343 lines
24 KiB
Markdown
343 lines
24 KiB
Markdown
[//]: # (** DO NOT EDIT this file directly! ** It is auto-generated. Changes should be made to financial_institutions.sql or gen_fi_table.sh instead.)
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# Directory of US-based brokerages
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## Whitelist
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The following brokerages have no significant ethical issues:
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| *brokerage* | *ALEC member* | *Tor-hostile* | *sensitive info exposed to CloudFlare* | *supported CISPA* | *forced drug testing of staff* | *notes* |
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|---|---|---|---|---|---|---|
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|[Greenvest](https://greenvest.com)|n|n|n|n|n|RIRA; min. investment to avoid fees: $100k; [B corp](https://bcorporation.net/directory/greenvest)|
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|[Rich Uncles](https://richuncles.com)|n|n|n|n|n|Real estate investing only; verification requires giving them a phone number that you answer (voicemail is not accepted)|
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## Graylist
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These brokerages would normally be blacklisted, but due to the short whitelist they are set aside as a less evil compromise to those blacklisted. They should still be avoided if possible.
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| *brokerage* | *ALEC member* | *Tor-hostile* | *sensitive info exposed to CloudFlare* | *supported CISPA* | *forced drug testing of staff* | *notes* |
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|---|---|---|---|---|---|---|
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|[E*Trade](https://us.etrade.com)|n|n|n|🕵|n|covers: Canada, France, Germany, Hong Kong, Japan, United Kingdom, and United States; funding bonus ($5k=>$50; $10k=>$100; $20k=>$150)|
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|[Finhabits](https://www.finhabits.com)|n|n|n|n|n|[B corp](https://bcorporation.net/directory/finhabits); Hosted on Google Cloud; outsources to Apex; uses Equifax for address verification; sends spam|
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|[nvstr](https://www.nvstr.com)|n|n|n|n|n|**Amazon AWS-hosted**; maintenance fee: $4/month; promos: $15-150 for funding, random bonus awards, referral bonuses|
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|[Robinhood](https://robinhood.com/us/en/)|n|n|n|n|n|**Amazon AWS-hosted**; [Fined $65M](https://nypost.com/2020/12/17/sec-slaps-robinhood-app-with-65m-fine-for-misleading-users) for misleading users; They may have used CloudFlare in the past but apparently that changed; robotic support only -- human support is [difficult or impossible](https://mastodon.social/@cypnk/105802268148593250) to reach; all trades are on a margin and transfers to another broker are marked as such; transfers can take up to a month so any trades like options may expire or lose value since you cannot initiate without knowing a timeline|
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|[Stash](https://stash.com)|n|n|n|n|n|**Amazon AWS-hosted**; no mutual funds; no options; no crypto; maintenance fee: $1/month|
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|[tastyworks](https://tastyworks.com)|n|n|n|n|n|**Amazon AWS-hosted**; TIRA; RIRA; no forex; no crypto; no non-US stocks; open/close fee= $0/0; commission=$5/stock trade (closing trades gratis), $1/option trade; promo: funding (100 shares [$1-6ea, avg:$200-220]), referral=$75|
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|[TradeStation](https://www.tradestation.com)|n|n|n|n|n|**Amazon AWS-hosted**; crypto; min. invest=$500 ($2k for bonus); open/close fee= $0/0; commission=$0.50/option trade; commission=$0-5/stock trade|
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|[Webull](https://www.webull.com)|n|n|n|n|n|**Amazon AWS-hosted**; TIRA; RIRA; crypto; no forex|
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## Blacklist
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These brokerages have severe ethical or trust issues and should be boycotted:
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| *brokerage* | *ALEC member* | *Tor-hostile* | *sensitive info exposed to CloudFlare* | *supported CISPA* | *forced drug testing of staff* | *notes* |
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|Ally|n|👁|n|🕵|n|whole site is Tor-hostile (403 error)|
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|Axos Invest|n|n|🌩|n|n|**Amazon AWS-hosted**; Axos Bank is jailed in CloudFlare and Axos Invest will be soon. Investors who get blocked by that will have to pay $5/month for paper statements.|
