Offer from Wordco

Discussion in 'Prop Firms' started by jisoosun, Aug 28, 2002.

  1. jisoosun


    I just got an offer from Worldco (NY location).

    1. I have to put down $5000
    2. I will keep 80% of my profit.
    3. If there is loss, they will take it out from my $5000 and if it's more than $5000, they will take those loss.
    4. commission 1.2 cents per share with $2 ticket charge
    5. Initially they will give me 100 shares of any listed stock with max. two position.
    5. $130 fee for the employee background check.
    6. $500 fee for Series 7 and 55.

    What do you think of this offer?
  2. Husky02


    not that great...try to find a place where you aren't risking your own money...if you can't, lynx capital will ask for 5K but much better rates and fees
  3. wuzaaap


    You have to PAY for your background check ... and your exams? And you keep 80% of your profits even though you put up some of your own money?

    That's not an offer ... that's a sale.

    Is that normal? Top firms have nothing like that. I wonder if that's just for that group at Worldco.


    That sucks!
  5. Beer Man

    Beer Man

    it is not a good deal for several reasons

    1- Having to pay the background check is ridiculas

    2- Having to pay for the licenses is questionable at best, Ive heard they charge 500 just to transfer them.

    3- ticket charges are obsolete these days and 1.2 c a share is on the high side considering you would add capital.

    4-Their bullets can be expensive, make sure you know how much they will charge you going in, also find about agency fees.

    5- I have a friends there who say the deal was changed on them
    drastically after they started they want out bad.

    ------- They want you to put up dough for this....think again my friend,, in the big apple there are tons of better opportunities out there.
  6. Don't do it. Your odds of losing the 5 grand and never getting any pay are very high. Can you afford to lose the 5k and not have an income at all for several months ?

    Worldco doesn't have a "standard" deal, they vary a lot, it is all negotiable. I don't think Worldco is really any worse than any other firm, but if you start out with a crappy deal like that then you are doomed. The Worldco offices in florida are still taking on people without any deposit at all. I suppose you could make them a counter offer and see if they come back with an alternative deal.
  7. Htrader

    Htrader Guest

    Play hardball and tell them you have competing offers. I bet you can get them to exclude the $5000 deposit. If not, keep on looking.
  8. 2points


    that is an awful deal
  9. This sounds like the first offer. You should go and make a counter offer....and get better deals. But, no matter what - make SURE they do NOT change the deal at the last the day you are supposed to start. They do that shit I's like arranging a bachelor party and at the last second, the guy tells you "Sorry...that girl you picked out...she's out sick..I'll send you another (fugly) girl"... What ya gonna do? Say no at the last second??? That's what they are counting on I guess.

    You will pay ticket fee to start..most people do... 1.2 cetns is about where everybody starts also... payout of 80% is also about right for newbies...But the background check(?) _ I never headr of such nonsense...for daytrading firm??!!! Gimme a break. And $500 for license? That's fine as long as they pay you baclk after you pass...but if you have to pay for it, forgetaboutit. Go find a better deal. Plenty out ther..all within NYC> the way - I work at Worldco.
  10. lojze


    Everybody just talking how this deal is not good.

    Can somebody put together an example of good deal for starter with little or no money?

    #10     Aug 28, 2002