BDS Website FAQ’s

Please select the question category:

Account Opening
Account Funding
Commission Pricing & Fees
Applications & Forms
Account Services
Account Privacy & Protection
Software & Technology
Trading
Account Balances & Information

Account Opening

How do I open an account and make my initial deposit?
Can I transfer an account or assets from another firm?
What is the minimum amount required for opening an account?
Does BEST Direct Securities offer margin accounts?
Where can I obtain a 529 plan?
How do I know if a Roth IRA or a Traditional IRA is best for me?

How do I open an account and make my initial deposit?
Opening and funding your BEST Direct Securities account is an easy process. Please click here to learn more about opening and funding a stock account.

Can I transfer an account or assets from another firm?
Yes, you can easily transfer assets in their entirety or only selected assets, from another institution to BEST Direct Securities by completing the appropriate transfer paperwork and providing a copy of the most recent account statement from your existing firm. Once the paperwork is received, a transfer will be initiated. For equities and options-related forms, please click here to be routed to the equities and options service request forms, located near the bottom of the Equities and Options Account page.

What is the minimum amount required for opening an account?
There is no minimum amount required to open an account. However, some mutual fund companies may require a minimum amount to invest in a mutual fund, which varies with each fund family. Please refer to the mutual fund prospectus for minimum investment requirements.

Does BEST Direct Securities offer margin accounts?
Yes, BEST Direct Securities through its clearing firm offers margin accounts.

Where can I obtain a 529 plan?
The 529 plans are offered by individual states as a way of saving for college. These plans vary from state to state, so please contact your state directly to decide if one of these college saving plans will fit your individual needs. One source of 529 plan information can be located at www.collegesavings.org.

How do I know if a Roth IRA or a Traditional IRA is best for me?
Individual retirement accounts are one way to save for retirement. An IRA is, in effect, a savings plan set up for you or your beneficiaries. An IRA is not an investment itself, rather a type of tax-advantaged account that simply holds your selected investments. There are two types of IRA’s, traditional and Roth. Several factors have to be considered in determining which type of IRA is right for you. If you are unsure of which IRA is best for your situation, we would recommend you contact the tax professional of your choice for further guidance before opening an IRA.

Account Funding

How do I wire in funds?
Can I fund my account in a currency other than the U.S. dollar?
When will my wire be credited to my account?
What is the cut off time for check and wire requests?
When will my check be credited to my account?
How do I withdraw money from my account?
Are there any trading or cash withdrawal restrictions on funds deposited into my account?

How do I wire in funds?
Complete wire instructions are located on the Account Funding page. Please click here to learn more.

Can I fund my account in a currency other than the U.S. dollar?
With BEST Direct Securities, your accounts may only be funded in U.S. Dollars. Additional information on funding your account can be located by clicking here.

When will my wire be credited to my account?
Incoming wires received prior to 4pm CT will be credited to your account the same day. Wires received after 4pm CT will be credited to your account the following business day.

What is the cut off time for check and wire requests?
All check and wire requests received before 11am CT will be processed that day, check and wire requests received after 11am CT will be processed the next business day.

When will my check be credited to my account?
Checks received before 3pm CT will be processed that day. Checks received after 3pm CT will be processed the next business day.

How do I withdraw money from my account?
Withdrawal requests require an appropriate form. If you are withdrawing funds from an IRA, an IRA Distribution Form is also required. For equities and options-related forms, please click here to be routed to the equities and options service request forms, located near the bottom of the Equities and Options Account page.

Are there any trading or cash withdrawal restrictions on funds deposited into my account?
Funds deposited to a BEST Direct Securities account are held for 10 days to allow the funds to clear. While no cash withdrawals may be made during that time, the funds may be used for trading purposes immediately.

Commission Pricing & Fees

What are your commissions and fees?
What fees apply to IRAs?

What are your commissions and fees?
Commissions and fees vary depending on the services requested. Please click here to see our full listing of commissions and fees.

