First I would like to know if it is legal. I don't have license and was offerred 40:1 leverage with some decent commission. My question is has anyone in this LLC experienced any problems withdrawing money when they need to? If they give everyone 40:1 isn't that alot of risk and will my money be in jeopardy?
Funds are not in your name, it's like someone trading your money in his account, but you have no proof and you can't claim, if firm decide not to pay you. Therefore US government has nothing to do with it. LLC account isn't somthing new these days. Many retails and prop firms as well offer it, since last 4 years. I used to have LLC account with a retail firm to avoid PDT rule, Though that firm was much smaller than genesis in capital and traders account size, & even their business was going south, i had little difficulty with-drawing my money. AFAIK, gensis is solid firm, & i don't see you face any problems. Good thing is they are one of sponsors here also. But don't take my words for it
Are u sure they offered you 4:1 leverage or 40:1 i know that they dont give more then 10:1 cause i had checked with them and they said 10:1 is the max leverage they can give
Was there a change that allows one to trade other people's money without a license at a US broker? I thought this only worked with offshore firms (i.e. not governed by US regulators).
i'm sure that was with a genesis office not genesis themselves. the company could not offer you any more than 4:1 unless you were a series 7 liscensed. any one with an llc can offer youw hat they want. i fund a few guys who trade my account. they give me 5k i give them 200k buying power whichj is 40:1. all i need to do is fund 50k in account and the 4-1 i get is 200k of buying power. no big deal
I never had problems taking my funds out. I also never heard of someone who wasent able to get his money back from Genesis. From my view, no complains Good Luck Trading