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|Betterment|n|n|n|n|n|**forced h/reCAPTCHA**; Imposes hCAPTCHA just to read the landing page. They censor posts in their Reddit sub that complains about this instead of offering support.|
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|Charles Schwab|n|👁|n|🕵|🧪|akamai-hosted; majority owner of TD Ameritrade; outsources banking operations to PNC Bank; [caught paying](https://www.rollingstone.com/politics/politics-features/dark-money-republican-party-americans-for-job-security-peter-thiel-devos-904900) $8.8 million to republican dark money group "Americans for Job Security", which has [ties](https://www.issueone.org/dark-money-groups-american-for-job-security) to the Koch brothers and neglected to register as a political committee in order to conceal the money trail; [donated](https://web.archive.org/web/20210126185141/publicintegrity.org/politics/donald-trump-inauguration-bankrolled-by-corporate-giants) $1 million to Trump's inaugeration just before Charles Schwab's granddaughter [got a whitehouse gig](https://www.huffpost.com/entry/white-house-samantha-schwab_n_59137723e4b021221db9d490) in an apparent *pay-to-play* scheme. [Called out by Lincoln Project](https://twitter.com/ProjectLincoln/status/1349405850906087424) for financing Trump; [maxed out donations](https://archive.thinkprogress.org/trump-rnc-legal-fund-de045351554c) to Trump's legal fund to the tune of $6.7 million as a way to hide contributions that escape the transparency of campaign contributions; Also got caught in a dark money conspiracy in California using the Koch brothers to hide political contributions to republicans to the tune of $11 million.|
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|Ellevest|n|n|🌩|n|n|**Amazon AWS-hosted**|
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|Euro Pacific Capital|n|n|🌩|n|n||
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|Fidelity|👌|👁|n|🕵|🧪|sponsors Fox News; akamai hosted; takes voiceprints of customers without express consent; Landing page is Tor-friendly but transactional site is Tor-hostile|
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|Firstrade|n|👁|n|n|n|whole site is Tor-hostile (468 error)|
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|Fundrise|n|n|n|n|n|**forced h/reCAPTCHA**; **Amazon AWS-hosted**|
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|FUTU|n|n|n|n|n|support.fututrade.com is CloudFlared; no web app; mobile app is GPS-iOS-only; desktop is Mac/Windows only|
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|Gatsby|n|n|n|n|n|no web app; no desktop app; mobile app is GPS-iOS-only|
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|IEX|n|👁|n|n|n|an alternative to conventional stock markets; **Google-Cloud hosted**|
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|InteractiveBrokers|n|👁|n|n|n|min. investment to avoid fees: $100k per account; has an "impact" feature to analyze the portfolio's ESG factors w.r.t. the user's ethical views; covers Australia, Belgium, Canada, France, Germany, Hong Kong, Italy, Japan, Mexico, Netherlands, Singapore, South Korea, Spain, Sweden, Switzerland, United Kingdom, and United States; website is **partially Tor-hostile** but the website can be avoided for most post-registration activities like trading and fetching statements|
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|Janus Henderson|n|👁|n|n|n|**Amazon AWS-hosted**; transactional web host (www.secureaccountview.com) is not AWS, but it is Tor-hostile; working offline and receiving gratis paper statements is possible.|
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|Lightspeed|n|n|🌩|n|n||
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|M1 Finance|n|n|🌩|n|n|They censor posts in their Reddit sub that expose the risks of passing sensitive financial data through CloudFlare.|
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|Merrill Edge|n|n|n|n|🧪|Owned by one of the [most evil][banklist] banks in the world (Bank of America)|
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|Prudential|👌|n|n|🕵|🧪|**Amazon AWS-hosted**|
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|Siebert|n|n|🌩|n|n||
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|SoFi|n|n|🌩|n|n|They censor posts in their Reddit sub that expose the risks of passing sensitive financial data through CloudFlare; also [caught](https://www.ftc.gov/news-events/press-releases/2018/10/online-student-loan-refinance-company-sofi-settles-ftc-charges) in a deceptive advertizing scandal.|
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|Sogotrade|n|n|🌩|n|n||
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|Stockpile|n|n|🌩|n|n||
