Opinions on GlobalFxLlc Prop trading???

M

metahead

I see that someone from GlobalFxLlc was banned from this site, I guess for soliciting? Anyway, I'm curious if anyone thinks their proprietary trading program is legit.

No capital required
trader not responsible for losses???
traders receive 50% of profits
traders trained in scalping

so you're trading their money with no risk to you?

they do have a monthly desk fee

what's the catch?
 
I've been to their office in Manhattan last month. They seem legit. Desk fees were low $500 - not bad. First you have to prove them you can make money for a month with your own money and then they'll fund you accordingly. Don't really know where the catch is. I guess they want more traders to join FXCM their broker.
 
Quote from londonfxguy:

I've been to their office in Manhattan last month. They seem legit. Desk fees were low $500 - not bad. First you have to prove them you can make money for a month with your own money and then they'll fund you accordingly. Don't really know where the catch is. I guess they want more traders to join FXCM their broker.
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There's nothing on their site about putting up any capital or trading your own live account except in the self and matched programs or if you want to trade remotely. Supposedly, you train with them and trade on their demo and if successful, you trade their live account. They take all the risk and you get 1/2 the reward. Why would a company do that? I hear hedgies only make 20%.
 
Because they are probably getting an Introducing Broker fee kickback from FXCM for every account they sign up. Thats why you have to open an account with FXCM. If it was just about making money, wouldn't they let you use whatever platform you felt comfortable with?
 
Yeah, I have seen the FXCM quotes and they do not exactly look rosy. Also e-mailed Global and they would not let me trade their capital through someone else.

Oanda seems to have tighter spreads. Anyone knows of any FX broker with still better bid/ask?
 
I went there when I firdt moved to NYC. And actually traded with them for a few weeks before I realized they were a total scam. They do get kickbacks from FXCM and the 500 desk fee is ridiculous. The head trader/ principal is a failed Equities trader that worked for FXCM for less than two years and decided to try to open up his own shop. Their training consists of this head trader blasting FXCM's chief analyst, Michael Malpede's online commentary on his speakers and yelling at people to buy or sell based on flimsy basis, at best. This place is a total joke of a shop , if you can even call it that. Oh, if you want to deal with this guy chain smoking and his dog romaing around the office growling at random people, please, be my guest and go.
 
Interesting. Was planning to stop in there during my next trip to NYC. Will still stop in, but cautiously.

Anyone have info on PremierTrade in Florida?

They advertised (in the newspaper) for currency traders (11pm-6am). It is a Richard Dicks organization (4X Made EZ).
 
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