Hello Traders, Can you Guys please write your opinion about Rosenthal collins group for trading? is it Good firm?Trustable?anything else? Thank you.
I have had nothing but positive experiences dealing with them as a clearing firm. What is meaning of trustable, I no speak that language?
Perhaps I'm in the minority, but I had a horrible experience with RCG. I had a 7-figure account with them before abandoning ship 2 months ago. - ridiculous risk management policies, combined with very poor client management. - very poor, circa 1995 web-based platform (have you seen their portal?). - extremely poor technology/platform support, at least their "ehelp" department. (They have a better platform support department, if you can stumble on it.) Oh, and after transferring out my account.. they've held on to about $1500 of my money for possible platform fees. Considering I paid around $15k in commissions every month, with previous monthly platform fees coming in at about $100 a month... that's pretty ticky-tack. And I'm still waiting for the rest of my money.
They had a pretty good band too. Remember this one? <object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/T6nlpDpIoho&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/T6nlpDpIoho&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object>
No surprise. RCG must change their service attitude. I am talking about certain people at the firm which occur quite arrogant and snooty. Also, no direct access to Asian Exchanges. They go through Newedge / Fimat.
I clear through them via Mirus / Zen-Fire.... ...the web interface I have is 1990 Web based access to account info.... but then, I basically use it ONLY to download the account statement PDF files. Never had an issue at all on the zen-fire side. Fast executions etc. I dont like the front end software (ninja trader), but that is not their fault (and i work on a replacement).
Ugh, was just informed by RCG that they're going to hold onto the balance of my so-called "platform fees" for at least 2 more weeks. Just to go through the time line again: - my last trade with RCG was mid August. - transferred out my accounts late August. - they told me they can't transfer out everything because of possible platform fees... they hold a balance. - they tell me my funds will be released "end of September". And now, unilaterally and without any justification, they're going to hold on to my money for 2 more weeks. It's certainly not a lot of money, and it looks like NFA arbitration fees make it not worthwhile to file a claim... but just on principle alone, I'm seriously annoyed at the behavior of this firm.
Maybe you should contact Steve Montgomery, Head of Compliance and Vice President...I am 110 % sure, he will explain to you how NFA / CFTC rules apply to any kind of platform fee witholding...
As it happens, 15 minutes after I threatened to take it to NFA arbitration... I was told the compliance officer authorized the immediate release of my funds.