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Old Jul 14th, 2012, 05:17 AM   #1
sunilkumar84
 
 
Join Date: Jul 2012
Posts: 2
Hi Everyone,

I have a good offer to open a prop account with BSI Capital - $0.0035/share and WTS $0.004/share with initial deposit from my side. I trade less than 100k shares a month so. Would increase my volume later on. WTS say they are registered with SEC and member CBSX. But BSI capital guy said "Funds at the clearing level are SIPC insured." . Could any one give me a suggestion on which one is safer to keep the money and trade.Looking forward to your reply
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Old Jul 15th, 2012, 11:44 AM   #2
luvtrading10
 
 
Join Date: Apr 2010
Posts: 51
YOU'RE FUNDS ARE NOT SIPC INSURED!!

I would immediately report this to the SEC. That is a complete lie. Even at the clearing level I do not believe they are SIPC insured because BSI clears offshore. Either way, that has NO protection for you!! However, they have offices in the US which means the SEC has jurisdiction over them an they must register as a BD. Please PM me and I will tell you the procedure for completing an SEC complaint. You owe it to all other traders on ET that are being lied to by these guys.

WTS is a registered BD. Take the series 56 and go with them.



Quote:
Quote from sunilkumar84:

Hi Everyone,

I have a good offer to open a prop account with BSI Capital - $0.0035/share and WTS $0.004/share with initial deposit from my side. I trade less than 100k shares a month so. Would increase my volume later on. WTS say they are registered with SEC and member CBSX. But BSI capital guy said "Funds at the clearing level are SIPC insured." . Could any one give me a suggestion on which one is safer to keep the money and trade.Looking forward to your reply
    Quote
Old Jul 15th, 2012, 04:29 PM   #3
hitnrun
 
 
Join Date: Sep 2011
Posts: 514
wts or any other registered prop firm is the only smart choice

stay clear of these shady operations that could screw you

better off burning your money
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Old Jul 16th, 2012, 01:31 PM   #4
FixedGrin
 
 
Join Date: Aug 2011
Posts: 420
Quote:
Quote from luvtrading10:

That is a complete lie. Even at the clearing level I do not believe they are SIPC insured because BSI clears offshore.
Now tell me some of these offshore clearing firms.

Anyway, I do not think offshore clearing firms can participate in the US markets, but I am not positive.

THEIR funds are SIPC insured, not your specific funds. But it seems like there are hundreds of happy traders at BSIC, so you could just open a small account and see how that goes for you.
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Old Jul 16th, 2012, 02:18 PM   #5
sunilkumar84
 
 
Join Date: Jul 2012
Posts: 2
I read so many reviews at investomonials.com and other websites as well....many traders are happy with BSIcapital. I am really confused.....
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Old Jul 16th, 2012, 04:20 PM   #6
luvtrading10
 
 
Join Date: Apr 2010
Posts: 51
Quote:
Quote from FixedGrin:

But it seems like there are hundreds of happy traders at BSIC, so you could just open a small account and see how that goes for you.
Ha, where did you get that number from....the same people that implied to you that your funds are SIPC insured????

Last count they had 30 traders...not even enough to keep their CBSX BD open.
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