AutoShares is a subsidiary of ViewTrade Securities and a proud member of the SIPC. The parent company of these two, ViewTrade Holding, Inc, established in 1989, provides information, tech, and brokerage solutions to banks, brokerage firms and businesses in the financial industries around the world. You can locate their headquarters in the Greater Miami Area of the U.S. Also, the company is affiliated with several big names like NYSE Arca, NASDAQ, FINRA, and CBOE Edge
Like other broker reviews such as eTrade Review and Gain Capital review, we took into account reviews from other trusted sources on the internet. However, as far as our AutoShares USA review goes, the company has checked all boxes necessary to pass for a legit online brokerage.
For one, the site has a valid SSL certificate, which implies that it has the necessary encryption to ensure user data safety. Hence, your privacy is intact when you visit, use, and input information on their website. Secondly, The site is by no means new. Upon checking, AutoShares review USA discovered that it has been operating for more than 17 years.
Now, this isn’t a direct indicator of legitimacy. However, it does point to the fact that the company has operated for enough years to raise any eyebrows if it was a scam.
Furthermore, it is a member of the Securities Investor Protection Corporation (SIPC) and FINRA, meaning that your investments and claims of up to $500,000 are insured.
However, their website doesn’t state the owner, CEO, or person in charge of the firm and has a low Alexa ranking. Meanwhile, the company has a long list of non-U.S. jurisdictions where users can create an AutoShares open account.
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Our AutoShares review found that people from different locations would have an entirely different experience when creating an AutoShares open account. U.S. residents do not have to do much. You simply need to ensure you figure out the right account for you. Then submit your documents and any other requirements, and complete the AutoShares open account application form.
Since AutoShares operates accounts for users in several different countries, it’s vital to verify the specific requirements before forming any AutoShares opinions or deciding to open an account from outside the U.S.
Due to the long list of account types, the minimum deposit for accounts also varies greatly. Those who want to open a margin AutoShares USA account need to have a minimum of $25,000 daily for the day trade margin account. On the other hand, the non-day trade margin account only requires a $200 minimum continuous balance.
Transferring funds to and from your AutoShares open account is simple and fast. There are different ways of funding your AutoShares account, such as ACH, check, DTC, Automated Customer Account Transfer (ACAT), wire transfer, security DWAC, and stock certificates. However, you can only withdraw funds from an AutoShares open account in three ways; check, ACH, or wire.
The Autoshare website has been online for more than 17 years. The look and feel are professional enough, which makes it square off very well with other online brokers in the U.S. A look at other the web platforms of other brokerages like we did during our Betterment review reveals a few holes. However, the site performs just fine on different devices.
Hence, whether you choose to access it with your smartphone, laptop, or PC, you should find your way around quite easily. Tackling the issue of usability is always essential for our reviews, and this Autoshare review is no exception. Therefore, we took the trouble to learn how you could find the information necessary to apply for an AutoShares open account.
From what we’ve gathered, users only need a stable internet connection to find out all the different options, benefits, and requirements necessary to access the AutoShares USA services. However, some downsides include the fact that you’ll have to spend some time getting all the information. This isn’t directly due to poor usability. The amount of data is vast, and so are the links you’ll need to open.
Thus, you might want to access the website from a laptop to get the best experience.
Creating an AutoShares open account is pretty straightforward. However, for non-U.S. residents such as people interested in AutoShares USA, you can find the list of countries whose residents can readily create an account.
Per our Autoshare review, some of the perks of opening an account with the company include online investing, newsletter alerts, scheduled and automated investments, and automated trading, among others. Irrespective of your goals and preferences, please remember to review the terms and conditions for each AutoShares USA account type before making a final decision.
Unlike some other online brokers, AutoShares offers no VIP account. However, the wide variety of accounts is enough to meet the requirements and preferences of most traders. Continue reading to learn the different types of accounts you can open with AutoShares.
This is a personal AutoShares open account that’s ideal for beginners and individuals interested in investing on a budget, provided you’re in the right country. There are different types of standard AutoShares accounts as listed below:
In this type of joint account, one survivor assumes total ownership upon the death of the other AutoShares USA account holder.
Unlike the joint tenants with rights of survivorship, the surviving account holder is only entitled to their portion of the account.
