Evo, You are a Goldman Sachs client? And you have a subaccount with WTS or CTG or something right? Come on, are you serious? There's a 5 million account minimum with GS and you trade with a prop firm whose whole capital base at 12-31-2010 was $2.8 million in member's equity? Can you explain? To the OP - here's the list of POSSIBLE issues - for you to check out yourself and ponder. 1) There is no financial statement online on SEC.gov for 12-31-2012. Might not be their fault, but all the other firms are up, so you should ask them for a copy. 2) According to their past statements combined with filings on the SEC site, if you do a little math, their traders make almost no money, which questions their longevity and training, support, etc. 3) They merged with Dimension, which had a terrible rep of exploiting newbies who didn't do due diligence and signed up, had a subgroup in queens who disappeared to China with 2 million dollars (some was dimension traders, others were randoms from their community). Also, dimension on numerous occasions was accused of front running their prop traders. I believe they were even sued in arbitration over this (not sure on the lawsuit). 4) Fusion, the software WTS bought in the dimension deal, is consistently one of the least reliable software platform's in the industry, probably because it is just a renamed Blackwood Pro, which was built in 1999 or 2000. 5) they subscribe big time to the sub-group model, which leads to questions you should get answered about someone else or a different group blowing up and how it effects you. 6) regulatory fees may be bs. If they're up front with them, fine, but you can call it cheap rate than nickel and dime people and it doesn't turn up as cheap. just make sure it is all in wiriting. 7) you mentioned 'internalization' - there is a lot of speculation they just cross their internal orders. This is not good, since there is a delay. when stocks are moving, the last thing you want are fancy routes, you just want to be able to get the stock on the box. 8) one other rumor is that they spread any strategy from their US traders if they land a decent fish to traders in their much bigger overseas arm. the risk is you walk out of there without the edge you walked in with. 9) no one has ever answered the question about their Class A member capital versus Class B capital. Meaning, if a trader blows up, do the owners have any cushion in there before your money gets blown up proportionally. This would be a question to ask in writing to WTS or any other firm. Anyways, some people like the firm. It is a broker dealer in the US, which is also a positive. But those are some possible things to look into and do some more digging before signing up.
Guess who's back: SgtSlotter...our protector from the evil WTS. For those who don't know SgtSlotter please do a search of his posts...they are all anti-WTS. He is a failed trader who blames all his "bad luck" on WTS. Last reported he was selling mortgages....not trading. Where have you been for the last two months? Careful with some of those accusations, some of those border on libel if you post those without proof. Please post links to these "lawsuits" and other "facts" which you are claiming. Full disclosure: I have traded with WTS for over 6 months and couldn't be happier. I get paid every month like clockwork. I don't even ask for a payout....happens automatically. There is a reason that other CBSX BDs are shutting down and WTS is growing. With mortgage rates so low...you should be doing well. Congrats!
I don't know what he may have posted in the past, but I do know I didn't see any "accusations" in the post you are quoting. WTS does sug-group, they do in fact internalize orders, 80-90% of their volume is in fact from "off shore", the cited SEC filing is in fact missing, etc. Pretty much par for the course, really.
Accusing someone of doing something illegal (front running) could be considered libel if it is not true.
From #3 of his post: " Also, dimension on numerous occasions was accused of front running their prop traders. I believe they were even sued in arbitration over this (not sure on the lawsuit)."
There is no accusation of WTS in that statement. In fact, there is not even an accusation of Dimension in that statement. There is nothing there but the verifiable fact that other people have in the past accused and sued Dimension for front-running - which is an entirely different statement.
You have made my point for me: Where is the "verifiable fact that other people have in the past accused and sued Dimension for front-running"? For example, if we assume your name is Jon Smith, I can't say on a public forum that "Jon Smith was accused of rape...but I'm not sure about that" That is exactly the same thing that he posted when he says also in #3 "I believe they were even sued in arbitration over this (not sure on the lawsuit)." If it is a fact that former traders did file lawsuits then it is clearly not libel. All I'm saying is please post the links to the lawsuits.
Broker dealers have arbitration agreements with traders which aren't public. Since Dimension was a BD, there are no links to public documents. And there was an out of court settlement. And it certainly happened, and it cost people A LOT of money during some good trading years. At the time, after a group of effected traders walked out with their equipment, Dimension made an announcement on the trading floor admitting it to all the remaining traders. The management announced to the rest of the traders it was a 'rogue programmer's fault'. Search this site and you'll find accusations (not from me), or call Dimension and ask them (i think the dimension owners are still involved), or post and ask others if it happened. All i did was say they merged with dimension who had a shady reputation for at least 3 pretty serious reasons, plus a meager trading platform (which - in all fairness - I don't think they force you to use, so that shouldn't be a minus against WTS). The irony of it all is that all people ever do on this site is complain how firms are sketchy, so i love how whenever i put out some food for thought out there about WTS, or give suggestions for due diligence on them all of a sudden a whole set of people just start saying to go away. Again, WTS in the US is a BD, which makes them 20 times better than a lot of firms that aren't. And there is public info for anyone to check out on the SEC website about their size and you can back in some earnings numbers. (from 2010, since 2011's haven't shown up yet). I'll go back to my mortgages now... libel. seriously?