So VXX had a reverse split yesterday. Woke up and found my account was $70 lower. I had like 3 puts on it that expire friday. I could not sell them due to some bug in the platform on reverse splits, they only had $0.01 value so I asked my broker to just put an order to try to sell them for me at 0.02. It did not reach there so they just expired worthless. 4/23/2021 $0.00 $35.00 Clearing VXX210423P00009500 Split 4/23/2021 $0.00 $35.00 Clearing VXX210423C00025000 Split I searched broker related fees and found this. Reorgs (Reverse Splits & Symbol Changes) $35 I am not sure if this is an actual fee or just a temporary adjustment since it does say Clearing. Otherwise, this is BS. Why am I charged just cause vxx had a reverse split? Sounds like an absurd and laughable broker-related fee. But then again, coming from Tradezero that use to charge 7x for holding shorts overnight. I am not surprised about anything anymore.
Then wait until you’re sure, or find out from Tradezero. (BTW, is also couldn’t trade VXX options yesterday at IB and TDA, they didn’t include new options yet while old ones were showing incorrectly)
Looked up some reddit posts and apparently it's an actual fee that some brokers do. Likely not reputable brokers like IBKR, TD. Just shitty offshore ones like mine.
Yes, it might be an actual fee because that’s how some brokers make money, but there may also be some specific situations where and why it applies, exclusions, and simple mistakes. At least try getting an answer from TradeZero first. After confirming that they charged you so much and won’t refund if, then I’d complain how horrible they are...
Given my experience I had with them in the past it's safe to assume first. I was screwed over thousands because their option montage left you hanging on the option calls for 30 minutes from open. This lasted for a whole month where their servers will overloaded or something and you have no way of getting rid of any option calls you held overnight. What did they give in compensation? $ A measly $25 as if that is gonna help with anything.
Looks like they really screw you on assignment: Although that's probably not what happened in this case. $35 for option assignment is highway robbery. Ditch this bucketshop and find a better broker. I don't see what advantage they offer over IBKR, Robinhood, or TD. Even their website address looks fishy. Are they based out of Columbia?
This is an options exercise fee for two contracts. When options expire in the money the contracts are exercised into the underlying shares. As we roll out multi leg options this will be a few that gets reduced. This is a few typically charged by most brokers. Thank you for your business, and feedback.
No worries. We do not do customer service on elite trader but come to the live chat on our site and someone will assist you.