This Autoshare open account is one an adult sets up for a minor. This could either be your child or any other minor-aged beneficiary. Per our Autoshare review, the account needs to be in the name and SSN of the minor.
This is an account reserved for businesses interested in investing with AutoShares. Like the previous account type, this also has several varieties. In all, there are several different types of organization accounts that your business can open with this online broker:
Each of these AutoShares open accounts focuses on a specific type of business and leverages its structure to provide the best possible financial service. Typically, companies need to submit a certificate of incorporation, account application, account application, and any other supporting documents to process an account.
A typical IRA account with AutoShares allows the holder to set aside a tax-deferred amount of $4000 each year, or $4500 for those older than 50. This retirement account matures when the holder reaches 59½. However, from what we’ve observed in this AutoShares review you can start withdrawing at an earlier age, though this will attract a 10% penalty.
Our AutoShares review shows that only people without a pension plan or who make contributions toward their pension at work can set aside deductible amounts to an IRA. Please refer to the official website of Autoshare to learn more about an IRA account.
If you’re interested in trading, you can open a margin account with Autoshare and automate your trades across the different financial products they support. However, from our AutoShares review, it’s clear that holders of margin accounts need to satisfy every specific requirement. These requirements differ depending on the types of trading that interests you. You have the following AutoShares open account options as a trader:
You can find the full requirements necessary to maintain a margin account and any other accounts listed above on their official website. However, to get the full picture of what to expect from your account, we recommend calling the customer representative number.
This AutoShares review also rates its trading platform, which is called the AutoShares WebTrader. There were several positive things about the WebTrader that investors need to check out.
Firstly, the platform is readily accessible anywhere, and like the official website, you only need an internet connection, but it doesn’t stop there. You can download a dedicated software for your devices, whether you’re on iOS, Windows, Mac, or Android device. This makes trading a delight since you can customize the WebTrades rich array of features.
Using the trading platform, you can use all manner of market orders, both simple and advanced. Some of the order types include Market and-Limit, One-Triggers-Other, Conditional, and several others. Talking about features, you can access functionalities like options order entry, order summary, and stock order entry, all at your fingertips.
If you’re one for statistics and charts, you’ll find that our AutoShares review of the platform reveals a sophisticated charting and technical analysis system. It offers all AutoShares USA account holders straightforward pricing for all financial goods tradable on the WebTrader.
An AutoShares review USA shows that the software provided by the online broker is superior on many levels. In fact, the apps were recipients of several recognitions with the U.S, including high profile awards. A good example is the #2 rank it received from The Wall Street Journal Barron’s Magazine for its excellent usability.
If you have an AutoShares open account for investment, you will need all the information you can get. In this regard, the WebTrader offers real-time data and news in the form of streaming quotes that are accessible anytime and anywhere to facilitate easy and quality investment decisions.
Using a mobile device, you can quickly set up price alerts for a wide array of investment options at AutoShares USA and manage these alerts with the click of a button. There are several other additional functionalities like:
If you’re serious about choosing an online broker, you can’t ignore the fees and payments you’ll need to pay for services and trades. Hence, this AutoShares review would be incomplete without a critical look at the payment and trading fees charged by AutoShares from its traders.
Firstly, you’ll have to fund every account created with the company before you can place any kind of trade. However, to get the full account funding instructions you must first complete their online application for an open account. Once you complete the application successfully and have yourself an operational account, you can begin trading and invest real money.
Considering the fact that AutoShares offers international accounts, their fees structure can vary for customers in different countries. Therefore, it’s prudent to take a critical look at the list of fees and expenses you’ll make once you begin automating your trades or investing money with the firm. Here, we list the different charges you can expect to pay below:
According to our Autoshare review USA, you’ll be charged the same commission for stock and ETS at $1/100 shares. Next, autotrade executions for stocks and options also attract commissions. Finally, trading with options also attracts a fee of $4.95/trade, and customers who do not choose to receive electronic trade confirmations and account statements will have to pay $2 and $5 for every confirmation or statement received via the U.S post. But you’ll need to remember that these charges are subject to specific conditions and guidelines.
