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Dear ErnieBilco,
yesterday after asked a Full account transfer (of 40 otc tickers),
I wrote to Etrade via facebook messenger (they have no chat e no e-mail, even in 2023):
I sent them my ticker list via messenger and they replied to me
"Thank you for contacting E*TRADE.
Upon a brief review of your listed securities, it appears that most or all of them are considered OTC (over-the-counter) stocks.
We are unable to accept incoming transfers of over-the-counter securities."
So, how did you send them some OTC tickers and they accepted to transfer in?
Thanks for a clarification.
When I tried to transfer a TDA account loaded with a whole bunch of junk Etrade refused it. I have to send my better tickers over there, they do take pinks but no grey or expert. I have 7 accounts I manage for my family so it's going to take a while since Etrade makes me select what to send them, I wish they would look at each account and take what they want and send the junk back to TDA.
I do all my "F" ticker buying in Etrade now since they are the only broker left that doesn't charge at least $44 or more on BOTH the buy side and sell side. Etrade charged NOTHING.
how is t'shirt business ?????
you on the pills again ?????
you on the pills again ?????
Ernie, I see you migrates account on Etrade,
does Etrade accept OTC positions to transfer inside it?
Thanks
Here the procedure to transfer an account from other brokerage firm inside your Etrade account:
https://us.etrade.com/what-we-offer/our-accounts/fund-my-account#tab_3
Concerning a broker OTC friendly for a foreigner just like me,
I decided to open Questrade (CAN) and transferring inside it my old account at Tradestation (USA), not otc friendly anymore.
Now I discover that Tradestation will transfer an account "all in kind" via ACAT but Questrade is not able to receive in that way,
Questrade however can accept and ATON transfer but Tradestation doesn't support that method.
After days of chat with both of them, maybe, they agreed both to transfer via DTC, but Tradestation will charge me 25$ per position transferred,
Questrade however will refund a transfer account fees till 150$.
At the end, there is also the DRS mode, transferring the physical certificates of the positions owned but it is not good for me, cause Questrade ask a deposit fee of 300$ for every certificate deposit inside them.
Newsflash....there is an SEC restructuring bill coming up.
tell him you want to see rule 15c2-11 reversed and the expert market. Now is the time to make your voice heard. If not.....just as I predicted that these new rules would be detrimental to the OTC, I also believe that if these rules continue as is, there will not be an OTC market in another 1-2 years.In your opinion, what federal agencies or programs need eliminated or shrunk in order to restore a government small enough to fit within the Constitution?
— Warren Davidson 🇺🇸 (@WarrenDavidson) September 18, 2023
CPWR and MMNT Expert to Pink Current. Watching for now.
I am going to also post this on Twitter.....but I am going to be sending an email to SEC chair Gary Gensler; The email is Chair@sec.gov and I am going to express my thoughts and frustrations about what the SEC has done to the OTC. Will it do a damn bit of good? Probably not. However it would be great if a few of you joined me in the futile effort. Who knows...if enough OTC traders do this maybe it will get through.
Probably a mix of both. There are some people who do not catch on as fast and probably still have no clue as to why the OTC has taken a dive like it has. I knew what would happen to the OTC as soon as I saw the announcement back in 2019 https://www.sec.gov/news/press-release/2019-189 and of course for others, it is a hard reality to face. Many made a great living, or supplemental income with OTC penny stocks. It is difficult to see a once thriving market killed like it has been. I now think we would be better off if the SEC was abolished. While some people feel that unregulated markets are a bad thing, we have now seen what overregulated markets leads to. The OTC was supposed to be the wild west of trading. The high risk/high reward factor is what made the OTC market so exciting for many. From what I understand, at the time the new rules were proposed.....there were many OTC traders that contacted the SEC and objecting to the changes. The SEC just did'nt care. The SEC
had wanted to end the OTC for a long time, and they finally pulled the plug. My prediction is that if the SEC does'nt go back and undo the damage it did (very unlikely) the OTC will eventually fold entirely in another year or two. It is very unfortunate, I have seen millionaires made in this market and I have done very well, myself at times. We have to accept that the markets are rigged for the big boys.
That's a tough call, I don't know what the % is of tickers that go Expert and come back.... but its probably not very high from what I've seen....and it will only get worse in the next few years, as OTC volume is so poor, it no longer makes sense for many of these companies to spend the money to continue to file.
