Reliable International Firms?

Discussion in 'Prop Firms' started by EvOTraderV2, Nov 23, 2012.

  1. Hey Guys,

    Just a quick question. I'm looking for a reputable broker that is located overseas. According to what I've read, the regulatory climate for prop traders is going to wreak havoc on trading firms. I'm not really sure if going overseas is the only viable option left, but it does seem to me like big government is pushing it in that direction in order to avoid having to deal with prop firms. If, as I've read on WSJ and other sites, credit-line requirements and more is coming and I really don't feel like jeopardizing my privacy and security just to have "over-sight" which doesn't even include insurance or any protection of capital. They are claiming that all these rules are to protect us from ourselves, which is nothing but hogwash.

    I've been with a few local props. Right now I'm with WTS but my lockup period has expired and I'm thinking of going off-shore to avoid having to deal with the mess that occurs when shit hits the fan. The way I see it, the oversight doesn't matter which. Either way, there is no insurance and all the additional regulatory costs associated with US prop firms, makes it more expensive for the firm and for the trader at the same time. The leverage I need is simply not available in retail accounts that require 25k to daytrade. Right now, I have up 10k at WTS.

    I understand that despite the lower operating costs, international firms are still harder to physically get a hold of if something was to happen. Anybody out here able to recommend a reputable firm outside of the US? I understand my money is going to be at more risk, but the only other option I see going forward is the government's idea which is "go along to get along or we'll see you gone." I've contacted Nevis, TM Global Capital, International Brokers, WTS and a few others outside the US. Each is different in terms of who can join/commission structure/etc.. I'm really more interested in finding a reputable firm overseas than trying to deal with the BS that they're trying to push on us over a 5k trading account. I'm interested in hearing Don's opinion and other long-term traders who have been in the industry a while. I've been at it 10 years and never felt this much uncertainty looming in the future.

    I appreciate the help.
  2. toeknee


    EvO, Check out Nonko Trading (

    Fairly new prop. firm, but I've been trading with them since June and haven't had any problems withdrawing money. Also, no lockup period and no series license is required. Multiple direct-access platforms (Sterling, Laser, DAS, etc) available and per share rates are the same you can find at other firms, if not less.

    If I have a problem, I contact them either through e-mail or skype and usually have the problem solved within the hour or 2. I trade only U.S. equities with them, but they also offer Forex and recently introduced options. I believe they clear equities through Penson.

    PM me or e-mail if you have any other questions.

    Hope that helps.
  3. dfwgal


    I also saw the similarities between the two sites so I asked why. They said that the two companies are under the same umbrella but one (nevis) is strictly for international (probably why they have thai on the site) and the other (nonko) accepts also US traders.

    Nonko just recently added options trading I think a few months ago, so that is definitely a plus. (also could be why they have more than one clearing).

    I was with another cookie cutter "funds held for 12 months" bs shop, so that was my main question before I opened with nonko (no fund holding), they seem pretty flexible and don't mind negotiating.
  4. Thanks Guys. I've looked at some. Nonko & Nevis seem a bit too discrete for me since they are located in such remote areas. I like IB & TM Global. TM Global seems to have better rates & customer service. IB is in Belize and TMGC is in Israel. I feel a bit more comfortable doing business with European countries or Israel, knowing there is more oversight there than in the cayman islands, where there isn't the same level of protection. Ultimately, a british, spanish, german or israeli citizen has more personal liability which leads to better management-practices. The cayman & bahamas seem to be somewhat of a free-for-all for doing business. I'm sure it has its benefits but I'm not comfortable enough to go with a cayman firm like nonko considering they haven't been around long and having 4 different brokers means the group has little time to focus on one thing. If anyone knows of any other groups, please keep posting. thanks.
  5. Although Suretrader is in the Bahamas, it's an option you may want to investigate:

    The owner also started SpeedTrader back in 1999 (US broker dealer).
  6. dfwgal


    Hey evo, your post has a few errors i'd like to point out.
    Clearing firms settle trades, not broker. Having 4 different clearing firms means good access to market at competitive rates and being able to cover a wide variety of securities and does not mean having 4 different brokers.
    When I wired my funds to open my account with nonko, I wired to Bank of America, that's who they bank with.

    Also, Belize is not in Europe.
  7. CoraAG


    Columnist Robert Weinstein, who resides in Wisconsin, recently started w/ them.

    Don't know if he's prop or retail. In prop terms, their rates and leverage do not appear to be that great (but I have not talked with them personally). Website says no U.S.
  8. unregistered prop-firms don't generally clear directly through clearing, they go through larger prop-firms. Such is the case in the US where most firms now clear through WTS. Belize is in the Caribbean but their financial industry is regulated by IFSC and other international regulatory bodies that have some level of oversight.

    I'm not interested in Nonko. It seems like they've been plagiarizing as well.

    compared to:

    and this:

    they blatantly copy and paste from other sites lol. It seems they just started up in January -

    They don't have 4 clearing firms. They may be using 4 different prop firms but themselves don't hold any clearing-level accounts. That would require so much capital tied-up that there is no way I wouldn't have heard of them earlier if they were that large.
  9. zdreg


    what is WTS?
    #10     Nov 29, 2012