First I would like to know if it is legal. I don't have license and was offerred 40:1 leverage with some decent commission. My question is has anyone in this LLC experienced any problems withdrawing money when they need to? If they give everyone 40:1 isn't that alot of risk and will my money be in jeopardy?
How safe is Genesis's RJ Phoenix?
- Thread starter thetraveler
- Start date
Funds are not in your name, it's like someone trading
your money in his account, but you have no proof and
you can't claim, if firm decide not to pay you. Therefore
US government has nothing to do with it.
LLC account isn't somthing new these days. Many retails
and prop firms as well offer it, since last 4 years.
I used to have LLC account with a retail firm to avoid PDT
rule, Though that firm was much smaller than genesis in
capital and traders account size, & even their business was
going south, i had little difficulty with-drawing my money.
AFAIK, gensis is solid firm, & i don't see you face any problems.
Good thing is they are one of sponsors here also.
But don't take my words for it
your money in his account, but you have no proof and
you can't claim, if firm decide not to pay you. Therefore
US government has nothing to do with it.
LLC account isn't somthing new these days. Many retails
and prop firms as well offer it, since last 4 years.
I used to have LLC account with a retail firm to avoid PDT
rule, Though that firm was much smaller than genesis in
capital and traders account size, & even their business was
going south, i had little difficulty with-drawing my money.
AFAIK, gensis is solid firm, & i don't see you face any problems.
Good thing is they are one of sponsors here also.
But don't take my words for it
40:1, that's why I'm even asking the question here. Wouldn't have bothered me if its 4:1
i'm sure that was with a genesis office not genesis themselves. the company could not offer you any more than 4:1 unless you were a series 7 liscensed. any one with an llc can offer youw hat they want. i fund a few guys who trade my account. they give me 5k i give them 200k buying power whichj is 40:1. all i need to do is fund 50k in account and the 4-1 i get is 200k of buying power. no big deal