Discussion in 'Prop Firms' started by WonderBoy81, Jul 2, 2016.
I have been known this for years. SFG is not a honest firm. Keep away from them.
I went through the sign up process and I think they are simply making $250 per month running people on demo accounts as long as possible. The application and sign-up started to really push the platform fees. I mean $250 per month for level 1 data on a paper-trading account on some unknown and new system? Hmmm.....
They try to avoid the wording that you are on a simulator but that's what it is. You only get level 1 so you cannot see that your order is never really placed, and you are only allowed limit orders or else you would see that your market order didn't execute on time and sales.
And in the application you have to give them 30 days notice before terminating, and even one simulated trade in the meantime means you have to wait another 30 days and pay another $250. And they try to sell you 3 months of software licensing upfront. And some weird clause that you have to help promote their services and work with other traders - just strange. Gave me a pyramid scheme sort of vibe. The 50% payout ratio seemed low.
It sounds free but if you can get 100 people per month trying out the software, then they are making $25,000 per month and there is zero market risk to them. That's a whopping big monthly paycheck for developing some no-name charting/paper-trading sim and you risk nothing. If you are any good, you'll quickly ditch them and sign up with a firm that pays out 85% and lower commissions.
This one smells very bad to me. And nobody from Quebec? Why is that? Scared of someone coming to pay them a visit perhaps?
They probably incur costs of running the live data, even in sim, however it's probably far less than $250/month they are collecting.
If they cannot provide evidence of LIVE traders, then it's a front to collect the software fees, and your assumptions are correct.
I have knowing these guys for ages I've been to their office few times and I have sent them few of my international traders friends , they came up with a new model , that's oky to get the feel of the market in real trading experience, and if you are goal to make over 10,000$ / month then forget about them they will never give you over 150k BP, I heard they are the only prop firm makes a weekly and biweekly payout via PayPal , I have never never seeing a post or heard from thier traders complainted about their payout, I guess that's the reason why they are they are still open,
Payout via PayPal, seriously? Aren't you limited to $10,000 per transaction with a business account with them? I know you were trying to shill for them but you ended up making them look even less legitimate.
Indeed there's a limit on PayPal $10k per. Transaction, but there's no limits on verified accounts on number of payments out and in as long as the account in good standing ,
Right. Just to be pedantic for you then, making 15 PayPal payments to get funds out does not a professional organization make.
Hi. I am sorry if you have that experience. On the other hand, I wish to clarify things. SFG or trader.com is a legit proprietary trading firm with a local office addressed in Canada. You can visit them through their site https://trader2b.com.
Most are worrying about the legitimacy of trader2b.com, but I can attest to it that they are a real trading firm with paid staffs and employees. I know because I have been in contact with them.
Tradr2b pays thru PayPal (SFg) under a financial institution account named Haywood Financial Tech. It is a legit firm.
so how do they get around the licensing issue? i've noticed other canadian firms that refuse to take U.S. traders. in fact, i can't think of one that does.... please enlighten me. i would love to trade through global market trading but for some odd reason they can't take U.S. traders... but this firm can?
"We serve in-house and remote traders from Canada, and everywhere else in the world (the only exception being the United States)." http://www.globalmarkettrading.ca/#!about
Separate names with a comma.