stock broker

MoneyTreeMe

hi,
I have around 15k invested in the stock market but could a lot more of my savings in between now and summer. the problem is I just don't trust online stock brokers. for example, when the stock market is up some brokers shut down their website and suspend instruments for hours when the stock price is high. this makes me think they'll do everything they can to take a clients cash if it's a big amount.  the maximum I deposited into a well known popular broker was 20k and it took 2 weeks for them to return the money... I feel like emailing support and specifically asking them if they will take my money and confirm that they won't in writing before I deposit any more.  is this is a good idea or will It draw attention to my account?? 
- maybe its all psychological?? 20k to me is a lot but to a popular broker it is nothing... surely they have clients depositing 6 figure amounts like Chinese and Russians etc?? or do they hold onto my money based on some risk assessment based  on my location etc??   the max id like to deposit is around 50k between now and summer.

lr1277

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

MoneyTreeMe

lr1277 said:

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

yeah. if I have confirmation in writing from them 'I X broker will not take your money' it gives me evidence if I ever have too take them to court if they do decide to take my money 

lr1277

MoneyTreeMe said:

lr1277 said:

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

yeah. if I have confirmation in writing from them 'I X broker will not take your money' it gives me evidence if I ever have too take them to court if they do decide to take my money 

Still confused. So essentially you want to know how soon they will return money to you once you request it?
I don’t think any regulated broker will take your money of their own accord.
In terms of buy/sell orders not getting filled, that happens sometimes. I can only say I have experienced this with my broker twice in the last year. In terms of getting around this, I placed limit orders where I would buy at higher than the shown price or sell at less than the shown price.

underground99

lr1277 said:

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

My instinct:
https://forums.moneysavingexpert.com/discussion/comment/78149066#Comment_78149066

MoneyTreeMe

lr1277 said:

MoneyTreeMe said:

lr1277 said:

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

yeah. if I have confirmation in writing from them 'I X broker will not take your money' it gives me evidence if I ever have too take them to court if they do decide to take my money 

Still confused. So essentially you want to know how soon they will return money to you once you request it?
I don’t think any regulated broker will take your money of their own accord.
In terms of buy/sell orders not getting filled, that happens sometimes. I can only say I have experienced this with my broker twice in the last year. In terms of getting around this, I placed limit orders where I would buy at higher than the shown price or sell at less than the shown price.

I want some assurance from the broker that if I make what I consider.a large profit between now and august i.e. around 20k or 30k on a 50k investment, they won't take my money when I sell my stocks and withdraw it.  I've read horror stories on reddit of popular brokers taking weeks and months to return clients money. 

lr1277

In the last 10 years I have had accounts with 2 different brokers. Neither of them ‘stole’ my money.
I stand by my previous statement. If you choose a regulated broker, you should have no problems. And if you do have problems, take it up with the broker and then the regulator.
There are some newer brokers who let you buy fractions of a share and have other innovations that traditional brokers do not offer. I have no experience of these newer brokers so cannot offer advice on them.
With my broker, I made a profitable sale in December and some of that profit was in my current account 3 working days after requesting the money. But then I do pay for the service either by placing trades or paying a monthly fee.
In my experience if you buy cheap you pay twice. This is not what you want to hear on a moneysaving site, but that is the way I do it.

Apodemus

Don't write to them, just read their terms and conditions carefully before you sign up.  If they subsequently breach the agreement you will be able to:  make a complaint; go to the regulator and ultimately take them to court.   The only time I found that a broker had failed to meet their obligations, my complaint resulted in an ex-gratia payment, which more than covered the loss that I had experienced.

...oh and don't believe everything you see on Reddit!

Alexland

MoneyTreeMe said:

I just don't trust online stock brokers

I agree that there are several that I don't trust either in particular those that encourage short term trading or 'educate' customers to use complex instruments where they are highly likely to end up poorer. Its not a problem for me as I just don't use them.
Try to develop a sustainable investment strategy with long term ownership of companies around the world with a reputable platform and fund manager even if they need to charge modest fees to cover their reasonable costs.
Established platforms have mature operational processes to return your money. They might still get overwhelmed with demand on busy trading days but with a long term buy and hold strategy that shouldn't matter.

Thrugelmir

MoneyTreeMe said:

lr1277 said:

MoneyTreeMe said:

lr1277 said:

I wanted to help but couldn’t really understand your post. Too meandering.
So your question is whether it is a good idea to email a stockbroker and ask them.....?
Then you lost me. Sorry.

yeah. if I have confirmation in writing from them 'I X broker will not take your money' it gives me evidence if I ever have too take them to court if they do decide to take my money 

Still confused. So essentially you want to know how soon they will return money to you once you request it?
I don’t think any regulated broker will take your money of their own accord.
In terms of buy/sell orders not getting filled, that happens sometimes. I can only say I have experienced this with my broker twice in the last year. In terms of getting around this, I placed limit orders where I would buy at higher than the shown price or sell at less than the shown price.

I want some assurance from the broker that if I make what I consider.a large profit between now and august i.e. around 20k or 30k on a 50k investment, they won't take my money when I sell my stocks and withdraw it.  I've read horror stories on reddit of popular brokers taking weeks and months to return clients money. 

Which popular brokers are you referring too. Don't recall any of the major mainstream brokers ever encountering problems. 

eskbanker

MoneyTreeMe said:

I have around 15k invested in the stock market but could a lot more of my savings in between now and summer.

MoneyTreeMe said:
I want some assurance from the broker that if I make what I consider.a large profit between now and august i.e. around 20k or 30k on a 50k investment, they won't take my money when I sell my stocks and withdraw it.

Aside from the issues already covered, if you have a need to access your money in the summer, you're hopefully aware of just how risky it is for this to be invested between now and then?  Not sure of you're being serious in talking about £50K increasing by £20K or £30K by then but obviously it could easily go the other way, or worse, depending on what you invest in....