Ian S
Thinks s/he gets paid by the post
The bulk of my investable assets is split between TDAmeritrade and Fidelity. I have smaller accounts at Vanguard and Scottrade (which has been acquired by TDAmeritrade.) I'm planning to consolidate and was assuming I would just let the Scottrade assets automatically be transferred to TD when Scottrade goes away and at some point transfer my Vanguard IRA to Fidelity.
But I'm a bit concerned about how Fidelity has responded to the recent market drop. A freind of mine who only uses Fidelity apparently was unable to access his accounts online on Monday. Did anyone else have this issue with Fidelity or any other brokerage? The other thing that annoys me is that my friend and I are both restricted by Fidelity from trading in the ETF SVXY which is an inverse volatility vehicle which lost value big time when volatility spiked. Neither Scottrade nor TDAmeritrade have the same restrictions on trading this vehicle. Yes, I KNOW the risks involved in something like SVXY (for its competitor, XIV, an ETN, the volatility spike has turned out to be an extinction event and it will liquidate later this month.) I have made money trading SVXY in the past and am careful in how I do it. So why does Fidelity see fit to act like a nanny in this situation? I also wonder what other stocks and vehicles they restrict investment in?
I will probably ask my Fidelity rep but am interested in others' experiences with their brokers this week. Did you have any issues? Does your broker prevent you from trading SVXY or any other stocks?
But I'm a bit concerned about how Fidelity has responded to the recent market drop. A freind of mine who only uses Fidelity apparently was unable to access his accounts online on Monday. Did anyone else have this issue with Fidelity or any other brokerage? The other thing that annoys me is that my friend and I are both restricted by Fidelity from trading in the ETF SVXY which is an inverse volatility vehicle which lost value big time when volatility spiked. Neither Scottrade nor TDAmeritrade have the same restrictions on trading this vehicle. Yes, I KNOW the risks involved in something like SVXY (for its competitor, XIV, an ETN, the volatility spike has turned out to be an extinction event and it will liquidate later this month.) I have made money trading SVXY in the past and am careful in how I do it. So why does Fidelity see fit to act like a nanny in this situation? I also wonder what other stocks and vehicles they restrict investment in?
I will probably ask my Fidelity rep but am interested in others' experiences with their brokers this week. Did you have any issues? Does your broker prevent you from trading SVXY or any other stocks?