Common Questions (FAQ)
See also: Glossary of Financial Terms
- How do I open an account with OKstocks?
- How do I fund my OKstocks account?
- How much money does it take to open an account?
- When can I begin trading?
- Do you charge a fee to set up or transfer an IRA?
- Do you offer a total cash management account?
- Are there monthly or annual fees associated with my account?
- What is a margin account and how does it work?
- What securities can I trade?
- What types of orders do you accept?
- What is a limit order?
- When is a good time to use limit orders?
- Are there extra fees for limit orders?
- How will I be notified of trade executions?
- What should I do if I don't know if my order went through?
- Can I change an order after I placed it?
- When does my account balance update to reflect my account
activity?
- If I can't get my computer to place a trade, can I call in
to place a trade with no additional fees?
- I was automatically logged off of the system, what happened?
- If I have a question about my account, whom do I talk to
(especially if it is time-sensitive)?
- What type of Internet security protection does my account
have?
- Is there specific software I need to run my account from
my PC?
- Is there specific hardware I need to run my account from
my PC?
- Which web browser can I use to access my account?
- Why can't I log in?
How do I open an account with OKstocks? ^TOP^
- Download and complete the appropriate account forms from the web-site.
- Mail in the completed and signed forms and fund the account.
New Account Application Forms
An OKstocks representative will e-mail your account number and password
for web trading. It's as simple as that.
How do I fund my OKstocks account? ^TOP^
You can fund your OKstocks account by any of these three methods:
- Transfer securities/funds from an existing brokerage firm to OKstocks
Please complete, sign, and include the account transfer form with the new
account form. If possible, please include a copy of your most recent brokerage
statement. You may leave the OKstocks account number blank on the
account transfer form. Transfers are processed through the ACAT (Automatic
Customer Account Transfer) system. An ACAT transfer is the most common form
of transfer between broker-dealers and usually takes less than 10 days.
Use this method if you wish to close an account at your existing brokerage
firm and transfer it entirely to OKstocks.
- Wire funds
An OKstocks account number is needed to wire funds electronically.
Please mail the completed account forms and then call a customer service
representative. A representative will send you an email with your account
number and wiring instructions. Once the funds are received, OKstocks
will send you a password for your account.
Wiring instructions:
JPMorgan Chase Bank, N.A.
601 Travis St., 18th Floor, TX2-C095
Houston, TX 77002
ABA# 021000021
FAO Southwest Securities, Inc.
A/C# 08805076955
FFC: (OKstocks' customer name)
A/C#: (OKstocks' customer account #)
Attn: Credit Department
- Cashier's check, money order, or personal check
Payable to: Southwest Securities, Inc.
Mail to:
OKstocks.com
P.O. Box 170648
Milwaukee, WI 53217
If you have received an account number, please remember to reference it
on the memo line of your check.
Note: Cashier's checks and money orders are both immediate funds. These
funds are available for investing upon receipt by OKstocks. You can use
your personal or business checks as soon as they clear your bank.
How much money does it take to open an account? ^TOP^
OKstocks has a minimum initial deposit requirement of $1000 to open
a cash account. A margin account requires $2,000 minimum equity.
When can I begin trading? ^TOP^
To place a trade, sufficient cash or securities are needed. You will be
unable to trade online until the check clears the bank. To avoid this wait,
you may mail OKstocks either a money order or cashier's check or have the
funds wired directly. You may also transfer an existing account from another
brokerage firm. Transfers from another brokerage firm take approximately 10
business days.
Do you charge a fee to set up or transfer an IRA? ^TOP^
There are no charges to set up an IRA at OKstocks. However, if you
are transferring an IRA, the delivering brokerage firm may assess termination
fees.
Do you offer a total cash management account? ^TOP^
Yes, we offer the Vision Cash Management Account. Available funds are automatically
invested daily in your choice of four money market funds. Free check writing
privileges are available with this account.
Are there monthly or annual fees associated with my account? ^TOP^
Yes, currently a fee of $35 is charged annually for an IRA. On brokerage
accounts, if there has not been one commissionable trade or it there is not
a minimum balance of $25,000 a $25 maintanance fee will be assessed.