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|TD Ameritrade (TDA)|n|n|n|n|n|Majority owned by Charles Schwab; Schwab outsources banking operations to PNC bank (an [evil bank][banklist]); [uses MS Github](https://github.com/TDAmeritrade/stumpy) to host s/w; TDA has had several [data breaches](https://www.zdnet.com/article/report-td-ameritrade-data-leak-started-in-2005), one occurance of which leaked email addresses [impacting 6.2 million customers](https://web.archive.org/web/20130501215431/www.computerworld.com/s/article/9037083/TD_Ameritrade_was_warned_of_possible_data_breach_months_ago) and led to ransom demands and pump 'n' dump stock scams; Scottrade also had a [data breach in 2015](https://web.archive.org/web/20201123223450/https://fortune.com/2015/10/02/scottrade-data-breach), 2 years before TDA acquired it|
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|TIAA-CREF|n|👁|n|n|n|Whole site is Tor-hostile; uses Ally Bank for banking; uses Pershing LLC (a subsidiary of BNY Mellon Corp) for clearing; BNY Mellon was [breached in 2008](https://web.archive.org/web/20160308134258/www.wctv.tv/news/headlines/28132494.html)|
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|Tradingblock|n|n|🌩|n|n||
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|Vanguard|n|👁|n|n|🧪|[Citation](https://gitlab.torproject.org/legacy/trac/-/wikis/org/doc/ListOfServicesBlockingTor#banking-finance) for Tor blocking.|
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|Wealthfront|n|n|n|n|n|**forced h/reCAPTCHA**; Registration imposes Google reCAPTCHA; [caught](https://www.jpost.com/Breaking-News/US-regulator-sanctions-robo-advisers-Wealthfront-Hedgeable-on-false-disclosures-575044) making false disclosures and [charged](https://www.eastbaytimes.com/2018/12/21/bay-area-robo-adviser-firm-wealthfront-charged-by-sec-with-false-advertising) for false advertising.|
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|Wealthsimple|n|n|🌩|n|n||
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|Wellstrade|n|n|n|🕵|🧪|Owned by Wells Fargo, an [evil][banklist] bank.|
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|Zackstrade|n|n|🌩|n|n||
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[banklist]: <usa_banks.md>
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[RAP-amazon]: <rap_sheets/amazon.md>
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[RAP-cf]: <rap_sheets/cloudflare.md>
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[RAP-pp]: <rap_sheets/paypal.md>
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# Why ALEC members are blacklisted
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American Legislative Exchange Council ("ALEC") is a right-wing super
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PAC and bill mill that prioritizes corporate interests above the
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interest of human beings. Specifically, ALEC:
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* [fights environmental protections](https://www.alecexposed.org/wiki/Environment,_Energy,_and_Agriculture)
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* [fights gun control](https://www.alecexposed.org/wiki/Guns,_Prisons,_Crime,_and_Immigration)
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* [fights healthcare](https://www.alecexposed.org/wiki/Health,_Pharmaceuticals,_and_Safety_Net_Programs)
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* [fights immigration](https://www.alecexposed.org/wiki/Guns,_Prisons,_Crime,_and_Immigration)
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* [fights worker's rights](https://www.alecexposed.org/wiki/Worker_Rights_and_Consumer_Rights)
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* [fights consumer protections](https://www.alecexposed.org/wiki/Worker_Rights_and_Consumer_Rights)
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* [fights public education](https://www.alecexposed.org/wiki/Privatizing_Public_Education,_Higher_Ed_Policy,_and_Teachers)
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* fights women's rights
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* fights voter rights ([supports voter suppression policy](https://www.alecexposed.org/wiki/Democracy,_Voter_Rights,_and_Federal_Power))
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* [finances republicans](https://www.sourcewatch.org/index.php?title=ALEC_Civil_Justice_Task_Force#Politicians)
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* supports the NRA
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Countless companies were ALEC members historically, but most of them discontinued membership and renounced it likely to avoid boycott.
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Companies that continue to renew their ALEC membership are right-wing die-hards unlikely to join team humanity. So they are blacklisted.
