SIPC
SIPP INDUSTRIES INC NEW
stockOTC

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I have been in US market for 6+ years. I used to have my shares with these popular startup companies of India, which have tie ups with US brokers like Drive wealth, Alpaca etc. As my holdings grew to substantial level, I started feeling uncomfortable with these small private US brokers. Despite knowing about SIPC insurance, I just feel uncomfortable to have my stocks on small US Brokers street name. So I switched to IBKR, which is a publically traded, quite an old company. I actually track their financial performance every quarter, to make sure they are doing okay from balance sheet perspective. They send me emails too regarding. Back then I used BSE INX GA platform to open my account in IBKR. Last year BSE switched it's US broker, as a result they have made the withdrawal a manual process, where we have to sign some documents, scan them and then emaill them etc. I was disappointed with this move. May be it is a blessing in disguise idk. We have to appreciate our Indian stock market system actually. They created a depository concept, where our shares are on our name with multiple Authentications needed from us to Sell. For US stocks this whole chain of brokers and different regulators with different years of operation, different risk levels. We have to be extra vigilant folks, read their history, what products they trade in , their size. Always stick to very large institutions, preferably Publically traded ones so that we can get more insights into them. Also please diversify, don't go all in into a single account, single country, if possible not single broker too. And be vigilant with all kind of email/ fake website scams. We can't leave everything to those institutions, they will blame each other whenever some crap happens. Hope such terrible incidents won't happen again. And let's see how these regulators going to solve this issue for our fellow investors. They even started charging us the regulatory fee these days, they better act up.

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This has been removed for violating rule #2: **limit discussion of securities and investments**. Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post. Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision. Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us. *Fidelity Brokerage Services LLC, Member NYSE, SIPC*

SIPC doesn't cover hacks or theft of underlying assets.

Sorry I’m talking about SIPC I guess I was thinking if they failed like any other etf

I don't think is true. If you are talking about SIPC, it doesn't cover theft or hacks of underlying assets in an ETF. But if you are sure, can you please give a source on this?

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A huge difference between banks and brokerages is that your money becomes the banks money when you deposit, with the bank owing you the money. So creditors of the bank have claim on that money too. At a broker fully paid or excess margin securities of customers remain customer property and are segregated per SEC Customer Protection Rule 15c3-3. That is the true protection we have, as creditors of the broker cannot claim those segregated shares. The SIPC insurance is just protection where the broker embezzles.

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