Hello,
I've recently got into day trading after about a year or so of studying. My goal was to save up 30,000 to comply with the PDT rule. However, I discovered Suretrader, which at first there was no way that I'd trust a foreign broker to keep my money safe. Then I started reading into it and had a hard time finding anything that was wrong with this broker, besides, the poor customer service (which is expected).
Jumping the gun, I decided to become a full-time trader and quit my job (Funny, I know). I have plenty of money saved and very little bills. I was getting sick of that particular job anyway. I'm a confident young man that shouldn't have a hard time finding a job if need be.
Anyways, I made 3 trades today, first time using this new broker. Made about 200.00 in realized gains. So far so good. Right? Then this happens...
I've been talking with other traders and looking into a trade chat room to get some ideas and tricks from other traders. I decided to email Meir Barak, I suppose he's the owner of Tradenet. He reply's back to my email. Asking which broker and what part of the world I was in. I quickly answered. He responds back with "Suretrader is not legal for US residents, and also not regulated. Your money may be at risk. Can’t recommend this, but I hope you will be fine." This is what he stated verbatim. It's actually quite funny because I was referred by a trader that trades with Meir. I informed him of this and the extensive research I put in to confirming if this was a legitimate company. He reply's back with "Swiss America Securities, Ltd (SureTrader) does not accept accounts for U.S. Persons that have been solicited directly or indirectly in compliance with SEC Rule 15a-6. For more information click U.S. Residents.". Which I read before, but re-read to see if I missed the true meaning. Still unsure.. I called them, Suretrader confirms that it's legal (not very reassuring).
Now I'm concerned for my personal safety. I know this is just something that will have risks, choosing an out of country broker. I accepted the risks, but am I or Suretrader breaking the law? Losing the 5,000 that I put into Suretrader, would be devastating, but I would eventually get over it. Breaking the law. That's a different story.
I obviously don't expect anyone to guarantee my safety, but any insight would be greatly appreciated.
Thanks,
I've recently got into day trading after about a year or so of studying. My goal was to save up 30,000 to comply with the PDT rule. However, I discovered Suretrader, which at first there was no way that I'd trust a foreign broker to keep my money safe. Then I started reading into it and had a hard time finding anything that was wrong with this broker, besides, the poor customer service (which is expected).
Jumping the gun, I decided to become a full-time trader and quit my job (Funny, I know). I have plenty of money saved and very little bills. I was getting sick of that particular job anyway. I'm a confident young man that shouldn't have a hard time finding a job if need be.
Anyways, I made 3 trades today, first time using this new broker. Made about 200.00 in realized gains. So far so good. Right? Then this happens...
I've been talking with other traders and looking into a trade chat room to get some ideas and tricks from other traders. I decided to email Meir Barak, I suppose he's the owner of Tradenet. He reply's back to my email. Asking which broker and what part of the world I was in. I quickly answered. He responds back with "Suretrader is not legal for US residents, and also not regulated. Your money may be at risk. Can’t recommend this, but I hope you will be fine." This is what he stated verbatim. It's actually quite funny because I was referred by a trader that trades with Meir. I informed him of this and the extensive research I put in to confirming if this was a legitimate company. He reply's back with "Swiss America Securities, Ltd (SureTrader) does not accept accounts for U.S. Persons that have been solicited directly or indirectly in compliance with SEC Rule 15a-6. For more information click U.S. Residents.". Which I read before, but re-read to see if I missed the true meaning. Still unsure.. I called them, Suretrader confirms that it's legal (not very reassuring).
Now I'm concerned for my personal safety. I know this is just something that will have risks, choosing an out of country broker. I accepted the risks, but am I or Suretrader breaking the law? Losing the 5,000 that I put into Suretrader, would be devastating, but I would eventually get over it. Breaking the law. That's a different story.
I obviously don't expect anyone to guarantee my safety, but any insight would be greatly appreciated.
Thanks,
