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| SiebertNet Frequently Asked Questions (FAQs) |
About Investing with Siebert
A. You may visit Why Siebert, see our
products & services, or read about
account features. To find out
more about investing with Siebert, you may call our New Accounts Department at
800-872-0711 from 7:30 a.m. to 7:30 p.m. ET, Monday through Friday.
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A. We have arranged to provide our clients with excess-SIPC coverage through our clearing firm, National Financial Services LLC (NFS), a Fidelity Investments company. Securities in accounts carried by National Financial Services LLC (NFS), a Fidelity Investments company, are protected in accordance with the Securities Investor Protection Corporation (SIPC) up to $500,000 (including cash claims limited to $100,000). For details, please see http://www.sipc.org. NFS has arranged for additional protection for cash and covered securities to supplement its SIPC coverage. This additional protection covers total account net equity in excess of the $500,000/$100,000 coverage provided by SIPC. Neither coverage protects against a decline in the market value of securities.
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A. Yes. In addition to our New York City headquarters, we
have six branches in New Jersey, Florida and California. Please visit the
Contact Us section to find the
branch office nearest you.
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A. You may e-mail or call us. If you are a Siebert
client, use our Customer E-mail form.
If you are not currently a client, please use the
Non-customer E-mail form to contact us.
If you prefer, you may call or visit any of our local
branches. For issues regarding new
accounts, please call the New Accounts Department at 1-800-872-0711 from 7:30 a.m.
to 7:30 p.m. ET, Monday-Friday. For other customer service issues, please call
the Customer Service Department at 800-872-0444 from 7:30 a.m. to 7:30 p.m. ET,
Monday-Friday.
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About SiebertNet
A. The system is so user-friendly that it will even let
you nickname your accounts so they’re easier to recall. Once you’ve signed up,
you’ll discover that our easy-entry order system is custom-tailored for each
type of security to help you input the information necessary for a smooth
execution. Use our site map
to quickly locate a specific page.
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A. For equities, $14.95 per trade for up to 1,000 shares,
market or limit, and 1.5 cents per share for additional shares thereafter.
Please note that we individually negotiate commission rates for large and/or
active accounts. If you have an active and/or large
account and you wish to negotiate special rates, please
Contact Us.
Click here to see our published commission
rates.
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A. As a SiebertNet client, you are entitled to
prompt, professional – and personal – customer service
and the highest available level of
SIPC and excess-SIPC account protection in the brokerage industry.1
SiebertNet even has a safety net:
If our Web service is ever interrupted, our professional registered representatives will
execute your trade at the Internet rate.2
With SiebertNet, you will enjoy one of the most extensive
selections of free third-party research
and analytic tools, including stock analysis & commentary,
automated stock analysis and screening systems,
multiple sources of
market-related news,
fixed income screeners, a variety of
alerts and more.
(Please review the Legal Notice to Users before utilizing
third-party research and tools.) Monitoring your investments and the market is
easy with SiebertNet’s Desktop News Alerts, email account alerts, balances
screens, intraday history and 36 months of online account statements,
confirmations and 1099s. Trade by tax lot and the cost basis is automatically
tracked from real-time positions screens. Investing is simplified with one
comprehensive consolidated account and an automatic daily sweep of cash into your choice of
money market mutual funds.
You receive all this and more for one
fair commission charge per trade and
no hidden fees.
Learn more about all the reasons you should choose Siebert.
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A. You can see real-time account Balances including
margin, equity and cash balances and buying power, in addition to real-time unrealized gains/losses.
Use the customizable Positions screen to view cost basis and real-time market value before you trade,
or view order status and transaction history. Track realized gains/losses via a robust feature
that displays cost basis details for all positions ever closed and summarizes the net gain/loss
for each account for each of the past three years. Also access your statements, trade confirmations and tax documents online.
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A. Yes, you can download your account information into Quicken®
and Microsoft® Money. Software downloads work beginning with the 2006 versions
of these programs. Downloading your account information into these programs is
quick and easy.
