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
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.
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
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.
I read so many reviews at investomonials.com and other websites as well....many traders are happy with BSIcapital. I am really confused.....
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.