Nonko sent me a email about pricing .0045-.006 per share depending on volume $120 month for platform buying power starts at 10:1 on a 5k deposit. if you have a good track record after a few months you can request 20:1. 100% payout TM Global Plaform: $199 a month less then 500,000 share/month:.004 500k-1milion shares:.0035 over 1 mil:.0025 99% payout
Check if they have free routes as the routes alone can add .003+ per share to your costs. Ask for their ECN Schedule if you have it. Also ask about customer service (hours of operations and method of contact). I tell you because a lot of firms talk up their customer service but then when you sign up it's shit. Some companies don't answer their phones. Make sure you can contact via phone, skype, live chat or another method where you can immediately speak to someone on a platform.
Hi, Nonko or Nevis are not related with WTS. They "fight" to catch the other's traders. Nonko, with Das, Route prices: removing liq and not routing out: ARCA .0030 INET .0030 BATS .0029 EDGX .0030 EDGA (.0003) it pays if is present, so don't route out if you are rebating NQBX .0010 (it was free some months ago) MSCO .0010 Dark pool, so send only AON orders (all or nothing) PDQ free (only if not route out) POST free (only if not route out) Regards
I highly advise all of you guys to stay away from firms that are structured as U.S. based broker-dealers or hedge-funds. These firms are being shut down very actively by the SEC. I was at a conference a few months ago where a highly reputable law firm made a presentation and showed that of the $250 million allocated by the Obama admin, a large chunk is going towards tighter regulations and stricter penalties for prop firms like Nonko. These are firms based out of the U.S. which disguise themselves as foreign brokers to avoid the costs of structuring themselves properly legally. 1-2 years ago at this time there were a few benefits that could have outweighed the risks but today that is a completely different story.
that's would be true if the firm is located in the US, or owned by US citizens, or clearing with a US firm, or having offices in US. Nonko, like many other firms, have no US presence. It is not owned by US citizens, no office in the US, and does not clear at a US clearing firm. They also do not solicit US traders. Therefore Nonko does not have to register with SEC. In addition, I think the $250M you speak of, has got nothing to do with prop firms, rather its for investment advisor oversight I don't work for NONKO, NEVIS, WTS, JC, AFFINITY, LEGENDARY, etc I'm just a trader who have accounts in some of those firms since years ago and I think I know how they are structured. It is only information b/c I've found your msg a bit alarming, nothing else. Best Regards.
This means nothing. Regulatory services is determined by the issuing state/jurisdiction of the securities. If you have traders trading US stocks and are making a commission on trades, you must register as a broker-dealer. Even foreign companies must be a registered broker-dealer. Nonko and others similar are being shut down right and left. We've seen many firms like this come and go over the last few years and if you are putting in a serious amount of money, you must weigh the risks of dealing with unregistered entities. You have 0 legal outlet to sue unless you do so in their jurisdiction which will likely cost you more than your deposit. I also was weighing these options last year but have done a complete 180. It's becoming far too dangerous and the SEC is actively pursuing shutting these firms down. Lake Street and others have been shut down. In some cases people got their money back. In other cases like IBWorldwide (a registered broker-dealer) they have not. Do your due diligence.
This means nothing. Regulatory services is determined by the issuing state/jurisdiction of the securities. If you have traders trading US stocks and are making a commission on trades, you must register as a broker-dealer. Even foreign companies must be a registered broker-dealer. Nonko and others similar are being shut down right and left. We've seen many firms like this come and go over the last few years and if you are putting in a serious amount of money, you must weigh the risks of dealing with unregistered entities. You have 0 legal outlet to sue unless you do so in their jurisdiction which will likely cost you more than your deposit. I also was weighing these options last year but have done a complete 180. It's becoming far too dangerous and the SEC is actively pursuing shutting these firms down. Lake Street and others have been shut down. In some cases people got their money back. In other cases like IBWorldwide (a registered broker-dealer) they have not. Soliciting doesn't mean anything. The SEC has made it clear it is illegal for both the trader and the firm to involved. Nonko is not a broker-dealer and in order to employ someone as a trader in their jurisdiction, they would need a work visa. This means it is illegal under U.S. law and possibly foreign laws for the firm to hire the trader as an independent-contractor. U.S. broker-dealers can only accept U.S. traders. The only way Nonko would be legal is if they were registered in their jurisdiction as a broker-dealer or division of a broker-dealer and did not hire any U.S. traders but only whomever their country legally allows them to hire as contractors. Before you proclaim how you want to help others, pay attention to the industry. Misinformation on internet boards have gotten a lot of people hurt. Luckily, I stayed with a registered b/d but I just as easily was going to trade with IBworldwide. I'm glad I didn't because their traders are pretty unhappy about not getting their money back (visit www.ibworldwidescam.com)
Evo, You are mostly right but a lot of the issues are in the grey area. Just because the firm trades US stocks does not mean theyhave to register in the US. Title Trade, Swift Trade, etc are not registered. They rely on the exemption below. I have no knowledge if Nonko qualifies for this. Please see the Foreign Broker-Dealer Exemption (Rule 15a-6) here: http://www.sec.gov/divisions/marketreg/bdguide.htm#II : The SEC generally uses a territorial approach in applying registration requirements to the international operations of broker-dealers. Under this approach, all broker-dealers physically operating within the United States that induce or attempt to induce securities transactions must register with the SEC, even if their activities are directed only to foreign investors outside of the United States. In addition, foreign broker-dealers that, from outside of the United States, induce or attempt to induce securities transactions by any person in the United States, or that use the means or instrumentalities of interstate commerce of the United States for this purpose, also must register. This includes the use of the internet to offer securities, solicit securities transactions, or advertise investment services to U.S. persons. See Securities Exchange Act Release No. 39779 (March 23, 1998) http://www.sec.gov/rules/interp/33-7516.htm. Foreign broker-dealers that limit their activities to those permitted under Rule 15a-6 of the Act, however, may be exempt from U.S. broker-dealer registration. Foreign broker-dealers that wish to rely on this exemption should review Securities Exchange Act Release No. 27017 (effective August 15, 1989), 54 FR 30013, to determine whether they meet the conditions of Rule 15a-6. See also letters re: Securities Activities of U.S.-Affiliated Foreign Dealers (April 9 and April 28, 1997). In addition, in April 2005, the Division of Market Regulation staff issued responses to frequently asked questions concerning Rule 15a-6 in relation to Regulation AC. See http://www.sec.gov/divisions/marketreg/mregacfaq0803.htm#partb. (Regulation AC is discussed in Part V.B, below.) Also, you wrote "The SEC has made it clear it is illegal for both the trader and the firm to involved" Can you please reference this where the SEC has ever taken action against a trader who trades in an offshore account. (I am not trying to be confrontational, just would like to see proof). Also, can you explain what you mean by " Nonko is not a broker-dealer and in order to employ someone as a trader in their jurisdiction, they would need a work visa. This means it is illegal under U.S. law and possibly foreign laws for the firm to hire the trader as an independent-contractor. " Can you post a link or reference that discusses that it is illegal for a foreign firm to hire a US person as an independent contractor. The bottom line is this. If you want to trade stocks and you are a US citizen, take the Series 56 and trade through a registered BD!! Messing around with offshore firms (whether they are licensed or not by a "rubber stamp" regulator like the Bahama Securities Commission") is probably not worth the risk versus studying 30 hours for the Series 56.