Please visit Quicken Download or
Microsoft Money Download for
more information. Quicken software is available at
www.shop.intuit.com
and Microsoft Money software is available at
www.microsoft.com/money.
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A. SiebertNet access requires a unique User ID and
Personal Identification Number (PIN). To receive your User ID and PIN, please
contact Technical Support at 1-800-872-0444, Option 5, from 7:30 a.m. to 7:30 p.m.
ET, Monday-Friday.
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A. No. You may always choose how you would like to
interact with us. You may trade with a live broker on the phone or in person at
one of our branch offices. You may choose
BrokerageExpress, our
combined interactive voice recognition and touch-tone telephone system, or you may
trade wirelessly through
popular Blackberry devices, Palm VIITM, Handspring TreoTM, Compaq Pocket PC,
Web-enabled cell phone and the T-Mobile Sidekick. Different
commission rates apply to each venue.
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Active Traders
A. Siebert offers many programs and services to meet the
specialized needs of active traders or those with large accounts. On request, these
may include negotiable commission and margin rates, a personal brokerage team accessible via a
private toll-free line, routing of orders to preferred destinations, extended market access
and the Dynamic Trader desktop with streaming real-time account and market information.
Learn more about these services.
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A. Yes. Qualified options accountholders may be entitled
to trade simple or complex options.
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Change of Address
A. Please send us your address change in writing via mail
or fax, including your account number, new address, new phone number and the
signatures of all parties listed on the account. You may fax your updated
address to the Customer Service department at 201-239-5749. If you prefer,
please mail your instructions to Customer Service at 111 Town Square Place,
Suite 310 Jersey City, NJ 07310-1755.
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Funding/Withdrawals/Transfers
A. In addition to sending us a check or registered
securities, you can fund your account by money wire transfer from
your bank or electronic funds transfer.
Learn more about funding your account.
Please note that the EFT option is only
available if your account has been open for at least 6 months.
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A. Siebert provides unlimited free check writing for all
non-retirement accounts. There is no minimum balance and no minimum check
amount. At your request, we also will provide you with a Visa debit card ($60
per year). We can also wire funds to your bank or another designated recipient,
or mail you a check. To request a debit card, bank money wire or check
withdrawal, please call Customer Service toll-free at 800-872-0444 from 7:30 a.m.
to 7:30 p.m. ET, Monday-Friday.
Learn more about withdrawals.
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A. To transfer assets from one Siebert account to another,
please submit your transfer request in writing. Please include both account
numbers, a detailed description of the assets you are requesting to be
transferred and your signature. If the account from which the assets are
withdrawn is a joint account, the letter should include the signatures of both
owners. You may fax the letter to 212-486-2784 or mail to Customer Service at:
Muriel Siebert & Co., Inc.
885 Third Ave, Suite 1720
New York, NY 10022
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A. Please have the registered holders sign and write the
date on the back of your certificate and write your account number on the
front. Please mail your signed certificate to Customer Service at:
Muriel Siebert & Co., Inc.
885 Third Avenue, Suite 1720
New York, NY 10022
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A. To cancel an existing ACH service, please fax a written
request to 212-486-2784 or mail to Customer Service at:
Muriel Siebert & Co., Inc.
885 Third Ave, Suite 1720
New York, NY 10022
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A. To withdraw funds from any retirement account, you must complete an
IRA Distribution Form.
If you would like the distribution to be deposited directly with your bank or
credit union account via EFT, you must have EFT instructions on file. To add
EFT instructions, your account must be please complete the Bank Information
sections on the distribution form or attach a voided check to the form. Please
note that your account must have been opened for at least 6 months to establish
the EFT option. Once submitted, the instructions may take up to 14 days to
process.
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Margin/Options
A. Siebert's margin rates are highly competitive and we
negotiate them for individuals with large debit balances and/or active
accounts. Our margin rates vary from a minimum of 3/4% to a maximum of 2% above
the broker call money rate, depending upon the amount of your total debit
balance. The broker call money rate changes with fluctuations in interest rates
and is published in most major newspapers. If you believe you may qualify for
negotiated rates, please
Contact Us.
