Keystone Trading - SCAM or not?

Quote from jeb9999:

If their system works then why don't they just trade their own money? Why would a firm with a working system give away 90% of the profits?

They must be the biggest philanthropists Wall Street has ever seen.
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I dont know how to respond to that it is what it is. Works for me I'm not complaining.
 
I just want to add in here that I have been with them since January and started trading in March. It took me about 3 months to turn the corner and become profitable. I am advancing in share in size and possibly see making a reasonable income in about 6 more months.

As far as a scam I am not making promises about the future but they have been good for me so far.
 
Quote from Bighead255:

the platinum program lets you keep 90% commission is a bit more nut w3ell worth it and their system works
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but don't you pay 5 cents per share commission on this plan?
 
Quote from syswizard:

And what kind of deposit is required for Platinum ?
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They dont accept deposits. You'll have to take the Keystone training program which is about 4k USD and may after that apply for a position as a trader.
 
Quote from saico:

They dont accept deposits. You'll have to take the Keystone training program which is about 4k USD and may after that apply for a position as a trader.
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Hmmm...similar to a deposit, wouldn't you say ?
What happens if you are NOT accepted after spending the $4k on the training ?
 
Quote from syswizard:

Hmmm...similar to a deposit, wouldn't you say ?
What happens if you are NOT accepted after spending the $4k on the training ?
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I don't know any details since I'm not a trader there. But they dont make any money on commissions and don't accept deposits. A deposit placed at a prop shop would be still your money. If you pay a fee for training the money is gone forever. That is the difference. Additionally they share profits. With these 3 points they make sure to satisfy the SEC and get around the PDT rule, since you would be not a retail trader at Keystone, but kind of an employee.
 
Quote from saico:

I don't know any details since I'm not a trader there. But they dont make any money on commissions and don't accept deposits. A deposit placed at a prop shop would be still your money. If you pay a fee for training the money is gone forever.
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The latter provides them with a low risk income; the deposit can be garnished only if the trader is lousy.

since you would be not a retail trader at Keystone, but kind of an employee.
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They file/issue a 1099 for each trader then ?
If so, what really interesting is the ESTIMATED TAX payments. Given the risk, a trader could go from a hugely profitable quarter, to a losing one. This fact makes the estimated tax filing nearly impossible to get "right".
I wonder how the IRS would view this situation ?
 
Quote from syswizard:

The latter provides them with a low risk income; the deposit can be garnished only if the trader is lousy.


They file/issue a 1099 for each trader then ?
If so, what really interesting is the ESTIMATED TAX payments. Given the risk, a trader could go from a hugely profitable quarter, to a losing one. This fact makes the estimated tax filing nearly impossible to get "right".
I wonder how the IRS would view this situation ?
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Well this thread is getting sidelined, but i have paid quarterly taxes as a pro poker player for a few years now, and you have the option of paying quarterly on actual income, not estimated. Thats what I do, makes the most sense for a gambler/trader. Don't ask me the specific rules or anything, my tax preparer does it for me.
 
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