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The OK hand sign (👌) indicates that the financial institution still today supports the above-mentioned right-wing agenda through ALEC membership.
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## Why Tor-hostile FIs are blacklisted
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Financial institutions that are part of the blockade against innocent Tor-users are automatically blacklisted.
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<details>
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<summary>Why access to banks, brokerages, and insurance companies over Tor matters</summary>
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If Tor were used exclusively for anonymity, it would be useless in the
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context of consumers accessing and controlling their financial
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accounts. But that's not the case. Tor prevents your ISP from
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snooping on where you bank. ISPs collect data on their own customers
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and exploit it for profit in the US. Under Obama it became illegal
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for an ISP to sell data collected on their customers without express
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consent. As if that's not already useless thanks to an abundant supply
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of consumers who will agree to anything without reading it, Trump
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<a href="https://www.nbcnews.com/news/us-news/trump-signs-measure-let-isps-sell-your-data-without-consent-n742316">reversed</a>
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Obama's policy in 2017 to render consumers completely powerless. Tor
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is a free tool to protect from excessive disclosure of where your
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assets are. Thus when a financial institution blocks Tor, it prevents you
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from taking basic self-defense measures. This trend undermines the
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supplier-client relationship whereby we expect the supplier to serve
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the customer's interest. It's not just anti-privacy, it's
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anti-consumer.
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Non-Tor users generally reveal their physical location to their bank
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or insurance company every time they login. If all banks and
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insurance companies didn't care where you reside, this wouldn't be a
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problem. But some financial institutions care more than others and
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beyond reason. Banks typically [collect your IP address](
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https://web.archive.org/web/20201024203113/www.decorahbank.com/legal-information/privacy-policy)
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and one bank even outright admits in their [privacy policy](
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https://web.archive.org/web/20210206141004/beneficialstatebank.com/uploads/files/BSB-Consumer-Privacy-Act-CCPA-Privacy-Notice-Current-6.4.2020.pdf#page=2)
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that they collect geolocation data from customers' IP addresses. For
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nomads/world travelers banks can make their lives hell if their
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profile doesn't seem to match up with their lifestyle. Some banks
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will close an account if a customer moves out of their service area.
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It's worth noting the fine print at the bottom of the [Simmons Bank
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website](https://www.simmonsbank.com), which states "This site is
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directed at, and intended to be used by, persons in the United States
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of America only." Insurance companies will question whether you're
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still eligible for the policy you have, as they may want to raise your
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premiums or cancel your policy if they suspect you're not where your
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policy is written. If you want to take a job away from home for a
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year or two, Tor gives you the necessary privacy to do that free of
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hassle and nannying. </details>
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<details>
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<summary>Why non-Tor users should also boycott Tor adversaries</summary>
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Suppose you never leave home, and you're not bothered if your ISP
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collects data on where you bank to then sell to data brokers who can
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then sell it to debt collectors. If you're ethical nonetheless, then
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you still boycott those who marginalize Tor users. These quotes
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elaborate on that moral duty:
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"*If you are neutral in situations of injustice, you have chosen the
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side of the oppressor. If an elephant has its foot on the tail of a
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mouse, and you say that you are neutral, the mouse will not appreciate
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your neutrality.*" --Desmond Tutu
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"*Arguing that you don't care about the right to privacy because you
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have nothing to hide is no different than saying you don't care about
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free speech because you have nothing to say.*" --Edward Snowden
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To expand on Snowden's philosophy, it's extremely selfish to refuse to
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defend a right that others need on the basis that you don't personally
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need it now or in the future. Moreover, indirect benefits should not
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be overlooked. Human rights activists need civil liberties more than
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others, but we all need activists to make the world better for
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everyone. Moral duties to you derive from that.
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Tor is becoming less usable because the growing majority non-Tor users
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are patronizing businesses that marginalize Tor users.
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"*Under observation, we act less free, which means we effectively are
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less free.*" --Edward Snowden
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To neglect to use Tor is to subject yourself to unnecessary
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observation. In the context of banking and finance, this in turn
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reduces your freedom of movement.