I lost a lot of money this year on tickers that went to Expert and disappeared.... that I dumped but could only sell them on Expert @ .000x.
There is a chance anything that goes to Expert could come back...but.. they also come back as Unsolicited Quotes, so then they need a 211 review as well, which is a pain for them and makes the tickers even more illiquid. I've had one come back from Expert this year but it has not even traded a single share since.
So its really hard to say, you could hang on to it, maybe contact the company see if they intend to file again some day....or dump it for a loss and move on.....its not an easy decision.
From now on I'm watching the dates on my tickers like a hawk, anything get close to going to Expert I'm dumping 100% before that happens...I'm not going to hope and pray they come back, I'm tired of that shit.
This is an excellent explanation of how the dates work out and when tickers get sent to Expert. **Remember for SEC fliers if its unsolicited quotes, there is no grace period, one day late in filing and its sent to Expert.**
Fact sheet about filings and otcmarkets deadlines including special rules pic.twitter.com/PjSzwQrsxe
— Schito (@Schito_74) June 14, 2023
So I still hold a position in an expert market stock. Do you think my only option is to try and sell/take the loss or is there hope even if it becomes pink current I can sell? The expert market indeed created many unnecessary problems.
Thanks
I still see some folks on Twitter who think the OTC is just in a trading 'cycle' and will get better....or because something gets pumped by someone with a big following and runs for 5 minutes, that means that the OTC is 'back'.....lol. Not sure if they are just delusional and don't want to face the reality......or they just don't really understand the gravity of the situation as a whole.
Agree. It's not worth the time. I have already stopped trading the OTC. I don't see it getting any better unless material changes are made and the SEC undoes the damage it did. I don't know that a new broker popping up would change much either because it seems as if the powers that be would make it difficult, if not impossible for them. Right now I am playing the lottery here and there to satisfy my gambling instincts LOL. As sad as it is, I probably have better odds doing that than the OTC has of coming back.
Like I said. We need a new broker.
Someone should create a business plan, a website, and a Kickstarter.
I would do it myself but I have never worked in the industry.
I don’t have the connections nor do I understand the inner workings of a brokerage
Hope everyone had a good summer.
My OTC portfolio is on life support so nothing much to talk about at the moment.
Holding out hope a new broker will appear to create a market in greys and pinks once again.
I can’t even place an online trade in 90% of pinks (and 100% of my greys) so the whole thing feels useless
I have a Fidelity but they are $50 a pop over and above commish on foreign tickers - Etrade is the only one where they don't screw me with that fee for nothing charge at this point. TDA started hitting me with $44 fee but very irratic so I just started buying all my F's in Etrade. I'm moving my real stocks into Etrade accounts and will leave my losers in TDA/Schwab in case they ever come back to life. It's a huge pain in the azz since there are 6 accounts I need to get moved into new Etrade accounts which will take me months to finish.
Yeah, 5 months to unwind a completed trade is out and out fraud and deserves an SEC complaint IMO
I probably would have switched to Fidelity, as I just don't trust TDA any more, I'm almost certain they did some very sketchy. For example, in one of my trades I had gotten 224 shares @ .04 on the bid and I sold them @ $25.....well that exact number of shares(224) was relisted on the ASK, within like 5 or 10 minutes of the trade being 'busted' and then sold @ $18. So whoever sold them to me @ .04, got them back in the trade reversal and then sold them @ $18. Which would have been fine if it was an erroneous trade busted within a day or two....but instead it was busted 5 months later....so something is not right there IMO.
Unfortunately, I can't switch brokers right now, as I have too many completely illiquid stocks, that I cant sell except for almost total losses, which would be very stupid....so I'm stuck with them.
Honestly though I'm not sure it even matters, at the current rate, unless anything changes, next year will likely be my last year trading anyway. Its just not worth the time any more, a person could likely make more money standing on a street corner with a 'Will work for food' sign, than trading the OTC.
I've had TDA reverse a few trades in the past but always within the 3 day clearing period. At the same time I've made huge money when they would put a sell order thru on pre-split share count at the post split price which I believe gave me 100 bagger instead of a 90% loss.
TDA really has taken on the bad traits of Chuckie Schwab and his way of screwing traders. When my time comes to migrate to Schwab I will put what I can into Etrade accounts and leave all the losers in the Schwab accounts. I've migrated 2 accounts so far and have 6 more that aren't scheduled to move yet(family accounts)
SINC and WBBA expert to pink current. Just watching for now, WBBA just had AS increased and insider converted preferred shares to common. OS is now over 2 billion. Probably a dilution machine. SINC might be better. only time will tell.
