Is anyone trading with Nonko Trading that lives in the US? Nonko is a offshore firm but I wanted to know how safe it is to trade with them and if so, what your experience has been? I have talked to them and they seem like a legit firm with how they are setup but just doing business offshore. Any insight would help. Thanks
I've heard of them. I applied for them once but never sent a deposit. I went with Suretrader instead.
How long have you been with Suretraders? I am sceptical because they're reviews online are awful. The bank fees are ridiculous? I told them I will join once they offer ATM services or increase they're leverage.
In reference to Nonko Traders they are allegedly a scam "Stock traders go on for months, trading their equity, believing that everything is fine, but then suddenly find out that they were using nothing but a fake trading demo account. Traders equity was not used to purchase stocks, instead, these funds were pocketed by the broker Nonko. Warning from DAS TRADER: "Please be aware that at Nonko/G6 Trading/Nevis firm all accounts beginning with TR are training demo accounts, none of the orders are live, fake trades. You may wish to contact a broker (not a prop firm) which insures your capital at a bank and are under regulators, insured. We have received reports of scam activity by traders who have been pulling out" http://www.ripoffreport.com/r/Nonko-Trading-/internet/Nonko-Trading-Nonko-Nevis-G6-Nonko-used-Fake-Demo-Trading-Accounts-instead-of-Live-A-1174787
I didn't stay with them long. I began trading for TowerHillTrading and have had a much better experience. The $100 wire fee is a lot, but it's not the most expensive I've seen. If you can't manage to make more than to cover account fees, you shouldn't even be considering a prop firm to begin with in my opinion. I left Suretrader because of the per trade commission killing my trade style. I needed something that charges per share and they wouldn't negotiate with the minimum $4.97 per trade fee. Their platform is also pretty bad in charting software for any serious trader and they have no ECN books. But I've never had a problem with support or compliance from them. It's a decent firm, just not really the best for people who trade for a living. If you are wanting to trade for an income with a lot of leverage, I would suggest spot FX firms. They offer more leverage than equity firms and aren't as shady. If you really want to trade equities, I wouldn't suggest ANY pay to play prop firm, where you have to deposit your own funds and cover your own losses. Have a solid track record, and apply to a reputable firm like Great Point Capital, Chopper Trading, Tradelink, Ronin Capital, etc. If you are a beginner, you shouldn't go the prop way ever. You aren't ready to handle the leverage and will lose all of your money either by picking a shady firm or getting eaten up on using the leverage.
I have the experience most definitely and have considered Suretraders. But when I read the reviews about how it took some people almost 2 weeks to receive one check, that was a deal breaker. Another reviewer stated when he wanted to close his account the firm became non-responsive. I totally agree if you cant make enough trading to cover a $100 withdrawal fee then you shouldn't be trading. However that does erase the fact that it's still a hell of a lot. Once they offer ATM card I will definitely trade with them. Not to mention they can charge fees for withdrawal that would a lot less than $100 you would think. For years they're was no phone number and when they do get one it's with SKYPE !! How can you go into business and can't afford a business line or 800 number? I will just have to be patient and get licensed.
Statement from Das on Nonko, G6, and Nevis. http://www.dastrader.com/documents/April27-Notice-on-Nonko-g6-Nevis.pdf Avoid like the plague.