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</details>
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<details><summary>Special case: Homesite Insurance Group</summary>
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An exception to blacklisting is given to Homesite Insurance Group (aka
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Midvale Home & Auto) because only the quoting page blocks Tor users
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and it's separate from all other resources. Since you can get quotes
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over the phone we relaxed the blacklisting in their case. Consumers
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are of course free to make their own choice anyway.
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</details>
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<details><summary>Special case: InteractiveBrokers</summary>
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InteractiveBrokers's (IB) trading platform supports proxies over Tor
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which makes it possible to use Tor for trading. It's also possible to
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receive electronic statements and paper tax documents without using
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the website. So the Tor-blocking website is not an obstical to most
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routine operations. Nonetheless, it's a considerable problem that
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initial registration and configuration can't be done over Tor. And
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you may need to login to the website after registration to modify data
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subscriptions, initiate a funds transfer, or read messages. We don't
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have a dark gray list, so we ultimately blacklisted IB. Consumers are
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of course free to make their own choice anyway.
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</details>
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The eye (👁) indicates that account access is restricted and exclusive to non-Tor users,
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who must expose their IP address to the FI and who must expose their FI to their ISP.
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## Why FIs in CloudFlare's walled-garden are blacklisted
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Financial institutions that proxy their services through CloudFlare
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are blacklisted automatically for taking a profoundly stupid risk with
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consumer's sensitive financial data. CloudFlare holds the SSL keys
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for every connection and sees all the traffic including username and
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unhashed password. CloudFlare has proven to be untrustworthy with
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sensitive information (demonstrated by CloudFlare's doxxing of the
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identities of child porn whistle blowers). Apart from the
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unacceptably high security risk of having a CloudFlare MitM, there are
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countless [ethical problems][RAP-cf] with being an enabler of
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CloudFlare.
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The storm cloud (🌩) indicates that account access is restricted and
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exclusive per CloudFlare's will and customers who do get access are
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forced to share sensitive transaction data with CloudFlare, Inc. (a
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privacy abuser).
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## Why some FIs that force CAPTCHAs are blacklisted
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Banks and brokerages that force customers to solve an hCAPTCHA or a
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Google reCAPTCHA are blacklisted automatically. Use of these two forms
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of CAPTCHA have an excessive detrimental impact on privacy and human
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rights, which is outlined in the [CloudFlare rap sheet][RAP-cf].
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Other forms of CAPTCHA aren't so invasive and aren't cause for
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blacklisting.
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## Why FIs that impose Google Playstore (GPS) or Apple are blacklisted
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Banks and brokerages that force customers to obtain software from
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Google Playstore or Apple are blacklisted automatically. Most brokers
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have web access or a desktop app, in which case the mobile app can be
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disregarded because customers have a viable means to avoid the privacy
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abusing walled gardens.
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FIs like FUTU and Gatsby are a problem. Gatsby has no means of access
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apart from the mobile app, and no APK is available on their website or
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in f-droid.org, so Android users have no choice but to buy mobile
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phone service, trust Google with their phone number, then also trust
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Google not to tell data brokers where you bank and invest. FUTU has a
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desktop app but only for Mac or Windows, so linux users and those who
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avoid non-free software are stuffed. (Caveat: the FUTU Windows app has
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[not been tested on WINE](
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https://web.archive.org/web/20210206141122/https://www.winehq.org/search?q=futu)
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or ReactOS)
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Google Playstore is
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[scientifically proven](https://nsl.cs.waseda.ac.jp/wp-content/uploads/2018/04/submitted_wama2017.pdf)
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to be relatively insecure compared to F-Droid in the "*Understanding
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the Security Management of Global Third-Party Android Marketplaces*"
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article. Also noteworthy is
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[F-Droid: The privacy-friendly alternative to Google Play Store](https://android.izzysoft.de/articles/named/fdroid-intro-1).
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Another [study](https://core.ac.uk/download/pdf/142058929.pdf#page=64)
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found financial applications on Android to have a propensity to call
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for over-priviledged permissions and to call the protected android
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methods excessively.