To view our current published rates, please
click here.
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A. Qualified customers can apply for margin and/or options
trading by completing the appropriate forms and mailing them to Muriel Siebert & Co., Inc.,
111 Town Square Place, Suite 310 Jersey City, NJ 07310-1755.
Please note that margin borrowing is not suitable for everyone. Using margin to
buy additional securities can offer greater potential returns, but also incurs
additional risks. Please visit
Margin Information
to learn more.
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A. If a price drop in a margined security causes your
account's equity to fall below its maintenance requirement you will receive a
margin call. To fulfill a margin call you are required to raise your account's
equity to the minimum acceptable level by selling securities, depositing cash,
or depositing securities that are already paid for fully. Please visit
Margin Information to learn more.
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A. The Jobs and Growth Tax Relief Reconciliation Act of 2003
reduces the federal tax rate to a maximum of 15% for
"qualified dividends" paid to individual shareholders (5% for
taxpayers in the two bottom ordinary income tax brackets). To learn more about
the potential impact of this legislation on your margin account, please
click here.
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Online Forms/Statements
A. Yes, most account-related forms can be viewed and printed from the
Online Forms Center.
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A. Yes, you may view and print up to three years of
monthly statements. In addition, you may also view the most current 1099, 1099R
and 5498 forms. For your convenience we also provide printable copies of your trade
confirmations online for all trades done in the last 90 days.
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Online Security and Privacy
A. SiebertNet incorporates strong electronic security measures. Customer data and trading information is transferred over the Internet using industry-standard encryption technology that is designed to be secure. Additionally, we employ redundancy measures, including diverse Internet access points for fast, highly-reliable service. For important information on Online Security, please click here.
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A. SiebertNet's secure site automatically logs you off if you do not interact with it for 15 minutes. We recommend that you close your browser on completion of a logged-in online session. We also recommend that you use a browser that supports 128-bit encryption technology. For additional important information on Online Security, please
click here.
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A. Virus protection software may protect your computer desktop against invasion by viruses. It may not protect you from identity theft and financial fraud attacks like "keylogging", "phishing" and others as stated in the Trusteer Rapport FAQ. We have arranged to provide our clients with state-of-the-art desktop fraud protection software to complement other security software they may currently utilize. Learn more.
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A. A general rule for creating a PIN is the longer the
better. Don't use sequential or repetitive characters of PINs or easy-to-guess
numbers such as your phone number or date of birth. Don't tell anyone your PIN
and don’t write it down. Ideally, your PIN should be easy for you to remember
yet difficult for others to guess.
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A. Information downloaded into finance-management tools is
subject to the security protocols established by these products. In general,
they feature advanced encryption and authentication technologies, including SSL
technology.
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A. Siebert limits the collection, use, and retention of
your personal information to the extent necessary to properly administer our
business and our continued commitment to improving our services. Access to your
personal and account information is restricted to employees who need to know
that information in order to provide products or services to you. We do not
sell current or former customer information to anyone for any reason, at any
time. In addition, we do not share your nonpublic personal information
with any nonaffiliated third parties. We may disclose nonpublic personal
information on a strictly limited, confidential basis to third parties that
perform account maintenance and processing services for us. These include, for
example, our clearing firm and fulfillment companies. Finally, we maintain
physical, electronic, and procedural safeguards to guard your nonpublic
personal information. Read more in our
Privacy Policy.
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A. Protecting your personal information online is critical in today’s Internet environment. All of your personal information that is collected is stored on a secure database environment away from our Web servers. Some of our third-party content providers may use cookies which are electronically transmitted files holding small pieces of information. You can set your browser to notify you when you receive a cookie and allow you to decide whether to accept it. If you have any further questions, please consult our Privacy Policy or
contact
a Siebert Customer Service Representative.
