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If Double goes out of business, your assets are safe and held in your name at Apex Clearing. They have processes in place for these scenarios to help you access

If Double goes out of business, your assets are safe and held in your name at Apex Clearing. They have processes in place for these scenarios to help you access and transfer those assets. SIPC protection covers against a brokerage firm failing, which in our case is Apex Clearing. We are not currently a brokerage so SIPC would not apply if Double goes bankrupt.

TuringNYC 2y ago
>> If Double goes out of business, your assets are safe and held in your name at Apex Clearing. They have processes in place for these scenarios to help you access and transfer those assets. >> SIPC protection covers against a brokerage firm failing, which in our case is Apex Clearing. We are not currently a brokerage so SIPC would not apply if Double goes bankrupt. Dear @jjmaxwell4 -- I'm not really worried about your service given you're a layer atop Apex, however, this is a very common conversation happening right now on many forums -- could you clarify a bit more, how one would "get comfortable" with a new product? I'm assuming the list is something like this, but that is an non-expert guess: - Is the institution i'm interacting with regulated (in your case, Yes, Double is regulated by The SEC) - Who holds my funds, and are they regulated (in your case, the funds are held by Apex Clearing, and if I understand correctly, Apex is a broker dealer regulated by The SEC) - Are the funds held in my name or pooled in with other money? (in your case, I think the funds are held by Apex only in my name) I think one of the problems with the Yotta/Synapse/Evolve collapse is -- its unclear how one even evaluates their level of risk. It is also unclear how one validates SIPC coverage, like could I go to SIPC and enter an account number and validate the funds are actually covered somewhere across the layers? Would be great for someone who knows this area to comment.
- AznHisoka 2y ago
  Ditto. I would really love to know if theres a site where you could enter the ID of a company and tell me if SPIC really backs them up..
- makrmark 2y ago
  Appreciate diving into the details! You can sign up directly with Apex (completely separate login) and view your holdings in your name in their web portal, along with all documents that Double sends you on your account activity. The process requires a bit of verification so I've written up a help article here on how to get set up: https://help.double.finance/en/articles/10262406-how-can-i-verify-my-holdings-at-apex https://help.double.finance/en/articles/10262406-how-can-i-v...
  - xur17 2y ago
    Just wanted to comment and say that I'm happy you / Apex offer this. My concern (similar to others in this thread) is that Double might say they are depositing the money into Apex, but it's possible they actually are not, and being able to verify this myself is crucial.
bboygravity 2y ago
Search keywords: Apex clearing and trade 385. They're basically criminals. A guarantee by Apex is worthless IMO.
- eagleinparadise 2y ago
  Alright, I did the google search based on your incendiary comment and whatever you're trying to suggest does not seem to be the case. pg 79: https://democrats-financialservices.house.gov/uploadedfiles/6.22_hfsc_gs.report_hmsmeetbp.irm.nlrf.pdf https://democrats-financialservices.house.gov/uploadedfiles/... "Apex provides these same clearing services to many other introducing brokers, including Ally Invest, Betterment Securities, M1 Finance, Marcus by Goldman Sachs & Co., SoFi Securities, Stash Capital, Tastyworks Inc., TradeZero America Inc, and hundreds more"
  - voidmain0001 2y ago
    There are some Reddit threads about this - https://old.reddit.com/r/Superstonk/comments/1dz57am/trade_385_the_most_important_ignored_aspect_of/?chainedPosts=t3_1be72g8 https://old.reddit.com/r/Superstonk/comments/1dz57am/trade_3... Take them with a grain of salt.
- fancyswimtime 2y ago
  we gettin a fan made doco on it, https://www.youtube.com/watch?v=opDJq1fnoRM https://www.youtube.com/watch?v=opDJq1fnoRM
hn_throwaway_99 2y ago
> SIPC protection covers against a brokerage firm failing, which in our case is Apex Clearing. We are not currently a brokerage so SIPC would not apply if Double goes bankrupt. I thank you for being upfront and honest about this. The tough spot you'll find yourself in, then, is that if any money goes missing between you and Apex, customers are completely SOL. This is not a theoretical risk, this is exactly what happened in the Yotta/Synapse fiasco. Even if I trust that you guys are much better technologists than Synapse, would I be willing to take that risk for a teeny, teeny reduction in fees compared to an index ETF? Sorry, not for me. EDIT: Wanted to put an edit up here so that it doesn't get lost. Thanks for your response below - for me, that was the critical information I needed, that I can directly verify that my SIPC-insured funds are held by the SIPC-insured entity. That was indeed not the case with Yotta/Synapse (and, indeed, most fintechs who keep customer funds in an FBO account at a partner bank), so I really appreciate the clarification. FWIW, I think it might be worth it to add a small blurb in the "SIPC Insured" section saying that your insured funds can be verified at any time. Kudos, you guys have thought through a good deal of the important details, and sufficiently assuaged my concerns.
- jjmaxwell4 2y ago
  I'd argue the specifics are quite a bit different than Yotta/Synapse. We do not hold any funds ourselves. You connect your bank and ach/wire money to an Apex bank account. You can verify your holdings via apex anytime (see: https://help.double.finance/en/articles/10262406-how-can-i-verify-my-holdings-at-apex https://help.double.finance/en/articles/10262406-how-can-i-v...)
  - yottathrow 2y ago
    Yotta does not hold any funds themselves. You connect your bank and ach/wire money into an Evolve bank account. The problem is that unbeknownst to users, Evolve had no record of what belonged to which user—it all came via Synapse on behalf of Yotta. And when Synapse went bankrupt, everyone pointed fingers about where the money is and who it belongs to.
    - 2y ago
johnnyo 2y ago
How are the SIPC premiums being paid? Let’s say I invest $250k with you. From my research it appears the SIPC premiums on that amount would be more than $12/year. How does that work?