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## Why CISPA supporters are graylisted
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The [Cyber Intelligence Sharing and Protection Act (CISPA)](
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https://en.wikipedia.org/wiki/Cyber_Intelligence_Sharing_and_Protection_Act)
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was a bill to bypass the 4th amendment to promote a system of
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unwarranted mass surveillance through information sharing between the
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government and private sector. Congress blocked the bill, but it was
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later reincarnated as CISA and it passed. Unlike ALEC lobbying, CISPA
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was a one-off event far in the past, and over 800 companies supported
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it. Since it does not necessarily reflect the company's recent stance
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or influence, supporters are graylisted instead of blacklisted. They
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should still be avoided in favor of a whitelisted competitor, but they
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are considerably less evil than those that are blacklisted.
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The spook (🕵) indicates that the financial institution lobbied for a
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police surveillance state in favor of CISPA.
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## Why FIs that force their staff to take a drug test are graylisted
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Drug testing employees is an assault on the privacy and lifestyle of
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employees and staff outside the workplace. In most cases involving
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medicinal marijuana states, the drug test also harms the healthcare of
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employees by intervening in doctors' prescriptions. Normally drug
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testing would justify blacklisting, but the problem is so widespread
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nationwide that the whitelist tends to be overly small. Drug testing
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also does not do significant harm to consumers, so companies that drug
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test are graylisted.
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The test tube (🧪) indicates that the financial institution abuses
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their staff through forced drug testing.
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## Why Amazon and Google-hosted FIs are graylisted
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Amazon is behind [countless evils][RAP-amazon]. It's paramount to
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boycott Amazon for anyone who cares about human rights, privacy, or
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the environment. Amazon also has had several data breaches-- Capital
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One, Juspay, Swiggy, etc., so it's a bad idea to trust custodians who
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use AWS with the security of your money. Google had to ditch their
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"don't be evil" slogan, but Amazon is still a greater evil. Both
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Google and Amazon are in the fossil fuel business. Google is also a
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tech giant which (like Amazon) serving as a central point of
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surveillance and also carries the risks of having a huge number of
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insiders who can abuse the data. The size of the Amazon and Google
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datacenters also makes them a likely target for outside hackers due to
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the high rewards of compromise.
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Akamai is not known to have a significant history of wrongdoing on the
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scale of Amazon or Google. There is cause for concern in terms of
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security though because it's large enough to serve as a central
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monitoring point where breaches and compromise is still considerable.
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Akamai-hosted financial institutions are not graylisted for that
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reason alone. In the end, you're the judge.
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Financial institutions hosted on GAFAM (Google Amazon Facebook Apple
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Microsoft) are graylisted. The wrongdoing is indirect and in the end
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taking a security risk doesn't necessarily lead to a breach. Of
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course it's still ethically favorable to choose a whitelisted
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financial institution if possible.
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## Why FIs that outsource to Equifax are graylisted
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Equifax is the most reckless of all four credit bureaus with sensitive
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credit data. A data breach of sensitive consumer records to the tune
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|
of ~150 million Americans was leaked as a result of reckless security
|
|
procedures. The lawsuit yielded a disproportionately tiny settlement
|
|
by which most Americans were not compensated, even though they never
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consented to Equifax collecting the data to begin with. Of those who
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received compensation, most did not receive cash, but rather credit
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protection service which ultimately feeds more money back into the
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credit bureaus.
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## An FI is only as good as its supply chain and ownership
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Financial institutions like Merrill Edge, TD Ameritrade, and
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Wellstrade have ethically controversial ownership. Merrill Edge and
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Wellstrade are simply owned by extremely [unethical banks][banklist].
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A large majority of TD Ameritrade is owned by Charles Schwab. Schwab
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|
is not directly involved in the highly controversial financing that
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|
other large banks are, but Schwab outsources banking to PNC bank,
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|
which is an ALEC member with total disregard for humanity.
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It's important for ethical consumption to consider the whole supply
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|
chain to the extent of your awareness. When consuming a product or
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|
service you're not just feeding the immediate customer-facing
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business.
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We track both the supply chain and ownership. We will not give a
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subsidiary a higher rating than its parent.
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