Seeking information on this company before i join . everything they offer seems to be to good to be true. Any feedback i thank you. They were very prompt and professional. www.tmglobalcapital.com
that is always the case when a firm wants your cash why bother with unknown firm anyway? go with a registered b/d
Claims to be an Isreali company. Has a 514 area code phone # (Montreal). Has a 917 area code fax # (New York City). Admits it isn't a registered BD but requires capital contributions. (All in the FAQ.) Initial gut would be to stay very far away, especially since there are many better alternatives.
I've dealt with Jayson of TM Global in the past. Great guy. It's an Israel-based sub of IBWorldwide, a Belize broker-dealer.
Not according to their website. http://www.tmglobalcapital.com/faq/ 6. Is TM Global Capital a Brokerage firm? No. TM Global Capital is a private corporation formed to manage and trade its own brokerage accounts. We are a proprietary trading firm only. We do not accept customer or retail accounts. Their FAQ looks exactly the same as Capital Traders Group and its clones... Is it related or did they plagerize? A Belize broker dealer? Never heard of that. Good luck to anyone going through an Isreali sub of a Belize Broker Dealer with a fax machine in New York and a phone # in Montreal. (FYI - if they are operating out of New York at all they are subject to the SEC registration, and if they aren't, they are likely to run into trouble at some point. Ask yourself why you would waste your time before you consider this?
visit IBWorldwide.com I'm glad you've never heard of Belize, a country located on the north eastern coast of Central America. They're registered with the International Financial Services Commission (IFSC) as a Broker-Dealer. It's the European b/d of Broad St. Trading I think They could be related to CTG, as you mentioned.. The US company only accepts US traders. FYI "TM Global Capital LTD is an offshore proprietary equity trading firm catering to international customers. TMGC does not solicit customers that are residents or domiciled in the United States of America or its territories." JC Trading is structured similarly, as are most firms that have overseas locations. JC accepts US BD clients and if you live outside the US, they have Nevistrading.com which goes through the canadian side of WTS. SgtSlotter, I hope you're ready for a whole lot more threads like this one about overseas companies. Looks like the the regulatory climate has/is going to chase a lot of business to overseas brokerages.
I'm ready. But I don't think a Belize broker dealer can avoid US laws or Canadian laws if they are located in the US or Canada. See other story about non-US entities being taken advantage of and the SEC getting involved. It skips FINRA or the CBOE and goes right to the SEC b/c these firms don't even have that first level of oversight, and the SEC is in charge of protecting the US markets. But I will give you EVO if there is a reasonable option for non-US people which isn't sketchy, fine, no problem from me. But the Belize to Isreal to Montreal to New York connection doesn't seem right without a lot of further information. And even if I had the time to ask about it myself, and it is compliant, its probably going to be way over everyone's head and make it not worth bothering with. In the meantime, if they're in New York, they've got problems with their current advertising picture and structure. I really just hope if this international stuff keeps going that it doesn't' screw it up (and raise costs) for the people who use honest and registered BDs (agreed that they don't always go hand in hand a la MF) and that don't care about $150 a year in compliance costs and rely on real firms to make a living.
