hi. does anybody know of this company? http://www.worldwidetradingcapital.com/ it's seems an alternative to prop firms, they let you trade sub-contractor with 10X1 intraday and 4X1 overnight. and you can ask to increase leverage up to 30X1 intraday and 6X1 overnight. they make money on the 1.5% monthly interest on the buying power they provide you divided by 4 minus your own money. if you open a 10k account and you have a buying power of 100k, you pay the interest on 100k:4=25k, 25k-10k = 15k, you pay the interest on 15k wich is 225$ each month. commision depends on volume, from 0.005 to 0.01 per share (but they are not the broker). --- i'm seriously considering them, since prop firms wich give a 4X1 margin overnight, wich is what I'm looking for, seem to be very difficult to find. or most of the time they don't even answer to emails. (plus and i'm foreigner and with no license). does anybody know this company? or has any suggestion? thanks
there was already a thread on this company, sorry i just found it http://www.elitetrader.com/vb/showthread.php?s=&threadid=81976 anyway, if somebody has more comments or suggestions... thanks
Their website says that your money is protected by SIPC, which it isn't. So they are lying to you right on the website, I would stay far away from them. Also they are charging you interest on intraday leverage, which is unheard of. There is no cost for intraday leverage. Plus their deal is horrible compared to most other firms. Stay Away!
Agree.....if no address or location are given than you have the one red flag you need to stay away...there are unfortunately alot of scum bags in this business. Trade well.
thanks for your answers. I was also bothered by this lack of physical address. the guy in chat told me "we don't release physical address to the public...", and they won't even release to the public the name of the broker you would trade with... i will stay away.