Account Types

Individual

A personal investment account registered under one person's name only.

Forms needed: Account Application

Joint Tenants with Rights of Survivorship

This is a joint account in which, in the event of death of one of the tenants, the ownership of the entire account reverts to the surviving tenant.

Forms needed: Account Application, Joint Agreement - Rights of Survivorship

Joint Tenants in Common

This is a joint account in which, in the event of the death of one of the tenants, the surviving tenant is entitled to only his/her pro rata portion of the account before the death of the other tenant. Ownership is assumed to be 50/50 unless we are notified otherwise in writing signed by both joint owners.

Forms needed: Account Application, Joint Agreement - Tenants In Common

Custodial

An account established by an adult for the benefit of a minor. The account must be completed in the name and social security number of the minor. Margin Trading is not available.

Forms needed: Account Application in Custodial name

Corporate

Accounts must be registered in the same name of the corporation. Please include the Corporate Agreement form. At least one individual must be granted full trading authorization.

Forms needed: Account Application, Corporate Agreement, Articles and Certificate of Incorporation

Limited Liability Corporation

This account is registered in the name of the Limited Liability Company as organized under applicable state laws. At least one individual must be granted full trading authorization. A Tax Identification Number is used, not an individual Social Security Number. Equities, Opt

Forms needed: Account Application, Limited Liability Company Authorization, Articles and/or Certificate of Incorporation

Sole Proprietorship

You must register the account in the name of the sole proprietorship, not an individual's name. Equities, Options, and Futures trading are available.

Forms needed: Account Application, Sole Ownership Affidavit, Articles and Certificate of Incorporation

Partnership

This account is registered in the name of the Partnership and in the care of the General Partner(s) of a Partnership. At least one person must be granted full trading authorization. A Tax Identification Number must be used, not an individual Social Security Number. Equities, Options, and Futures trading are available.

Forms needed: Account Application, Partnership Account Agreement, Partnership Documents

Revocable Personal Trust

Account is opened under the legal name of the trust. If a Revocable Trust, a person's Social Security number is used. Equities and Options trading are available, if allowed by the trust.

Forms needed: Account Application, Trustee Certification, Trust Agreement

Non Revocable Personal Trust

Account is opened under the legal name of the trust. If a Non Revocable Trust, a Tax ID number is used rather than a Social Security Number. Equities and Options trading are available, if allowed by the trust.

Forms needed: Account Application, Trustee Certification, Trust Agreement

Investment Club

This account is registered in the name of an Investment Club. A Tax Identification Number must be used, not an individual Social Security Number. Margin Trading is not available. Equities and Options trading are available.

Forms needed: Account Application, Investment Club Account Form, Investment Club Documents

A Traditional IRA is a tax-deferred retirement account for an individual that permits individuals to set aside up to $4,000 per year ($4,500 if over 50), with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty). Only those who do not participate in a pension plan at work or who do participate and meet certain income guidelines can make deductible contributions to an IRA. All others can make contributions to an IRA on a non-deductible basis. Such contributions qualify as a deduction against income earned in that year and interest accumulates tax-deferred until the funds are withdrawn. Margin trading is not available. Equities and Options trading are available.

SEP IRA

The SEP-IRA (Simplified Employee Pension Plan) is a retirement plan for small businesses with any number of employees, but typically opened by sole proprietors with no employees. Available to sole proprietors, partnerships, corporations including sub-chapter S corporations, non-profits, and government agencies. Equities and Options trading are available.

Forms needed: Account Application, IRA Application

  • Employers make all contributions to plan.

  • Contributions are immediately vested.

  • Employees direct the investments within their individual SEP-IRAs.

  • Margin trading is not available.

 

Rollover IRA

A Rollover IRA is a tax-free reinvestment of a distribution from a qualified retirement plan into an IRA or other qualified plan within 60 days. Margin trading is not available. Equities and Options trading are available.

Forms needed: Account Application, Regular IRA Application

Roth IRA

A new type of IRA, established in the Taxpayer Relief Act of 1997, which allows taxpayers, subject to certain income limits, to save for retirement while allowing the savings to grow tax-free. Taxes are paid on contributions, but withdrawals, subject to certain rules, are not taxed at all. Margin trading is not available. Equities and Options trading are available.

Forms needed: Account Application, Roth IRA Application

Margin Equity Requirements - Day trade Margin Account

All accounts, classified as day trade margin accounts, must have a minimum equity of $25,000 each day to affect day trades. If account falls below the minimum equity level, a minimum equity call will be issued and is due the same business day. While the minimum equity call is outstanding, the account will be restricted to liquidating transactions only. A client may appreciate out of a minimum equity call.

Margin Equity Requirements - Non-Day trade Margin Account

Non-day trade margin accounts must maintain a minimum ongoing balance of $2,000 in order to continue their margin status. If the account closes (marked-to-market) below $2,000, the account will be reduced to 1 x buying power. If the account balance is back over $2,000 margin buying power will be restored. You also must maintain a minimum balance of at least $2,000 at all times in order to remain on the downloadable trading software.

Margin Maintenance Requirements

Maintenance Requirement (MR) is that part of the value of your securities that is withheld from your equity when holding a security in your account. The MR is calculated by taking the Market Value (MV) of each security in your account marked to the market multiplied by the Minimum Maintenance Requirement, or the higher Penson House Maintenance Requirement Percentage, if applicable.