What is a margin account and how does it work? ^TOP^
A margin account involves Southwest Securities extending credit to you based
on marginable securities in your account. Marginable Securities are securities
that are qualified and acceptable as collateral for loans. "Margin" is the
amount you borrow to facilitate the purchase of securities. Margin accounts
require $2,000 minimum equity.
What securities can I trade? ^TOP^
You can trade stocks, index options, and equity options. Mutual funds, bonds
and unit investment trusts may be purchased through your OKstocks representative.
What types of orders do you accept?
OKstocks accepts all common types of orders, including market and
limit orders, stop and stop-limit orders, good-till-cancel orders, and all-or-none
orders.
What is a limit order? ^TOP^
A limit order is an order to buy or sell a security at a specific price.
A buy limit order can only be executed at the limit price or lower, and a
sell limit order can only be executed at the limit price or higher. When you
place a market order, you can't control the price at which your order will
be filled. Please note your limit order might not execute because the market
price may quickly surpass your limit before your order can be filled. By using
a limit order you protect yourself from buying the stock at a much higher
price than expected.
When is a good time to use limit orders? ^TOP^
Limit orders can be very effective in fast-moving markets. The price of
some stocks, especially "hot" IPOs and high tech stocks, can soar and drop
suddenly. Limit orders allow the investor to buy or sell a security at a certain
price.
Are there extra fees for limit orders? ^TOP^
OKstocks does not charge extra fees for limit orders.
How will I be notified of trade executions? ^TOP^
Online account holders are notified through their message screen when a
trade is executed. Also, the activity and positions screens are then updated
automatically. You will be e-mailed a confirmation after the order is executed.
What should I do if I don't know if my order went through? ^TOP^
If you are unsure whether your order went through, please contact an Okstocks'
representative. If you mistakenly assume your order has not been executed
and place another order, you could end up either owning twice as much stock
as you wanted, or with sell orders, you could have sold stock you do not own.
Can I change an order after I placed it? ^TOP^
A market order is routed immediately to the proper exchange and may not
be canceled. A limit order can be canceled anytime before the order actually
fills. If you decide to cancel a limit order, you must make sure you receive
a "UR Out" on the order status screen for the order that has been canceled.
If you have any question whether the order was canceled, please contact an
OKstocks' representative.
When does my account balance update to reflect my account
activity? ^TOP^
Online cash account balances are updated automatically after a transaction.
Online margin account buying power is also updated automatically. For questions
regarding margin buying power, contact an OKstocks representative.
If I can't get my computer to place a trade, can I call
in to place a trade with no additional fees? ^TOP^
If OKstocks' system is down, you can call us and place your trade
with a broker for no additional charge; however, if your computer system is
not functioning (or you are away from your computer), a broker can place your
trade for you, but broker-assisted rates will apply.
I was automatically logged off the system, what happened? ^TOP^
For your protection, the system will automatically log out a user if there has not been any activity
after 30 minutes. Simply click on the log-in button to access your portfolio again.
If I have a question about my account, whom do I talk
to (especially if it is time-sensitive)? ^TOP^
You can call and talk to a representative at (918) 665-0100 or you may e-mail us at info@OKstocks.com.
What type of Internet security protection does my account
have? ^TOP^
We use SSL3 encryption and are implementing certificate authentication using
VeriSign certificates. These systems protect your account from unauthorized
access.
Is there specific software I need to run my account from
my PC? ^TOP^
No additional software is needed to access your account or to place a trade.
Is there specific hardware I need to run my account from
my PC? ^TOP^
No, your computer must be able to access the Internet. No additional hardware
is needed to access your account or to place a trade.
Which web browser can I use to access my account? ^TOP^
You can access your account with Internet Explorer (6.0 or higher).
Why can't I log in? ^TOP^
Make sure your settings are set correctly on your browser.
- For Microsoft Internet Explorer 6.0 or better, go to your tool
bar, click on View, click on Internet Options, go to Temporary
Internet Files, and click on Settings, and under the section
that says, "check for newer versions" click on Every visit
to the page (click OK). Next, click on Delete Files (click
OK). Now go up to the tab marked Advanced and click on it.
Scroll down to Cookies and click on accept cookies. Under
Cookies you will see Java, make sure that JIT compiler is enabled.
Then click OK and you are done.
If you are having any further problems other than what is listed contact an
account representative.