Also, AutoShares extends commission deals or special offers to clients within 30 days of opening and funding an AutoShares account. However, you’ll have to accept this offer within these 30 days else your commission deal becomes null and void. As earlier mentioned with the funding guidelines, AutoShares reserves the conditions and guidelines for accepting their offer until you’ve been presented with any of these special offers.
Depending on your exchange market data agreement, you’ll either be a professional or non-professional user WebTrader. These two types of users have different software charges. And though non-pro users can use the WebTraders, they need to pay to have access to Cooltrade at the rate of $39.95/month.
Cooltrade a robotic trading system that serves as an intelligent, intuitive, and easy to use trading tool for individuals looking for a simplified trading experience. The full definition and differences between a professional and non-professional user are available on their website. Also, you’ll need to contact AutoShares directly for the software charges professional users are expected to pay.
Due to the long list of accounts AutoShares offers its customers, their account fees also vary a great deal. Basically, account fees will depend on the type of accounts you opened. The table below illustrates all accounts and their corresponding fees.
However, there are some other minor charges that you’ll need to consider by checking the prices section of the AutoShares USA website. Those who would like to avoid such minor charges could consider other firms and look up our Charles Schwab USA review.
In our AutoShares review, we observe the company aims to execute client orders as effectively as possible. Hence, it uses alternative trading systems (ATSs) to complete orders. This influences the routing fees charges. Also, Autoshare reserves the right to change these fees without any prior notice to its customers.
Trading on margin with AutoShares allows customers to trade with more leverage through interest discounts. However, these discounts offered by the company depend on the debit balance of your margin account. Like our eOption review, the margin account also comes with some other benefits. However, it’s crucial to note that these could either lead to significant profits or losses.
Please note that AutoShares doesn’t state any specific margin fees since this charge depends on the Current Debit Rate of the clearing company AutoShares uses. The debit rate is the common rate charged by major clearing and payment companies such as MasterCard and Visa. Therefore, you’ll need to speak with a sales representative of the company to know your margin fees.
Always remember that investing requires a good amount of risk assessment and that’s why finding the right online broker is so important. From this AutoShares USA review, you can size up the different rates you’ll have to pay as transaction fees, commissions, and many more.
And this is no different for any other international AutoShares account holder. But to better understand the payment and structures of AutoShares, we strongly recommend the AutoShares website as the last source of information.
What would an online broker be without reliable customer service? When navigating through different pages of the website, we observe contact numbers, emails, and sales representative details. This tells you this firm is serious about their customer support.
Customers, prospects, and interested parties can reach AutoShares customer support through two different channels: email and phone. You can also fill out an online form on the official Autoshare website and have them reach out directly to you through your email. Typically, you can reach their customer care center during weekdays between 9 am to 5 pm Eastern Standard Time.
The support team will take questions about any of the company’s services and assist clients with both technical and non-technical services. You can also shoot them an email 24/7. The average time for answering is quite impressive even though it varies depending on the time you send your email.
One major drawback: the firm doesn’t provide live chat or any chatbot on their website. This may be a turn-off for some users who have grown accustomed to this new type of support. Nevertheless, there’s no doubt all concerns and issues will be addressed through their email and phone numbers.
However, if you’re the do-it-yourself type of person, you can head to their FAQ before attempting any help channel.
Based on what we’ve seen from our AutoShares review USA, the company has a section of the website dedicated to frequently asked questions about every product and service they offer clients. Here, you can either submit a question or find answers to previous questions investors and traders asked in previous threads.
Aside from these, scheduling an appointment will be the fastest way to get started with AutoShares. Whether you need a new account, autotrade services, or account paperwork, you can go ahead and give their customer care number a call today.
Our assessment of AutoShares takes into consideration the safety and security of investors, traders, and account holders of the company. As far as security and assurance go, the company has made the effort of insuring its operations with the recognized authorities. Hence, you don’t have to worry about that kind of risk once you invest your hard-earned money.
Plus, their operations are regulated by the recognized authorities in the U.S. Among these regulatory bodies are FINRA and SIPC. This means there are funds of about $500,000 to cover any customer complaints. Aside from these, the firm has sophisticated encryption for both its website and trading platforms.
Traders and investors in the U.S. and beyond can consider the vast array of financial products AutoShares USA brings its customers. Like other online brokers, you deal in Options, Bonds, Stocks, Mutual Funds, Futures and ETFs through AutoShares. One exciting aspect of their offerings, they trade on the international market.
