Wrong Limit Order out of Suretrader turns into Massive Loss!
I had the worst experience with Suretrader today. During $TKAI's IPO the stock was halted four - read carefully - FOUR times (Not Suretrader's fault) during a span of 20 minutes since the IPO debut. I tried to enter my trade at around $23.70 but had to cancel it due to stock moving up so fast. Cancelled the order and tried again one more time at a a limit order of $25.50.
That is where things get interesting
Suretrader's DAS system cancelled my order at $25.50 and instead executed it at exactly $30 right after the fourth halt. I got my limit order filled at $29.95 and the stock IMMEDIATELY plummeted to the $26 levels. I thought my order was executed at the $25 and here I was thinking pretty happy thinking I had made some good money on $TKAI. Lo and behold I see my execution at $29.95. I could not believe my eyes at that point and immediately contacted Suretrader. They were slow on their chat as usual and as I as explaining my situation the stock kept falling and I was forced to sell at a massive loss at around $23.70
When I contacted them they said the system showed 5 orders on my account. The orders were as follows: (and I paste directly from the chat)
$25.65 $25.50 $29.00 $23.70 and $30.00"
I couldn't believe what I was seeing. It took some time to recover from the bewilderment that followed but upon a closer inspection it came to mind that the $23.70 order was the cancelled one and the $25.50 was my second order.
DAS somehow cancelled my second $25.50 limit order and decided to fill it at $30, immediately dealing me a major loss.
The customer service rep and Philip who is the Chief Compliance Officer came to the chat and neither could explain the 5 different trades that they were mentioning. Philip said the transaction was showing in their system and there was nothing he could do about it, even if DAS had somehow mixed up orders since the record was the record shown.
Notwithstanding the profit I would have potentially gained had my order filled at the limit of $25 (for those of you who don't know what a limit order - look it up - It should be the only form on order one should place) worst of all failed to give back the equity from their accidental limit order placed by their system. Suretrader could at least have rectified the situation by returning my equity before their blunder but they refused to do so.
I wouldn't be so upset if this was something done by me but who places a buy limit order at a certain price and expects to get filled way higher than that?? Nobody. Since that is not the point of a buy limit order
Needless to say, Today's experience has made me completely lose my confidence in them. This sort of error on limit order should never happen but given that today's IPO was so crazy and halted multiple times, I would understand if it did. I only wish Suretrader would recognize the error and mitigate the situation which unfortunately they failed to do.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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