This is stealing people's money and it is NOT okay. https://news.mullenusa.com/mullen-files-lawsuit-against-large-stock-brokerage-firms-including-td-ameritrade-charles-schwab-national-finance-services-and-others I hope they get sued into oblivion.
Yep, I had never even heard of this before. I had heard of erroneous trades being reversed from fat finger trades, computer glitches, etc but those always come within a very short amount of time, minutes usually. In this case, my trades were reversed 5 months later...!! That's the danger of non-DTC eligible securities, those could theoretically be reversed at any time in a calendar year if they don't settle properly.
Well that REALLY stinks! I have not had that happen to me yet...
Yes, the trades were all reversed, essentially like they never happened.
So, if TD was taking away profits from those people who profited in the security you were trading, does that mean they’re also going back and restoring funds to the people who were on the losing ends of those trades?
More people are now saying to use Etrade, but of course they have now been bought out by JP Morgan so you can pretty much expect the same with them soon as well. My guess is with the SEC regulations and now the big boys buying out the penny stock friendly brokerages, it won't be long until the OTC is no more. Gut wrenching.
Unreal. Looks like the OTC market is now toast.
I'd rather not say publicly and I don't have PM capabilities but it was a non-DTC eligible REIT. It was quite thinly traded, so it was easy for TDA to go back and manually reverse all the transactions on it, even months later. Had I not had enough $$$'s in my account to cover those busted trades, or had moved to another broker over that period of time, they would have sent a collections agency to retrieve those funds that I had made buying and selling the stock.
I filed a complaint with FINRA but is was a waste. TDA eventually sent me a nasty letter, saying it was my fault for not realizing it was a non-DTC eligible security.....despite the fact that DTC is not required for OTC companies, nor is there any public information on which securities are DTC eligible.
I just recently had TD Ameritrade/ Schwab go back and reverse (bust) an OTC stock trade that I did back in February. I had bought and sold shares of this ticker and they busted/reversed those trades and took the $5K+ in profits I made, as well has the remaining shares still in my account, that were also worth around $5K.
Just wait until that starts happening to OTC traders more, nothing you can do about it either, as there are clauses in your brokerage contract, that allow them to get away with this shit.
Post I just made on another board.....OTC penny stocks are knocking at death's door https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172727441
ALPC, MIKP, NLSC, WRACW all expert to PinkCurrent today. Not in any of them yet but watching.
Delayed filing
They have to come first, otherwise nothing happens
https://www.otcmarkets.com/stock/MSCH/disclosure
Guys I'm finally moving to Questrade to can operate hands-free, hope OTC market will have a future!
GBCS Expert to Pink-Current. Trading between $4.75 and $6.25 so far.
UMFG change of control filed on 8/5. Went expert to pink back in March through custodianship.
https://www.otcmarkets.com/otcapi/company/financial-report/378004/content
CURR expert to pink current. Actually has revenue per latest Q.
It appears the destruction of the OTC market is having a negative effect on MM earnings. What the hell did they expect when they eliminate half of the tradable tickers and not allowing US traders to buy and trade inside the Expert Market.
https://wiseowl.ai/news/2023/07/24/citadel-securities-sees-35-decline-in-trading-revenue-amid-quiet-market/
COBA GreyToPinkCurrent, PHOT ExpertToPinkCurrent.
FINRA is still doing Name/Ticker changes on Form 15 companies.
The companies that say otherwise are either lying or give up.
MSCH Form 15 company got approved for name/ticker change last month. SEC delinquent before Form 15.
Reverse mergers are still IN. Most don't understand the new OTCM Rules. Needs unaudited OTCM filings since Form 15 effectiveness to be successful at name change.
OTC is not dead. It's just slow and most don't understand what tf is needed for success.
Good times are coming.
This changes everything.
YES I SEE OONLY RECENT ONES
Thanks for the site link Mick, but stocks that I check give me the wrong answer.
FYI.....Finra has basically blocked anyone from doing name/symbol changes on these shells. So if you are looking to buy a shell and do a name/symbol change, FINRA will not do it. It is just one more way they are killing reverse mergers.
I’m telling Janice you called her a pumper.
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