TuringNYC 2y ago

>> If Double goes out of business, your assets are safe and held in your name at Apex Clearing. They have processes in place for these scenarios to help you access and transfer those assets. >> SIPC protection covers against a brokerage firm failing, which in our case is Apex Clearing. We are not currently a brokerage so SIPC would not apply if Double goes bankrupt. Dear @jjmaxwell4 -- I'm not really worried about your service given you're a layer atop Apex, however, this is a very common conversation happening right now on many forums -- could you clarify a bit more, how one would "get comfortable" with a new product? I'm assuming the list is something like this, but that is an non-expert guess: - Is the institution i'm interacting with regulated (in your case, Yes, Double is regulated by The SEC) - Who holds my funds, and are they regulated (in your case, the funds are held by Apex Clearing, and if I understand correctly, Apex is a broker dealer regulated by The SEC) - Are the funds held in my name or pooled in with other money? (in your case, I think the funds are held by Apex only in my name) I think one of the problems with the Yotta/Synapse/Evolve collapse is -- its unclear how one even evaluates their level of risk. It is also unclear how one validates SIPC coverage, like could I go to SIPC and enter an account number and validate the funds are actually covered somewhere across the layers? Would be great for someone who knows this area to comment.

AznHisoka 2y ago
Ditto. I would really love to know if theres a site where you could enter the ID of a company and tell me if SPIC really backs them up..
makrmark 2y ago
Appreciate diving into the details! You can sign up directly with Apex (completely separate login) and view your holdings in your name in their web portal, along with all documents that Double sends you on your account activity. The process requires a bit of verification so I've written up a help article here on how to get set up: https://help.double.finance/en/articles/10262406-how-can-i-verify-my-holdings-at-apex https://help.double.finance/en/articles/10262406-how-can-i-v...
- xur17 2y ago
  Just wanted to comment and say that I'm happy you / Apex offer this. My concern (similar to others in this thread) is that Double might say they are depositing the money into Apex, but it's possible they actually are not, and being able to verify this myself is crucial.

bboygravity 2y ago

Search keywords: Apex clearing and trade 385. They're basically criminals. A guarantee by Apex is worthless IMO.

eagleinparadise 2y ago
Alright, I did the google search based on your incendiary comment and whatever you're trying to suggest does not seem to be the case. pg 79: https://democrats-financialservices.house.gov/uploadedfiles/6.22_hfsc_gs.report_hmsmeetbp.irm.nlrf.pdf https://democrats-financialservices.house.gov/uploadedfiles/... "Apex provides these same clearing services to many other introducing brokers, including Ally Invest, Betterment Securities, M1 Finance, Marcus by Goldman Sachs & Co., SoFi Securities, Stash Capital, Tastyworks Inc., TradeZero America Inc, and hundreds more"
- voidmain0001 2y ago
  There are some Reddit threads about this - https://old.reddit.com/r/Superstonk/comments/1dz57am/trade_385_the_most_important_ignored_aspect_of/?chainedPosts=t3_1be72g8 https://old.reddit.com/r/Superstonk/comments/1dz57am/trade_3... Take them with a grain of salt.
fancyswimtime 2y ago
we gettin a fan made doco on it, https://www.youtube.com/watch?v=opDJq1fnoRM https://www.youtube.com/watch?v=opDJq1fnoRM

hn_throwaway_99 2y ago

> SIPC protection covers against a brokerage firm failing, which in our case is Apex Clearing. We are not currently a brokerage so SIPC would not apply if Double goes bankrupt. I thank you for being upfront and honest about this. The tough spot you'll find yourself in, then, is that if any money goes missing between you and Apex, customers are completely SOL. This is not a theoretical risk, this is exactly what happened in the Yotta/Synapse fiasco. Even if I trust that you guys are much better technologists than Synapse, would I be willing to take that risk for a teeny, teeny reduction in fees compared to an index ETF? Sorry, not for me. EDIT: Wanted to put an edit up here so that it doesn't get lost. Thanks for your response below - for me, that was the critical information I needed, that I can directly verify that my SIPC-insured funds are held by the SIPC-insured entity. That was indeed not the case with Yotta/Synapse (and, indeed, most fintechs who keep customer funds in an FBO account at a partner bank), so I really appreciate the clarification. FWIW, I think it might be worth it to add a small blurb in the "SIPC Insured" section saying that your insured funds can be verified at any time. Kudos, you guys have thought through a good deal of the important details, and sufficiently assuaged my concerns.

jjmaxwell4 2y ago
I'd argue the specifics are quite a bit different than Yotta/Synapse. We do not hold any funds ourselves. You connect your bank and ach/wire money to an Apex bank account. You can verify your holdings via apex anytime (see: https://help.double.finance/en/articles/10262406-how-can-i-verify-my-holdings-at-apex https://help.double.finance/en/articles/10262406-how-can-i-v...)
- yottathrow 2y ago
  Yotta does not hold any funds themselves. You connect your bank and ach/wire money into an Evolve bank account. The problem is that unbeknownst to users, Evolve had no record of what belonged to which user—it all came via Synapse on behalf of Yotta. And when Synapse went bankrupt, everyone pointed fingers about where the money is and who it belongs to.
  - 2y ago

johnnyo 2y ago

How are the SIPC premiums being paid? Let’s say I invest $250k with you. From my research it appears the SIPC premiums on that amount would be more than $12/year. How does that work?