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duga367
Registered: Jul 2012
Posts: 2 |
07-09-12 06:06 PM
I'm thinking of signing up for this company and wondered if anyone else has heard of them.
Here's what I know:
They are a registered Nevis Island Corp...which means they are offshore. That gets them around the $25K day trading rules in the US. They let traders trade 10X capital for those who contribute more than $5K. They make their $$ on a small slice of commissions, software, other fees. In return, traders get 100% of the profits they make...yet losses are cut off at $1K short of their capital contribution. Hence, BSIC has cut their risk to virtually nothing. They were registered with Nevis via Morningstar Holdings in July/11.
All of this is public information for those who do their homework, so mods, please don't edit.
Has anyone out there traded with them? Are they legit?
Thanks,
Duga
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luvtrading10
Registered: Apr 2010
Posts: 49 |
07-10-12 02:31 AM
If they have offices in the US (they do...an old shitty trading floor in NY) and are owned by US citizens (they are), then they need to register in the US as a BD. Otherwise they will get shut down like Tuco, Epighany, Paramount, Regency, etc. Trade at your own risk. The SEC is going after companies like this.
Quote from duga367:
I'm thinking of signing up for this company and wondered if anyone else has heard of them.
Here's what I know:
They are a registered Nevis Island Corp...which means they are offshore. That gets them around the $25K day trading rules in the US. They let traders trade 10X capital for those who contribute more than $5K. They make their $$ on a small slice of commissions, software, other fees. In return, traders get 100% of the profits they make...yet losses are cut off at $1K short of their capital contribution. Hence, BSIC has cut their risk to virtually nothing. They were registered with Nevis via Morningstar Holdings in July/11.
All of this is public information for those who do their homework, so mods, please don't edit.
Has anyone out there traded with them? Are they legit?
Thanks,
Duga
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duga367
Registered: Jul 2012
Posts: 2 |
07-10-12 03:07 AM
OK, thanks for the info. I have been learning their DAS Pro trading software so far. At this point it's hard to differentiate between those firms that are scams and out to steal your money vs. those that are legitimate start-ups trying to get their legs under them. The deficiency in customer support can be frighteningly similar in both cases, but the rewards can be exquisite in the latter.
Any other experiences?
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speero
Registered: Nov 2011
Posts: 35 |
07-11-12 07:47 PM
Quote from duga367:
OK, thanks for the info. I have been learning their DAS Pro trading software so far. At this point it's hard to differentiate between those firms that are scams and out to steal your money vs. those that are legitimate start-ups trying to get their legs under them. The deficiency in customer support can be frighteningly similar in both cases, but the rewards can be exquisite in the latter.
Any other experiences?
I traded for them. Angelo was a good guy. I'm pretty sure their trading desk is in Florida, though. When I closed my account I got my money back promptly. DAS was OK - decent executions. The platform fee is like $250/mo or something though, and commissions aren't as good as retail.
To tell you the truth I don't know why I did it. I figured if I could make the same with leverage and have more cash on hand, it would be better somehow. Silly thinking. Retail with Lightspeed is much better.
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mastertrader456
Registered: Aug 2011
Posts: 175 |
07-13-12 07:09 AM
Go with CTG. BSI is set up in the west indies and doesnt appear to clear thru FINRA or CBSX. Unless there are tax advantages trading with them or if your Finra licenses have been revoked, Id stay away. No advantage compared to a US prop firm and tons of capital risk. I mean you could put up 5k here in the states at a prop firm and get around the 25k rule.
Do they register with any kind of financial authority there? Any insurance on deposits?
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