What insurance or protection do I get for my account?

US brokerage ecosystem recommends that ever investor account should have insurance. 

Stockal's brokerage partner, DriveWealth, is a member of the Securities Investor Protection Corporation (“SIPC”) which currently protects the securities and cash in your Account up to USD500,000 of which USD250,000 may be in cash.

Please note that this USD500,000 is not applicable general losses in the stock market. 

SIPC says the following: SIPC protects against the loss of cash and securities – such as stocks and bonds – held by a customer at a financially-troubled SIPC-member brokerage firm. The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. A non-U.S. citizen with an account at a brokerage firm that is a member of SIPC is treated the same as a resident or citizen of the United States with an account at a brokerage firm that is a member of SIPC. 

SIPC does not protect against the decline in value of your securities. SIPC does not protect individuals who are sold worthless stocks and other securities. SIPC does not protect claims against a broker for bad investment advice, or for recommending inappropriate investments. 

Explanatory brochure available upon request or at www.sipc.org

 

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