What fees apply to IRAs?
All commissions and fees, including IRA fees, can be located by clicking here.

Applications & Forms

Where do I find forms and applications?

Where do I find forms and applications?
For equities and options-related forms, please click here to be routed to the equities and options service request forms, located near the bottom of the Equities and Options Account page.

Account Services

Do you offer tax and/or legal advice concerning my trading activities?
How can I update/change my email address, phone number or other client information?
How do I contact customer service?

Do you offer tax and/or legal advice concerning my trading activities?
BEST Direct Securities does not provide tax and/or legal advice. Please contact a tax/legal professional for assistance with those matters.

How can I update/change my email address, phone number or other client information?
Most client information can be updated by sending an e-mail to customerservice@bestdirectsecurities.com.

How do I contact customer service?
Your satisfaction is our first priority. Client Relations Representatives are here to assist you with your questions. You may contact a representative by calling (800) 553-2575 or emailing us at customerservice@bestdirectsecurities.com .

Account Privacy & Protection

Why do I need to provide detailed personal information?
How do you ensure the privacy of my account?
Do you have a plan in the case of a business disruption?
What is SIPC?
Is my account protected?

Why do I need to provide detailed personal information?
Federal law requires financial institutions to obtain and verify information that properly identifies each person seeking to open an account. BEST Direct Securities is dedicated to assisting in the fight against money laundering activities and the funding of terrorism. When you open an account with BEST Direct Securities, we will ask for your name, address and other identification information. If we are unable to properly obtain this necessary information, we may be unable to open an account for you. We thank you for your understanding in assisting us in our anti-money laundering efforts.

How do you ensure the privacy of my account?
BEST Direct Securities believes your privacy is of utmost importance. Please click here to read our Privacy Policy for full details.

Do you have a plan in the case of a business disruption?
BEST Direct Securities understands the need to be ready for a business disruption due to a natural disaster or other event. Please click here to read our Disaster Recovery plan.

What is SIPC?
SIPC (Securities Investor Protection Corporation) helps individuals whose stock and other securities are at risk when a broker/dealer fails. SIPC does not protect against negative investment experience or market fluctuation. Full details can be obtained at www.sipc.org.

Is my account protected?
BEST Direct Securities and the clearing agent are members of SIPC (Securities Investor Protection Corporation) which protects the assets in each of the customer’s securities account(s) up to $500,000, with a limit of $100,000 for cash balances, which are being held for purposes of investment. The clearing firm, Terra Nova Financial, LLC, has purchased from London insurers further protection of securities (with an additional limit of $900,000 coverage for cash claims) with an aggregate limit of $40 million for all Terra Nova customers combined which might not be returned in a SIPC liquidation, and providing that the combined return from Trustee distributions, SIPC and London to any customer does not exceed $10 million. These protections do not protect against losses due to fluctuations in the market value of securities. Full details can be obtained at www.sipc.org.

Software & Technology

How do I get around the Windows Firewall that may be prohibiting my software from running properly?
Is the BEST Direct software compatible with a Macintosh computer?

How do I get around the Windows Firewall that may be prohibiting my software from running properly?
If you are experiencing problems with your software, you may need to add an exception to your Windows firewall. Please use the following steps to add an exception:

  1. From within the "Control Panel", open the "Windows Firewall." If you don't see the option to open the Windows Firewall, you will need to open the "Security Center" and then select "Windows Firewall."
  2. Once the Windows Firewall settings are open, check to see if it is on or off. If it is off, no additional steps are needed. If it is on, make sure the "Don’t Allow Exceptions" box is unchecked. Exceptions will need to be made for the platform.
  3. Click on the "Exceptions" tab at the top. When the tab opens, select "Add Program" at the bottom. A list of programs should open. Select the appropriate platform name, for example, "BESTDirect8" from the list and then click on "OK".
  4. Next, you will need to make exceptions for the ports that the platform uses. In the "Exceptions" tab, click on "Add Port" and the box to add a port will open. Name the exception "Trade 1" and then enter in 2000 for the port number, leave it as a TCP port and click “OK”.
  5. Click on "Add Port" again, and name this exception "Trade 2" and enter in 2020 for the port number, leave this as a TCP port also and click "OK".
  6. Click on "OK" to close out the Windows Firewall box and then close out the Control Panel.
  7. Restart the trading platform. Any issues caused by the firewall should be resolved. If you are still experiencing firewall issues and are using a company-issued computer, you may need to contact your company’s IT department for further assistance.

