Frequently Asked Questions: Trading
What types of securities can I purchase through Vision?
Through a brokerage account at Vision Financial Markets you can purchase all types of listed and over-the-counter securities products including stocks, options, bonds (corporate, U.S. Treasury and Agency) and mutual funds.
What should I do if I can't get online to place an order?
If for some reason you are not able to access your account online or are away from your computer, you can contact Vision's Client Services team at 1.877.836.3949 and a registered member of our staff can help you place your order. Please note that there is a $24 surcharge for stock and options orders place via telephone. For example, a stock order to purchase 200 shares of XYZ would cost $8.00 online ($6.00 plus $0.01 per share) or $32 if placed via telephone.
Can I place an order via e-mail, voicemail or fax?
Vision can not accept orders via e-mail, voicemail or fax. We can only accept trade instructions in two ways: 1) you can place orders online via Vision's password protected Web site or 2) you can call our Client Services team and speak with a registered member of our staff to place your order. Please keep in mind there is a surcharge of $24 for stock or options orders placed via telephone.
Why wasn't my limit order executed when the stock or option traded at my limit price?
This is a function of the bid and ask prices. The "bid" is the highest price a market maker is prepared to pay at a particular time for security and the "ask" is the lowest price acceptable to a prospective seller of the same security. Executable orders are executed in the order that they are received. A stock or option may trade at your limit price, but it doesn't mean that there is enough depth in the market to ensure that your order will also be executed at that same price. OTC (Over-the-counter) stocks are not guaranteed an execution.
If my order requires multiple fills, will I be charged multiple commissions?
Executions in one trading day for a single order are charged one commission even if the multiple fills show as separate line items. Note that on multiple fills the commission may be prorated on the various line items, but the total amount of the multiple fills will match the proper commission for a single order per our price schedule.
Is there a commission or fee to modify or cancel my order?
No, there is no commission or fee for editing or canceling an order prior to execution. Please note that once an order is placed, even if it still shows as a pending order when you go to cancel or modify it there is no guarantee that you will be able to do so before the order is executed in the market place.
Why is my account restricted?
An account can be restricted for a number of reasons. To find out why your account has been restricted send Vision an e-mail, or contact Client Services via telephone for live help at 1.877.836.3949.
Can I sell a security before the funds required for purchase are received by Vision?
Per Regulation T of the Federal Reserve Board, when a security is purchased, the funds must be received by Vision prior to the sale of that security. If the respective security is sold prior to Vision receiving said funds, the credit from the sale will not be applied to the account and the account will be placed under a 90-day restriction. Restricted accounts may place liquating trades only. In order to place a trade in a restricted account, the funds must be in the account and the trade will have to be placed through a registered member of our staff (telephone orders incur a $24 surcharge).
My buy order was rejected for "insufficient funds." Why is that?
If you have a cash account you may not have enough available funds to make the requested purchase. If you have a margin account you may not have sufficient margin buying power to make the purchase. If you recently funded an account you should note that while wire transfers are available as soon as received, there are holding periods on other funding methods. If you recently initiated an ACH transfer, please be advised that it takes at least one business days to clear. Deposited checks are placed under a three day holding period and check deposits of $100,000 or more may require additional time to clear.
My sell order was rejected for "insufficient holdings." The position is in my account, why did I get this error message?
This is an error message you may see when you have a margin account. In this case, the order was rejected because you were trying to sell the security out of your cash account when it resides in your margin account or vice versa. Be sure to select the appropriate account type from the drop down menu on the trade entry screen. You may also see this message if you are trying to sell more shares that you have in your account.
My Positions screen says "Other" for security type, or my stock changed its name/symbol. How do I sell this position?
When a stock undergoes a name change, a reverse split or gets de-listed, Vision will have to exchange the old shares for the new shares with the transfer agent for that security. At times, this exchange with the transfer agent may take several weeks. If you need assistance or have questions regarding a specific issue, please contact our Client Services team at 1.877.836.3949.
How long does it take a trade to settle?
The period of time between the trade date ("T") and the settlement date is normally three business days (T+3). Specifically: the settlement date for stocks, bonds and mutual funds is usually T+3, but options and government securities settle in one business day (T+1). Cash transactions settle on the same business day.
Can I purchase a Certificate of Deposit ("CD") through Vision?
Yes, Vision has selling agreements in place with other firms to be able to offer our clients access to Certificates of Deposit. If a purchase is made, Vision will send you any available offering material (if a primary offering is purchased) or a CD Disclosure Statement (if purchased on the secondary market) for your review. CDs purchased through Vision may be subject to a loss if they are sold before maturity and there is no guarantee of a secondary market. Some CDs may have call features which will be disclosed to clients. CDs may have promotional rates that drop over time. Vision’s Client Services team will provide clients with all relevant terms of the individual CDs. Please contact Vision's Client Services team for more details or to inquire about available CDs.
Vision Products
Whether you're new to investing online or an experienced active trader, Vision offers easy-to-use stock trading tools at affordable prices.
For both conservative and aggressive investors, options can assist you to reach your investment goals.
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