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Opening an Account
A. Fill out the online application , or
call us at 800-872-0711 from 7:30 a.m. to 7:30 p.m. ET, Monday-Friday,
to open an account over the phone. You can also apply
by mail or
in person.
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A. Generally, there is no fee for opening or maintaining
an account at Siebert nor is there any minimum investment amount required to
open an account. The only exception are IRAs with $10,000 or less in total
value, which incur an annual maintenance fee of $30.
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A. There are no inactivity fees for any kind of account at Siebert.
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A. Siebert offers a variety of account types, depending on
your individual, family, and/or company needs and goals.
Learn more.
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A. To transfer your account, please complete the
Account Transfer form,
attach it to a copy of a monthly
statement from your current brokerage firm and mail to Customer Service,
Muriel Siebert & Co.,
Inc., 111 Town Square Place, Suite 310
Jersey City, NJ 07310-1755.
We'll take care of the rest!
We'll even pay your other broker's exit fees (maximum credit $100 per account
transferred). Once your transfer is initiated, please allow 8-13 business days for
the assets to be received from the delivering broker. Partial or mutual funds
transfers can take up to 29 days. For further information, please
Contact Us.
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A. Yes. You are able to transfer a debit balance and option positions directly over to Siebert.
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A. Yes. We open accounts for non-U.S. citizens who reside
in the U.S. We also open accounts for individuals who reside in certain
countries. Please contact our New Account Department at 800-872-0711 to verify
if your country of residence is eligible.
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Retirement
A. You can transfer an IRA or retirement plan from one
broker to another electronically. The method in which to do this does vary
depending on the type of retirement account. Please call our New Accounts
Department toll-free at 800-872-0711 from 7:30 a.m. to 7:30 p.m. ET,
Monday-Friday, for more information.
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A. Yes. We offer both Keogh Profit Sharing and Keogh Money Purchase Plans.
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A. A Rollover IRA is an IRA account into which funds from
an employee-sponsored plan, such as a 401(K), can be transferred. These funds
may also be rolled back out into a new employer’s retirement plan.
Click here
to learn more about the different types of retirement accounts.
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A. A transfer is the movement of funds between like
accounts, such as one Traditional IRA to another Traditional IRA. You can
transfer assets as often as you like. Since no possession of assets occurs,
transfers are not reported to the IRS. In contrast, a rollover is the movement
of funds between one eligible retirement plan and another, such as a 401(k) to
a Traditional IRA. All distributions are reported to the IRS and may be subject
to federal income tax.
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A. In order to initiate a rollover from your prior
employer to Siebert, you will first need to open an IRA account with us. Once
the account is established, you should contact your current employee sponsored
plan’s provider to initiate the rollover.
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A. A 60-day rollover allows you to move money between IRA
accounts. You can take a distribution from one IRA account and rollover the
amount of the distribution to the same IRA or different IRA account within 60
calendar days of receiving the distribution. You may execute only one 60-day
rollover per IRA account during every rolling 12 month period. Please consult
your tax advisor to determine the best solution for your individual situation.
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A. Yes. You can make annual contributions to a Rollover IRA account.
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A. Yes. You can combine your assets held in a Traditional IRA and a Rollover IRA.
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A. In order to avoid the tax on your retirement payouts,
you should request your employer pay the funds directly to Siebert rather than
to you.
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A. When a beneficiary other than the spouse takes
possession of the assets in a tax-deferred IRA account, the funds are
transferred into an Inherited IRA so that they remain tax-deferred until the
IRS requires that they be withdrawn.
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A. The IRS allows a non-working spouse to open an IRA of their
own. The same contribution guidelines apply for both the working and non-working spouse.
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A. Yes. You can change your beneficiaries at any time by completing an IRA Beneficiary Change form.
To have the form mailed to you, please call Customer Service at 1-800-872-0444.
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A. Yes. Roth Conversion allows you to move money from a
Traditional IRA to a Roth IRA. This is a taxable event, so please check with
your tax advisor prior to initiating any movement of assets.