Is the BEST Direct software compatible with a Macintosh computer?
If you have a Windows operating system loaded on your Macintosh computer, BEST Direct software may be able to be used, however BEST Direct Securities does not guarantee it’s functionality. At this time, BEST Direct software is designed to only work with a Windows operating system.

Trading

What can I trade with BEST Direct Securities?
Can I trade penny stocks through BEST Direct Securities?
Can I trade mutual funds, UIT’s and ETF’s?
Can I trade OTC bulletin board stocks, including pink sheet stocks, at BEST Direct Securities?
Can I invest in IPOs?
Can I trade stock options with BEST Direct Securities?
Can I set up alerts on my trading platform?
Can I place trades through email, postal mail and/or fax?

What can I trade with BEST Direct Securities?
With BEST Direct Securities, you can trade equities, equity options, mutual funds, ETF’s, UIT’s, corporate and government bonds.

Can I trade penny stocks through BEST Direct Securities?
Yes, you can trade penny stocks in your BEST Direct Securities stock account. Please note that penny stocks involve additional risk and should only be traded by those who have a speculative investment objective.

Can I trade mutual funds, UIT’s and ETF’s?
Yes, BEST Direct Securities can trade and hold mutual funds, UIT’s and ETF’s in your securities account.

Can I trade OTC bulletin board stocks, including pink sheet stocks, at BEST Direct Securities?
Many OTC stocks can be traded at BEST Direct Securities. Due to the vast spectrum of OTC stocks, quotes and trading may be limited, delayed or unavailable for all of these stocks. If a bulletin board stock is thinly traded, it is recommended you place a limit order to limit the range of volatility that you may be subjected to during trade execution. Please contact a Client Relations Representative for a current quote or to trade any thinly traded stock.

Can I invest in IPOs?
BEST Direct Securities does not participate in the primary market of initial public offerings (IPO). However, once the security is traded in the secondary market the security can be traded. Please note that IPO’s are not marginable until after 30 days.

Can I trade stock options with BEST Direct Securities?
Yes, stock option trading can be done in your securities account upon receipt of the applicable required paperwork and approval process.

Can I set up alerts on my trading platform?
Yes, you have the ability to customize various alerts within the trading platforms. Within each software platform, click on the HELP section and search for “alerts” to obtain instructions on setting up the desired alerts.

Can I place trades through email, postal mail and/or fax?
BEST Direct Securities is not able to act on trade orders requested by e-mail, postal mail and/or fax. Trading can be done online through your online account or by talking with a registered Client Relations Representative at (800) 553-2575. Additional fees may apply to broker-assisted trades.

Account Balances & Information

How do I access my securities account information online?
How long are account statements available online?
Will I receive a Form 1099 for my account?
Does BEST Direct Securities provide a profit & loss report?

How do I access my securities account information online?
From the Home page of bestdirectsecurities.com, simply click on the “My Account” in the upper right hand corner. Select “Client Center” and enter your assigned User Name and Password.

How long are account statements available online?
Statements are maintained on the website for approximately rolling 12 month period.

Will I receive a Form 1099 for my account?
When logged in to your account via the Client Center, you will have access to all your statements, including the Form 1099. Click here to be routed to the Client Center.

Does BEST Direct Securities provide a profit & loss report?
Yes, profit & loss reports are provided, however BEST Direct Securities does not provide tax advice or guidance. Please contact your tax professional for tax planning assistance.