I'm finding some conflicting information regarding this firm. Can anyone who is knowledgable about WorldCo offer some insight into how the place is run and what their current status is in terms of "stability"? Please no disgruntled ex-traders or sales pitches from other firms. I simply want some honest accurate information. Thank you
Im a current trader at wldc..been there for 3 years. Im stil here for many reasons..but the bottom line is that, to me, Wldc offers a good combination of service/price. I do not know what it is like at Bright or Generic or Andover or Schony... but I know people at those firms. All the firms have their pros and cons. You just have to decide which is best for you. Wldc offers probably one of the better rates because it is a self-clearing firm. Not many daytrading shops are slef-clearing. I know of only Wldc and Schony as self-clearing. Most others clear through SLK which means they probably can not match Wldc rates in the long run. In the beginning, most firms are competitive...but at Wldc, I have heard rates as low as 0.004 (not 100% sure about hat..but I do know 0.005 for sure). Self-clearing also may mean that they are financially better funded than those that are not self-clearing. You have to consider the following items before deciding: (1) commission rate/ticket charge (2) payout ratio - not important until you start making money (3) bullet commission/bullet ticket charge (4) service/hardware (5) Capital contribution (6) Minimum capital maintenance (not important until you start making money). Like other firms these days, Wldc is making it more and more difficult for the new comers as far as rates and pay is concerned (By the way, Wldc pays every 2 weeks unlike most other firms which pay once a month). You will have to discuss the details with Wldc about the details. Ask about their deferred payment dedcutions from pay and contribution to maintenance capital deduction. Those were not in my contract when I joined 3 years ago. The worst thing, in my mind, about wldc is that they seem to only understand the words "I quit". They dont seem to care about traders who are doing well, but, instead, worry and cater to those traders who say "I quit". I dont understand why they are like that...I just know it is. You have to bitch and moan about everything everyday to get your requests done. But...they do get them done....one way or another. You also have to know that its not a simple matter to jump ship. I have built up some amount of "juice" at Wldc...so Im not about to go to Generic or Bright and put up $25G to get 3 screens and 1000 shares DOT limit and no First Alert. Finally, whatever you may have heard about Walter - the head of Wldc - it's probably all true. And worse! BUT - he does come through for you in the end...and he LOVES a person who tries hard and works hard. He will come through for you when you are in a crunch as long as you are trying and are sincere about your work ethics and your desire to make money. He IS a pain in the ass though. What can I say? Im still here.