Below we’ve listed the services and products AutoShares would provide once you start your financial journey with them.
The list is quite impressive mainly because they offer these services worldwide. Note that some of their worldwide services require a direct request from the company.
Apart from all the services and financial products you can find with AutoShares USA, the company also offers retirement products in the form of different retirement accounts. Basically, there are five different types of retirements that you can open from the U.S.
This AutoShares USA account enables you to set up a retirement that matches the specific business goals of your company. You could either use this account to put together a plan that allows profit-sharing with employees, matching employee contributions, or allowing contributing from employees.
With this AutoShares account, the company can invest and fully fund Coverdell ESA accounts on behalf of customers. If you are wondering what a Coverdell ESA account is, it is an account or trust created in the USA specifically to provide its beneficiary with funds to pay for education expenses.
The firm also provides an easy process for rolling over an IRA account or 401k. Though the process is simple, you will have to follow it to the letter to complete your application. You can obtain the full details from their official website.
With the SEP IRA, a self-employed person or small business owner can contribute funds to a retirement plan for investment by AutoShares, more details on their website.
You can add these accounts to the list of financial services you obtain from AutoShares Online Brokerage if you like to keep things in one place. And remember, they also offer the traditional/Roth IRA.
When it comes to options trading with AutoShares, you have the choice to either control it yourself or use their automatic scheduling system, which is their main trading option and USP. What this means is that you can schedule your transactions upto 18 months in advance. The AutoTrade Newsletter Publisher also gives you stock and options trade alerts which you can then link up to your account and trade automatically based on their expert information. Autoshares options chains make it quick and simple for you to find the best options trading choices to suit your investment wants and needs.
We should point out, however, that options trading is not advisable for beginner traders as they are quite complex in nature. Depending on how options are used and bought or sold, they can either act as a form of insurance or damage limitation on risky investments or as a way to increase the potential profits but also risk on a more sure fire investment.
The fees when trading options with autoshares come in the form of commission fees, which is the most common way brokerages make money off of their clients trading options through them. We have to say, on the whole, that Autoshares’ commission fees are quite fair and will make for good reading for high volume and active traders. AutoShares set their commission rates based on monthly volume meaning that the more you trade, the lower your fees are – there’s no flat commission rate for all traders. You can enter option spread orders upto 4 legs with AutoTrade.
Autoshares’ commission fees follow the common practice of charging on a per contract basis and are charged as follows depending on monthly trading volume:
The big selling point of AutoShares is that you can trade options and stocks through their automated system without having to put in the groundwork and tedious study that stock and options trading normally requires. You can do this nursing their CoolTrader system which allows you to set your own trading conditions and subsiquently make confident decisions even if you’re not too up to date on the technicalities of trading or financial jargon. The AutoShares CoolTrader also categorises options from a range of stock markets so you can carefully and easily select the stock options that best suit you. It’s automatic trading, but you can also be as involved, or uninvolved as you like.
Options trading with AutoShares is definitely recommendable for the new or more hands off trader (and investor) as it organises and streamlines everything for you. High volume and active traders will definitely be attracted by their tiered commission fee system that sees fees fall the more you trade. Even lower volume traders shouldn’t be put off by the $0.75 per contract fee, as it’s a similar rate that you’ll find with most other brokerages. However, if you’re a dedicated, hands-on trader who gets a kick out of studying the market and following your own traders vigorously, then AutoTrades’ automated options trading system may be wasted on you.
Whether you’re a trader, strategic planner, or investor, your AutoShares opinions are vital for any decision to partner with the firm. Hence, you’ll need to know the full portfolio of services and financial products set up by the brokerage for investors and traders alike.
According to our review of AutoShares, the strong suit of the company is the investment and trading scheduling, or automation. This allows you the opportunity to focus on other aspects of your financial plan and strategize your way to higher returns on investments.
The AutoShares automatic trading system will take some time to customize. However, once you know your way around the platform, the arsenal of features and functionalities will make your life way more comfortable by making you some money. Overall, AutoShares is a good option for anyone looking to automate their investments and set things to run smoothly without constant iteration.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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