I am interested in Gen3 autotrading. During subscription signup I stopped since Collective2 asked for the broker account number, user name and password. With all this information what protections are in place preventing Collective2 or an admin of the subscribed system from withdrawing money from my broker?
I understand your concern. You’re basically asking what is stopping me from committing a crime that would lead to my spending the rest of my life in prison and to certain utter personal ruin. For, as you can imagine, absconding with your money – even if it were possible (which I’m pretty sure it’s not, since brokers don’t send money willy-nilly to any old postal address or bank account; they require that requests match an account holder’s info) – is serious business, and not something that anyone could hope to get away with.
So, the only answer I can give you is: Don’t do anything that makes you uncomfortable. But I hope that, over time, you will grow more comfortable with my firm, and that this will allow you to benefit from the services we offer.
I talked to my Broker and they helped answer my questions of concern. They were familar with your site and said he hasn’t heard of an issue in the eight years he has been there.
I’m closer to starting now. Cheers
Even if Matthew decides to find another use of his ingenious mind and joins the cybercrime elite - maybe because of doing too much research when writing one of his Russion mob novels (BTW Matthew, did you sell any movie rights yet) - there is a way to make sure that nobody has access to your cash except you, and that is by opening an account with IB. There, even if you give your username and password away, if you want to withdraw cash or make any other important changes to your account you need to use the security token they send you, a security system which is virtually unbreakable.
BTW Matthew, are we getting Gen3 for IB soon?