SgtSlotter, Do you do much international business? You seem to always be hell-bent on government protecting you from yourself. In the meantime, there are MANY international firms that offer much better rates & software options. Maybe for a small-time trader compliance costs are $150; however, for most active traders, the totals add up to a lot more. Now, the leftists are even pushing a financial transaction tax in the USA. This is why traders are going overseas. Just look at Suretrader - http://suretrader.com/Why_Leadership.aspx - the owners have US licenses: Series 14 - Compliance Official- Series 24 - Securities Principal - Series 55 - Equity Trader - Series 56 - Proprietary Trader - Series 63 - Uniform Securities Agent - Series 7 - Registered Representative - Series 4 - Options Principal You do have to understand that the SEC has no oversight over any citizen of another sovereign nation when dealing with firms like this, but it's irresponsible investing to assume big brother oversight is what makes a firm reputable. This is going to be the trend from now in. It is here to stay. Your idea that "nobody is taking their money overseas" is a joke. That's like saying "These great american factories will never be forced out of business by foreign competition." The US government is doing a lousy job and it's forced even the big firms to start to move overseas to conduct good business at increased savings to the customers. It's not because they are doing illegal activity. Most firms pay top dollar for securities lawyers. An example is something like having a US fax # does not constitute doing business in NYC. Anybody can register an NY phone or fax # to reduce costs. That's not grounds for illegal activity. Give me a break already. Everytime someone comes on the boards and asks about a broker or prop firm, you automatically attack them based on no experience of your own with the firms or their employees. Any investor who has done business in Europe knows the IFSC has pretty serious oversight, so to say there is none is not an accurate statement.
First of all, you lose all credibility if you even suggest that a financial transaction tax will pass in the US. And if it did, aren't you bright enough to know that people trading from offshore would be subject to it as well on US transactions, even if not through a US BD. But no, I know nothing about international shops, and I usually won't bother commenting. I do know the CBSX does not permit overseas traders, so I'm skeptical how long firms that are CBSX and have overseas affiliated arms last without being split. Starting with Suretrader, the firm you sight, here is a quote from the bottom of their website: "Swiss America Securities, Ltd. is not intended for USA citizens, USA residents or USA corporations as clients." (http://suretrader.com/AccountCenter/Default.aspx) Regarding TMP, ny firm with with a US fax line, a Montreal phone #, an Isreali address and is a Belizian broker dealer as you say, then I would stay about as far away from it as possible due to it not passing any sort of smell test. If something goes wrong, how the hell are you going to get your money back? These guys probably use a bank on the moon to hold their money. I wonder how their regulatory authorities are. For the record, I didn't say having a US phone or fax made anything 'illegal'. I just said it made it subject to SEC oversight. Second, I'll stand by my 'no US traders are going overseas'. Even you said that this TMP place won't accept US traders, so how are US traders going anywhere? (And you're SureTrader example got shot to shreds above too, according to their own website.) And your analogy is ridiculous. A guy with a securities account and a website setting up on a carribean island to avoid FINRA, PHLX or CBOE is nothing like moving a factory overseas, and I never even suggested US factories wouldn't move overseas or south of the border for cheaper labor. Blame Al Gore and a republican congress for Nafta if you want, but US Citizens and residents, US firm owners, registered or unregistered, trying to avoid US regulators is a long shot. And why are you bringing up Europe? They probably have some reasonable protections (again, I admit I don't know anything about it). But this TMP firm you are defending exists everywhere but Europe. Montreal, NYC, Isreal and Belize are not Europe last time I checked. Again, no non-US experience, but I know when something smells bad enough to suggest to people to ask to avoid it. Regarding the comments about my posts on this site, I'd like to ask you the same question? You stick up for every firm that looks like garbage to me. And most of them share websites or content. I'll say it straight out that my angle is to just tell people to ask the right questions and give hints on where to look. As the market has gotten harder to trade, more and more junky firms appear on the web and with people asking about them on this site. I'm sure some are fine, but all I've done is suggest questions to ask. Why the heck shouldn't people be skeptical and ask questions before writing $5,000 checks to people or more that they find on the web. Jeez, I get a lot of crap from you and others for what seems pretty reasonable. Yesterday, I happened to pick up some SEC lawsuits yesterday against UNREGISTERED firms with overseas arms, which impacts some of the stuff we discuss here. I haven't asked to date, and you don't have to answer b/c it I really don't care, but why is it that you stick up for every firm that pops up here, US wise or not? On a different note, going back a couple of months, you were going to try to get that Class A vs. Class B money answer for the WTS US BD a while ago btw since you traded / worked there, but you never got that info for us. If you get a verified answer, I can drop that question. See what you can find out please. It will save me and you a lot of time.