To Bright, EchoTrade, WorldCo or Lieber & Weissman: Do any of you have plans to establish a presence in Toronto, Canada? There's definitely a demand here for prop firms.
I thought Bright's website had a 'coming soon to Toronto' message on it. Don't know how current that is or if it's changed.
Here's a link to an interesting article on a Canadian prop/pro firm. http://www.nationalpost.com/search/story.html?f=/stories/20011102/766390.html&qs=swift trade They hire only those that have no experience in trading !
Now that is the definition of a chop shop and sure isn't going to win any public support for our business. I loved the dig the Post got on the Globe though: "We want people with nothing in their heads." Among his new employees are a former GAP clothing salesman and a former Globe and Mail reporter.
It would be funny if it was not so sad. On the other hand, they make money, that's what the game is about. Don't forget it.
Here's the kicker on Swift trade pro division... 1) 8 weeks training for $8 per hrs CND... 2) 25k salary Canadian about 14 k U.S. 3) here's the beauty... 20% payout..... for three years from what I hear.... We need some competition don't ya think?
The only reason Swift exists today is because they do not have any competition. Even in the heyday of trading (late 90s) they would have been shredded by any US competition. Bright apparently has started a small office in Toronto. They also have a few remote traders in Canada. I would strongly suggest that Echo and others enter Canada. Strategically it is a great time to enter since the competition is limping and lame. I personally know around 10 people who are interested in Echo entering Canada. Plus how many others who are interested and waiting whom I don't know about.
Just clarifying (not advertising). Bright is coming to Toronto. Paperwork was filed nearly 12 months ago, but somehow there was some confusion between our clearing firm and the Canadian regulators. This has been resolved, and we are going forward. I hope to go up there personally for a time to meet new traders and help get the office going.
I'm not one to bad mouth people, but Swifttrade is not recommended in my opinion. Yes they have no competitiion, but the real problem is their technology sucks!! I worked there very shortly. Once they've gotten more than 15 or 20 guys on the system it freazes and crashes all the time...and you're responsible for those losses. I personally know of several people who have lost thousands in minutes. They're suppose to be writing new code to fix the problem, but who knows when it'll be up and functioning. Wait for better firms. Look into Tradefreedom