A day trade account status exists when the purchase and sale or sale and purchase of the same security on the same day in a single account takes place. Our clearing firm, Penson Financial Services, will look at the number of "Opening" transactions to determine the number of day trades in an account.

If a client places more than 3 day trades within a consecutive 5 day period and those trades exceed 6% of the trading activity for that period, the client is defined as a Pattern Day Trader. If a client qualifies as a Pattern Day Trader in a single margin account, then that account will be designated as a Day Trade Margin Account. A client that transacts 4 day trades within 5 business days and also has a total of 100 transactions during that 5 day period would not be deemed a Pattern Day Trader since less than 6% of that customer's total trades would have been day trades. 4/100=4%

Apex Clearing will run a query to see which customers meet the day trading definition criteria. On a daily basis, the trading activity in each individual account will be assessed to match and calculate the number of day trades for that day. This information will then be compiled with the previous 4-business day's trades to determine the status of the account. Clients will be notified by e-mail the following business day if their account meets the Pattern Day Trader requirements and is converted to a Day Trade Account.

For the purposes of Pattern Day Trading, a "security" is defined to include both equity (stock) and option transactions.

The client can advise OptionsRoute in writing (by signing the Pattern Trader Change of Strategy letter) via fax to remove the classification of a Pattern Day Trader from his/her account. Note: Clients may request to change their account classification (day trade to non-day trade) ONLY one time per 90 days.


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Under no circumstances should any information or materials presented on this Site be used or construed as an offer to sell, or a solicitation of an offer to buy, any securities, financial instruments, investments or other services. AutoShares does not provide recommendations or offer investment advice of any kind. You are solely responsible for evaluating the merits and risks associated with the use of any content provided through the Service (generated by our users, third-party providers, or other third-party web sites or services) before making any decisions based on such content. You agree not to hold AutoShares or its third-party providers liable for any possible claim for damages arising from any decision you make based on the content or other information made available to you through the Service or third-party provider websites. Past performance data should not be construed as indicative of future results.

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In no event shall AutoShares nor its directors, employees, partners, agents, suppliers, or affiliates, be liable for any indirect, incidental, special, consequential or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the Service; (ii) any conduct or content of any third party on the Service; (iii) any content obtained from the Service; and (iv) unauthorized access, use or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence) or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed of its essential purpose.

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Terms of Service

You acknowledge and agree that AutoShares is executing your unsolicited trade transactions as your agent, at your request, and not as the agent of or on behalf of the third party. 

By utilizing any service with your AutoShares Online Brokerage Account you assent that all orders, trade transactions, and trade executions are self-directed by you at your discretion, and that all orders and trades submitted are executed at your own risk and liability. You agree to be held entirely liable for all orders and trades executed in your account. If you effect trades based off of any information on this website, you are choosing to do so at your own risk and discretion. AutoShares does not provide any financial or investment advice. Any investment decision and/or strategy that you make or utilize, whether or not such decision or strategy derives from or relies upon material accessed or provided through this website, is done so at your sole discretion and your own risk. Before making any investment decisions, please consult additional sources of information and/or your legal or tax advisor.

AutoShares does not recommend or endorse any investment instruments or trading strategy. The material on this website is provided for informational and educational purposes only and shall not in any manner be considered a recommendation or endorsement of any strategy or investment. No content published by a publisher as part of trade alerts constitutes a recommendation or that any particular investment, security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Neither a publisher or AutoShares will advise you personally concerning the nature, potential, value or suitability of any particular investment, security, portfolio of securities, transaction, or investment strategy. Accordingly, do not attempt to contact publishers or AutoShares for guidance or for seeking personalized investment advice, which they cannot provide. To the extent any of the content published as part of the Services may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Any opinion, recommendation or alert of any independent third-party provider is the sole opinion of the publisher and does not express the opinion of AutoShares. Any investment decision and/or strategy that you make or utilize, whether or not such decision or strategy derives from or relies upon material accessed or provided through this website, is done so at your sole discretion and your own risk. Please consult additional sources of information and/or your legal or tax advisor.

System response, trade executions and account access may be affected by market conditions, system performance, quote delays and other factors. The risk of loss in electronic trading can be substantial. You should therefore consider whether such trading is suitable for you in light of your financial resources and circumstances. * Commission rates are negotiated. You may qualify for rates shown based on your activity. Other fees and conditions may apply, please see our commissions and routing fees.

For business development and branch opportunities Contact Us or call 1-800-847-8495. AutoShares® is a Division of ViewTrade Securities, Members FINRA and SIPCFINRA Brokercheck for Viewtrade Securities As a member of the Securities Investor Protection Corporation (SIPC), funds are available to meet customer claims up to a ceiling of $500,000, including a maximum of $250,000 for cash claims. For additional information regarding SIPC coverage, including a brochure, please contact SIPC at (202) 371-8300 or visit www.sipc.org. Our Clearing firm has purchased an additional insurance policy through a group of London Underwriters (with Lloyd's of London Syndicates as the Lead Underwriter) to supplement SIPC protection. This additional insurance policy becomes available to customers in the event that SIPC limits are exhausted and provides protection for securities and cash up to an aggregate of $600 million. This is provided to pay amounts in addition to those returned in a SIPC liquidation. This additional insurance policy is limited to a combined return to any customer from a Trustee, SIPC and London Underwriters of $150 million, including cash of up to $2.15 million. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.


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