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Tax Matters
A. SiebertNet’s real-time Positions screens automatically
track cost basis on securities you have purchased through your Siebert account
and allow you to add cost basis of securities that have been transferred to
Siebert. You can even break aggregated cost basis of transferred stock into
separate component tax lots with the correct cost basis for each.
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A. 1099 forms are mailed out at the end of January. If you
believe you have missed your forms, please contact Customer Service toll-free
at 800-872-0444 from 7:30 a.m. to 7:30 p.m ET, Monday-Friday.
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A. Yes, short stock sales will be shown on the 1099-B form.
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A. Even if the position is not closed out, the account
owner is responsible for determining whether the short sale must be reported to
the IRS. If reportable, you should provide a written account explaining that
the amount is from a short position that has not yet been covered.
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A. All non-resident aliens will receive a 1042-S form
instead of the 1099. This form shows total gross income and the amount of
Non-Resident Alien tax withheld (as determined by your country’s tax treaty
with the U.S.).
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A. The wash-sale rule prevents an investor from claiming a
loss on a security sale if an identical (or substantially identical) security
has been bought within a certain time period. The period begins 30 days before
the sale and ends 30 days after the sale.
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Technical Q&A
A. Siebert recommends Internet Explorer 6.0 or higher (You
may visit Tech Help
for further details). Be certain to choose the 128-bit encryption version. Firefox
may also be used. For Mac OS X, we recommend the Safari or Firefox browsers.
Siebert continues to test newly released browsers for compatibility. You
can check the Tech Help
page periodically for updates. AOL users who are accessing the internet through
AOL should use either Internet Explorer or Firefox.
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A. Our recommended operating system requirements are
Windows 2000 or higher (XP, Vista). We also recommend a processor of
Pentium III – 1 GHz or higher; 256 MB of RAM or higher and at least a 56K
modem.
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A. We recommend a resolution of 1024 x 768 with a 17” monitor or 800 x 600 resolution
with a 14” monitor.
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A. If the difficulty appears with other sites on the
Internet, please contact your Internet service provider. However, if you
experience issues specific to SiebertNet, please visit the
Tech Help page for more
information.
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A. Downloading your account information into these
programs is quick and easy. Please visit
Quicken Download visit
Quicken Download or
Microsoft Money Download
for more information.
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A. Yes, if your company will permit it. In addition to
following the simple installation instructions, please request the firewall
administrator in your company’s IT department to allow TCP traffic on port 80
to IP addresses 69.61.51.202 and 69.61.48.203. This will allow information
sent from RTTNews’ servers to enter the corporate network.
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A. The best results are achieved by right-clicking on the page and
choosing “Print” in Internet Explorer or “Print Frame” in Netscape Navigator.
You can also use the print button on the browser toolbar, although this is not
recommended. Graphics used in SiebertNet are designed for on-screen display and
may not print as sharp as they appear on the screen.
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Trading and Order Types
A. SiebertNet allows you to place online orders for equities, options,
complex options and mutual funds and to indicate interest in
fixed-income securities.
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A. You may buy, sell, sell short and buy to cover. Order
types that may be placed are market, limit, stop loss, and stop limit orders.
You may also specify shares to trade by tax lot and borrow stock for short
sales by checking a “versus purchase” box on the
order ticket. Equity order conditions available include all-or-none,
do-not-reduce, do-not-increase, not-held, day, good until-canceled (120 day
limit), fill-or-kill, immediate-or-cancel and at the close.
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A. At Siebert there is never a special fee to place or execute an order or
other hidden fees: You are only charged the commission for
your trade if your order is executed.
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A. Yes, both pre-market and after-hours ECN trades can be
placed via SiebertNet, Monday through Friday, from 7:30 a.m. until 9:15 a.m. ET
and from 4:00 p.m. until 8:00 p.m. ET through NYSE Arca.
Learn more.
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Legal Notice to Users |
Business Continuity
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