Merrill Lynch Brokerage
Queja 213007 Detalles

DO NOT TRADE WITH MERRILL LYNCH BROKERAGE!

I have a self-directed brokerage account with Merrill Lynch. On the above date I placed an order involving a commonly traded security. The order was 'BLOCKED' by the brokerage and did not execute causing me to loose $6,000 on the missed trade.

If it was Etrade or Ameritrade the order would have been processed.

My order did not involve options and was not on margin but was a simple ETF/ETN and I was attempting to use my own funds which the account indicated was available for trading.

Upon following up as to why the trade was not accepted, I was given multiple varied answers. In one version, I was told the security is blocked for 'my own good' because of it's 'volatility'. In another answer I was told that the list of blocked ETF's/ETN's vary and that the security may have been available for trading previously but is now blocked. A third explanation centered around the fact that such trades are executed for accounts over $10 million.

When I asked where one can check to see what securities are blocked, I was told that such information was 'not available'.

I checked my broker agreement and no where does it mention the 'volatility, $10 million threshold or ever changing list of blocked securities as limitations.

No doubt Merrill Lynch has legal justification somewhere in all their fine print, but the bottom line remains the same, IT COST ME MONEY!

I definitely do not recommend using them for your brokerage needs.