I have a quick question about off-shore accounts. Maybe Don or somebody else can clarify something for me. I received an offer from SureTrader. It's like $50 for DAS Pro. $2000 minimum with no PDT. I learned about them from a friend of mine whos a big penny guy and linked here: http://www.timothysykes.com/2012/01...-broker-for-short-selling-penny-stocks-video/ From what I understand from SEC descriptions, signing up with suretrader is problematic and illegal? - This is one of the articles I was directed to when I called their offices - http://www.sec.gov/rules/interp/33-7516.htm SureTrader claims they are using some type of Swiss clearing firm, but the SEC material I've seen blatantly describes the type of solicitation as illegal. I may open an account and give it a run, but how safe is my capital under these conditions? I know it's owned by the same family that just closed down ProTrade. For the flexibility and low rates, I'm willing to give it a try but hesitant that the SEC may shut them down and confiscate my funds. Considering I am registered with both a FINRA BD and a CBSX BD I'm a little hesitant. Any clarification on whether or not opening an account with SureTrader would be illegal for a US resident would be appreciated. EvO
I'm sure this is totally legit, and you should feel comfortable putting all your money there. And, I'm also sure that this is a great joke, Mr. Evo. Especially like the Tim Sykes reference, LOL. Maverick? Your thoughts? Don
Will they let you directionally trade high priced, volatile, bio-tech stocks overnight with size? If yes, then go for it! How do you like that one Don!
If you are registered (I assume you are Series 56) you might want to ask yourself why are you searching the world, when there are many good companies in the USA. Great rates are not a substitute for good trading. If you are already U-4'd somewhere, you might want to re-read your agreement about dual registration and your responsibilty to disclose and share all "other" activity you may get involved in.
I'm in, where do I sign. Knowing that Evo has been a solid reader and poster, and seems to know what he's doing, I'm pretty sure this is just fun and games. Don
LOL. A professor in college once told me to try to relate your writing to your audience. FYI: http://suretrader.com/Why_Leadership.aspx
It is not illegal for them to have US customers even if they are registered persons. It is however illegal for this firm suretrader to solicit by any means any US person. as a registered person if you do open overseas it is important to remember to disclose all of this with your SRO. as an unregistered person, uncle sam is the only one needing disclosure. SROs hold no jurisdiction over you. if this firm makes no solicitations then, it can take us persons. I would imagine there are big advantages to trading with an offshore broker dealer. they are not goverened by the act, so no PDT, and reg T. so a special retail acct with flavor, I see they have supplemental insurance. other than their rates and platform, which are funny, I dont really see what the big deal is.