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How much money do I need to open a MAXXtrade, Inc. account? [Top]
MAXXtrade, Inc. requires a $2,500 minimum balance to open an account or $5,000 to open a margin account. This can consist of either cash or securities.
What kind of commissions will I pay for MAXXtrade, Inc.'s services? [Top]
See our Commission and Fee's section for further details.
What are MAXXtrade, Inc. account fees? [Top]
MAXXtrade, Inc. assesses fees for additional services. See our fee schedule for a complete list.
How long does it take to transfer in securities from another firm? [Top]
It usually takes 10-15 business days.
Can I trade with a broker directly? [Top]
Yes you may. See our Commission and Fee's section for further details.
Is my account protected? [Top]
MAXXtrade, Inc. is a member of the Securities Investor Protection Corporation (SIPC). SIPC protection is $500,000 is assets per account, of which $100,000 may be cash.
Where do I send deposits for my MAXXtrade, Inc. account? [Top]
You may send your personal check (made payable to Penson Financial Services, Inc.) to MAXXtrade, Inc., 880 Corporate Drive, Suite 410, Lexington, KY 40503. Be sure to place your account number on the memo line of your check.
Third Party Checks and checks drawn on an account under a title different from the title on the MAXXtrade, Inc. account will not be accepted. For example, John Anderson cannot write a personal check to be deposited into Mary Smith MAXXtrade, Inc. account.
How do I wire funds into my MAXXtrade, Inc. account? [Top]
Give the following wire instructions to your sending institution:
Chase Manhattan Bank, NYC
ABA# 021000021
F/A Penson Financial Services
Acct# 066-6-00030
FFC: Your name and MAXXtrade, Inc. account number
How do I transfer securities and cash balances into a MAXXtrade, Inc. account? [Top]
If you are transferring funds from another firm or bank, you will need to request
a transfer form. The transfer form must be completed and returned to MAXXtrade, Inc. along with a copy of your most recent statement from the firm you are transferring from. The transfer normally takes 10 to 15 business days to complete from the time we receive your completed transfer form.
How do I deposit stock certificates? [Top]
To deposit stock certificates into your MAXXtrade, Inc. account, simply endorse the back of the stock certificate, appoint Penson Financial Services, Inc. as attorney to transfer and mail them to Pension Financial Services at: 1700 Pacific Avenue, Suite 1400 Dallas, TX 75201-7322. The name on the stock certificate(s) must exactly match the name/ title on your MAXXtrade, Inc. account. Include your MAXXtrade account number in with your certificate.
How can I get stock certificates sent to me? [Top]
Securities may be registered in your name and sent to the address on your account for a $50.00 fee. Please contact customer service to request a security to be shipped. Re-registration typically takes 6 to 8 weeks.
How do I request a check to be sent to me? [Top]
To have a check sent from your account to the address on your account simply log into your account, click on the "Services" tab and then click on the "Request Check" link. Then enter the amount you would like sent to you. Check requests must be received before 12 p.m. Central Time to be mailed the same day.
What is a margin account? [Top]
A margin account allows you to increase your purchasing power by borrowing against the securities deposited in your account. This also increases your exposure to risk. To request a margin account application go to our Open our account page Margin accounts require minimum equity of $5,000.00. IRA's and Custodial Accounts are not permitted to trade on margin. These types of accounts can only be cash accounts.
How can I tell whether a stock is marginable or not? [Top]
The Federal Reserve determines whether a stock is marginable or not. While each stock has its own determination by the Fed, here are two guidelines to help you:
- While no stock under $5 is marginable under MAXXtrade, Inc.'s guidelines, it does not necessarily mean stocks above $5 are.
- No Over-The-Counter Bulletin Board (OTC-BB) stock is marginable. MAXXtrade, Inc. will not allow stocks that are not marginable to be used as collateral for new margin purchases.
What are the current rates charged on margin loans [Top]
MAXXtrade, Inc. charges interest on any money loaned to you. Contact us for rates. These rates change without notice.
What interest rate do you pay on account cash
balances? [Top]
MAXXtrade, Inc. currently pays interest for all accounts with a credit balance.Contact us for rates. These rates can change without notice.
I forgot my Personal Identification Number (PIN) and Password. How can I login to my account? [Top]
For security reasons, MAXXtrade, Inc. is not able to reveal those codes to you via the phone or email. The security codes can be sent to you via U.S. mail. Simply call us to have these codes resent to the address on the account.
How do I change my mailing address? [Top]
To change your mailing address you will need to send a written request to MAXXtrade, Inc. with the account holder’s original signatures. That request can be sent to MAXXtrade, Inc., 880 Corporate Drive, Suite 410, Lexington, KY 40503.
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