TradeZero is also Bahamas based, offers US market trading but does not deal with US traders. May be worth a look if that is a concern... Especially to people in Canada, that has an incestuous relationship with the IRS.Remember, SureTrader is offshore (Bahamas) and if you're a U.S. citizen they will ask for the standard information for identification purposes and compliance with AML rules.
Look up the prior thread regarding SureTrader as it related to FBAR (Foreign Bank and Financial Accounts). They received notifications from the IRS commanding to know the identities of any U.S. citizen.
If you're going to put up $10k or more or if your highest balance within the year exceeds $10k, then you might want to look into the rules regarding FBAR, because SureTrader WILL share your information to the IRS, even though its jurisdiction is the Bahamas.
The fines for not filing the forms relating to FBAR are very hefty. Just something to keep in mind if you plan to have $10k or more. I helped my aunt research this recently as she had an asset sale overseas and the foreign bank sent her a notice regarding FBAR. Even AFTER she paid the tax overseas and wired the money to the U.S., the corporate office at Citibank called her demanding to know why she had wired in a large amount and for what purpose (it was well into the six figures).
All this crap is completely ridiculous and shows the far reaching powers of the money grabbers (i.e. the banks and the IRS) harassing the common folk. They're trying to find out where everyone has money stashed, so they can find ways to take it when the time comes.
Meanwhile the Fortune 500 companies stash BILLIONS in lower tax jurisdictions because they know how to work the loopholes in the tax code.
Just my 2 cents.
When filling out sensitive information on the web it's always a good idea to use a vpn to encrypt the data, I use www.goldenfrog.com/vyprvpn.Hey guys, I'm just getting started with day trading. Since I don't have 25k (or 15k) to create a SpeedTrader account, I'm just going to create a SureTrader account.
I am astonished at all the very sensitive information that needs to be provided when creating an account. It makes me very uncomfortable to say the least. Is this something all traders have to go through? Is it common for all trading websites? Is it secure?
Thanks for the help!
-Max
This is not accurate. I trade at TradeZero and there is no PDT and I trade US stock markets.If they provide access to US listed stocks then yes they would also have to adhere to PDT rules and enforce them towards their clients at least what concerns the trading in US equities . If they don't then they set themselves up for regulatory trouble. Simple as that
This is not accurate. I trade at TradeZero and there is no PDT and I trade US stock markets.
Nothing fishy. Been there for over a year and all is good. They clear with a US clearing firm and no PDT. they do not accept US citizens however, but we trade DMA with US markets so there is no opportunity for them to take the other side. All my limits are represented by EDGX or NSDQ.Then there is something fishy. Even non resident trading US equity markets by US regulation are subject to PDT
Nothing fishy. Been there for over a year and all is good. They clear with a US clearing firm and no PDT. they do not accept US citizens however, but we trade DMA with US markets so there is no opportunity for them to take the other side. All my limits are represented by EDGX or NSDQ.