Just2Trade is one of the worst brokers I ever dealt with.
1. Their execution on penny stocks is the worst. They either route to NITE (which is fine) or to another market maker. When they don't route to NITE, such as when they route to GRVC, your order will not be displayed on the Level IIs. They'll hide your order until they can obtain the stock and make a profit on your trade. If you're an active trader, this will cost you alot more than commissions to a real broker than immediately displays your order.
2. They take several days to respond to customer inquiries by email. When you do receive a response, it's often vague or misunderstood. For instance, when I complained about orders not being displayed, they replied that my order was entered in the system. The issue was it wasn't displaying so nobody could see my order. After three emails back and forth, they told me to call and ask them to contact their market maker when it isn't displaying.
3. I sent in a certificate on March 11, 2008, for clearing. They noted they received it and that the shares were in my account. In April 2008, I contacted them and asked for the status of it being cleared. They stated they needed a stock power and that I should fax it to them. I told them that I already provided a stock power when I sent it in. They made up a story that the stock power appeared to be a copy. I told them it was an original and I asked why they never notified me of any problems. They told me that they would forward my complaint to their compliance department. In the interim, I faxed yet a second stock power to them as they asked for. They ignored the fax and sent me an email asking for a new stock power. I immediately sent it by courier. The day it arrived, April 22, they sent me a communication saying that since I didn't provide the stock power, they were returning my certificate by DHL.
4. They charged me $80.00 for returning the certificate by DHL that I did not authorize.
5. They charged me a safekeeping fee for them retaining my certificate without processing it even though I never authorized them to act as a safekeeper and that my sole instruction was to process the cert.
6. When I inquired as to why they did not notify me for nearly a month about any problem with the stock power, they stated that their website notes that they do not guarantee a certificate will clear. This excuse had nothing to do with the issue of them failing to process it or notify me of any problems.
7. They promise free Level II quotes. However, the quotes are truncated. So if there are three market makers on a stock at numbers like .021, .022, .023, all you'll see is .02 on the so-called Level IIs. Thus, it's totally useless when trading penny stocks.
8. They closed my account claiming that a review indicated that I may not understand the risks of trading penny stocks. I have been trading penny stocks for 8 years. My account value was up 600 percent from the time I opened it. (The real reason for the closure appears to be that they didn't appreciate my submitting a claim for compensation due to losses from their failing to process the certificate. That is, I lost over $10,000 since the price of the stock went to .15 and is now .06. I would have sold if they promptly processed the cert which should have taken a week to ten days).
I do not recommend Just2Trade to anyone. They are unprofessional, ignorant, and don't have any respect for what their mistakes may cost you. They will cost you more than the discounts in commissions they tout. If you are a serious trader, try Interactive Brokers or TrackData Securities. Both allow you to route your orders.
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