How can we help you?
Apex Clearing is a US based clearing firm located in Dallas, Texas. Apex Clearing is a SIPC/FINRA member. https://www.apexclearing.com
Send an email to [email protected] where an OpenHand operations professional will answer your question.
Yes. Pattern Day Trader(PDT) restrictions apply. A Pattern Day Trader is a FINRA designation for a margin account that executes four or more day trades in five business days, provided the number of day trades are more than 6% of an accounts total trading activity for that same five-day period. These accounts need to maintain a daily equity balance of $25k or more and receive 4:1 Day Trading Buying Power from the clearing house. When the Starting Day Equity Balance is below $25k, the Day Trading Buying Power is reduces to zero (0).
Margin accounts receive 2:1 margin and must adhere to the PDT restrictions when the Starting Day Equity Balance is below $25k.
Cash Accounts are not intended to be day trading accounts. A cash account must have settled funds before a purchase can be made and before a security can be sold. If a cash account trades daily and liquidates long term positions, it is possible for the account to receive a "Good Faith Violation". Cash accounts are not allowed to short stock.
You can fund your account by sending a Bank Wire or Automated Clearing House (ACH) Transfer. We do not accept Third Party Wires. Your name and legal address from your bank must match the information you provided on your account paperwork.
You can check your account balance by logging into your OpenHand client portal. Go to www.OpenHand.com Sign in using your User ID and Password.
OpenHand clients are not permitted to trade stocks under $1.00. If a stock falls below $1.00, only liquidating sales will be allowed.
7:00 am eastern to 8:00 pm eastern
OpenHand will route and direct your order to various exchanges and market centers that will pay a rebate for executing shares.
Rebate activity will be posted to your account ledger daily in a fully transparent way.
Rebates are placed into your account on the 1st calendar day of the month for the prior month’s activity.
Please email firstname.lastname@example.org to have that charity added.
“F” Shares are not permitted to be traded on the platform.
Definition of F shares: https://www.otcmarkets.com/files/FAQ-F-Shares.pdf
Wire and ACH transfers requested by 2:30 pm est will be processed on the same day under normal business circumstances. Wire and ACH transfers requested after the cut-off time will be handled on a best effort’s basis. Large withdrawal requests are subject to additional Compliance verification, which may include contacting the customer.
Equity securities with a market value of less the $3.00 per share may not be purchased on margin or deposited as margin collateral. If the market value of a security drops below $3.00 per share, the security will not be assigned any value as collateral to secure your margin obligation.
Buying power updates at 6:30 am eastern time.
OpenHand does not supply locates for shorting securities. You can short easy to borrow securities.
OpenHand does not have a minimum to open an account.
|Margin Debt Interest||5%|
|TAF Fee||$0.000119 per share, sell side only|
|SEC Fee||0.0000221 x dollar amount, sell side only|
|NSCC Fee||0.00003 per share, $0.18 maximum and $0.033 minimum|
|FOCUS Fee||0.0000007 per share|
|SIPC Fee||0.000015 per share|
OpenHand offers Securities through TradeZero America, Inc.
TradeZero America, Inc is a member of SIPC. Please click here
ACH Deposits are free of charge and Withdrawals will incur a $5 fee. A returned ACH will be charged $50 fee.
You will receive access to the platform once the account is funded.
OpenHand is a membership-based brokerage service. OpenHand credits its members with rebates for investing in stocks, and at the same time support the causes they love the most.
Typically, if you initiate an ACH deposit prior to 2:30 pm eastern time it can be available for trading the next day. However, it is possible for an ACH deposit to take up to five business days after you initiate the ACH transfer to deposit into your OpenHand account. Please make sure you have the necessary funds in your bank account for five business days after you initiate the ACH transfer to prevent a transfer reversal. A transfer reversal may occur when a scheduled bank transfer is cancelled for insufficient funds. Be aware, for every transfer reversal, OpenHand will charge your account a $50.00 fee. Your bank may also charge a transfer reversal fee.
OpenHand will revoke ACH transfer privileges for your account if it incurs more than 2 ACH REVERSALS.
After any ACH deposit there will only be $30,000 of additional ACH deposits allowed in the following 7 days.
An ACH withdrawal will be processed on the same day under normal business circumstances if the request is submitted by 2:30 pm est and the following conditions are met:
- The account has settled funds to cover the withdrawal
- The withdrawal will not create a margin call
- The withdrawal does not require compliance review
- The withdrawal is not a third-party transfer
Please note there is a $50,000 withdrawal limit for ACH’s
OpenHand routes orders to market centers that provide payment for order flow or rebates. These market centers include but are not limited to ARCA, EDGX, BATS and NSDQ. Once these payments/rebates are received by OpenHand they are passed along to the client where they can give to their favorite charity or keep.
OpenHand can force the sale or cover equity position(s) in a customer’s account(s) without prior notice. If during the trading day, the equity in a customer’s account:
- Falls between 15-25%, OpenHand may, at its discretion, buy-in or liquidate the customer’s position in order to raise account equity up to 25% or more;
- Falls to 15% or below, OpenHand may, at its discretion, buy-in or liquidate the customer’s entire account.
Likewise, If APEX cannot continue to borrow the securities in which a customer has a short position, OpenHand may notify customers to cover their short positions during trading hours.
Furthermore, if the customer receives a margin call and fails to fund his/her account, OpenHand may liquidate any positions in the account to satisfy the maintenance margin call.
Add A Charity
Simply paste your charity website link to form below or mail your charity to email@example.com