NazSpaz
Registered: Mar 2008
Posts: 211 |
04-14-08 05:18 PM
Quote from ratboy88:
the $500 does not benefit you at all. it is not insurance. with the LLC's you saved more in commission in a month.... not to mention many required very small deposits. therefore your risk was quite small.
Paying the $500 to the exchange each year means that the firm has to then disclose their leverage daily to the exchange, has to file monthly capital reports with exchange examiners, is subject to two regulatory audits a year, among other things. (I do my homework)
Hmmmm, that versus saving $500 a year at an unregistered firm which is a couple of dudes with a website and my money, with no one looking over their shoulder to see what they do with my money, and no way to know if they have any other capital in the firm at all besides my money, no audits, no reporting requirements, and the risk that if they are caught they get shut down and what's left of my money goes into receivership for who knows how long.
To me, that $500 is major insurance, the best $500 a year I spend.
Quote from ratboy88:
the 7 is not a piddly test. it is a major pain in the ass.
I found it amazingly simple and many other people have sid the same. I did however say it keeps out the riff-raff..... draw your own conclusions. 
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