they are acting strictly as an agent, in which case it is in your name at the warehouse and their creditors could not come after it.
Same question about trading...if you as a client have a trading position and they go into bankruptcy, could they liquidate the position (as if you failed to post margin) and leave you as another creditor in the bankruptcy?
Turd, if you happen to read this, would it be worth doing a short follow up podcast with Jim Comiskey about putting their clients at ease?