TM Global Capital Reason for shut down

L

LongContrarian

Hello,

I am a Canadian and was a member of TMGC. My account got shut down pretty quickly last week and from what I was told is that the company is re-emerging in the US because a lot of complaints were about the uninsured aspect of the bahama's.....

Now being like every sane person... I have started researching other prop firms to join. Ones in the US and ones offshore. From my research Nonko seems to have a lot of positives. BUT after reading the previous thread about Nonko I am a bit hesitant because I do not want to deposit there and then a couple weeks later have them get shut down like TMGC. Whether by their own choices or not. Of course the risk of not getting my money back as well. TMGC has not yet sent me my account money yet but it has only been a couple days and apparently they can only send 100k a day... which is TINY. I will update if/when my money has been returned.

Anyways, I am curious if there are any other TRUSTED prop firms out there that offer the same benefits as TMGC and Nonko...

Basically 99% Payout, 125 software fee, .003/share and use DAS as their main platform. Since I am a Canadian I would like to take advantage of not doing the series 7 but am not opposed to US based firms.

I appreciate the responses if I get any haha
 
You can try Nevis. Nonko just popped up in 2013 and is using US hosting servers which leads you to believe the address is in the U.S.. You can see the information below. They just came into business in 2013. These firms are being pursued heavily by the SEC. They simply don't want unregistered traders who may have huge debts or judgements or what not trading huge leverage. Just stick to a US firm. There are a few different types. Some require licensing, some don't. Depending on how much $$ you have to put up, you can find a first-loss fund which has fewer registration requirements but you might need to be an accredited investor depending on how the firm is structured. I would avoid firms like Nonko or whoever else that is operating outside the U.S. without a license. The SEC has stated it is illegal for a US trader to join these firms. You as a canadian are not subject to that oversight; However, the issue of customer-service, reliability, etc. comes in.

Unfortunately, the costs are a lot higher when doing business with U.S. firms. The regulations add a lot of cost so you;'re definitely looking at something like $1000 to register with the firm + license exam + time. Nevis (a sponsor of ET) has been around for a long time and I'm sure you may be able to get a similar deal from them but they do not accept U.S. traders.

nonkotrading.com registry whois
Updated 1 second ago - Refresh
Domain Name: NONKOTRADING.COM
Registrar: GODADDY.COM, LLC
Whois Server: whois.godaddy.com
Referral URL: http://registrar.godaddy.com
Name Server: NS1.SOFTLAYER.COM
Name Server: NS2.SOFTLAYER.COM
Status: clientDeleteProhibited
Status: clientRenewProhibited
Status: clientTransferProhibited
Status: clientUpdateProhibited
Updated Date: 27-jan-2013
Creation Date: 26-jan-2012
Expiration Date: 26-jan-2014
 
Quote from EvOTraderV2:

The SEC has stated it is illegal for a US trader to join these firms. You as a canadian are not subject to that oversight; However, the issue of customer-service, reliability, etc. comes in.
More...

Evo,

Stop posting this!! It simply isn't true. Please post a link that shows it is illegal for someone to have an account at an offshore firm. Is it illegal to have a Swiss bank account? Please don't keep saying things about SEC regulations that you cannot back up. Here is a link with some info:

http://the-international-investor.c...esidents-open-foreign-bank-brokerage-accounts

As a Canadian you may still be able to join a CBSX broker dealer. You should contact them and ask. That would be your first choice since you would be trading in a regulated entity.
 
You are the one spreading misinformation. Go look up the thread on Lake Street Trading. The traders were specifically told the laws require anyone trading in these environments to be licensed. The SEC shut them down. TMGC may have semn the writing on the wall as others like IBWorldwide and LakeStreet were shut down recently. The shills on this board are as ridiculous as it gets. It doesn't matter where the firm is located. the SEC's jurisdiction comes from the fact that it is US securities they are trading and congress has granted them the powers to regulate and oversee that./

For any trader reading this, my advice is to call the SEC directly and find out for yourselves. I suggest you mention Nonko specifically if you want to join and ask if you can. SEC Toll-Free Investor Information Service: 1-800-SEC-0330
 
Quote from EvOTraderV2:

You are the one spreading misinformation. Go look up the thread on Lake Street Trading. The laws require anyone trading in these environments to be licensed. The shills on this board are as ridiculous as it gets. For any trader reading this, my advice is to call the SEC directly and find out for yourselves. SEC Toll-Free Investor Information Service:
1-800-SEC-0330
More...

Evo,

We are on the same page. Yes, please look at this thread on Lake Street and who is the one that warned everyone they would be shut down? ME! Who said to call a registered BD....ME!!!

http://www.elitetrader.com/vb/showthread.php?s=&threadid=262478&highlight=lake+street

I can not be called a shill. I have always warned people against trading at unregistered firms and have posted SO MANY times that traders should contact a registered BD and take the 56.

However, I do give FACTS, not opinions. I backup my posts with links. Saying that it is illegal for a US citizen to join an offshore firm is just false. I can open an account wherever I want. If a firm gets shut down the traders do not get in one ounce of trouble. No US agency will ever contact them. This is my beef with your posts. You keep saying this over and over again and it makes all the other true statements you post somewhat lose their credibility. You also fail to recognize and acknowledge that their are specific exemptions that firms can apply to their business so they do not have to register. And again, I am not saying any of these offshore firms fall under these exemptions, but the exemptions do exist for a reason.
 
Again, the exemptions do not apply to firms collecting commissions. Anyone's best bet is to call the SEC directly and not take anyone's word on this site. Ultimately, this is the only one to get clarity on this subject that isn't clear here.
Quote from Itrade2009:

Evo,

We are on the same page. Yes, please look at this thread on Lake Street and who is the one that warned everyone they would be shut down? ME! Who said to call a registered BD....ME!!!

http://www.elitetrader.com/vb/showthread.php?s=&threadid=262478&highlight=lake+street

I can not be called a shill. I have always warned people against trading at unregistered firms and have posted SO MANY times that traders should contact a registered BD and take the 56.

However, I do give FACTS, not opinions. I backup my posts with links. Saying that it is illegal for a US citizen to join an offshore firm is just false. I can open an account wherever I want. If a firm gets shut down the traders do not get in one ounce of trouble. No US agency will ever contact them. This is my beef with your posts. You keep saying this over and over again and it makes all the other true statements you post somewhat lose their credibility. You also fail to recognize and acknowledge that their are specific exemptions that firms can apply to their business so they do not have to register. And again, I am not saying any of these offshore firms fall under these exemptions, but the exemptions do exist for a reason.
More...
 
People:

Listen to evo and itrade....just take the series 56 and trade thru a reputable firm like JC Trading Group or Bright Trading. If I can pass it anyone can pass it!
 
Quote from textrader4:

People:

Listen to evo and itrade....just take the series 56 and trade thru a reputable firm like JC Trading Group or Bright Trading. If I can pass it anyone can pass it!
More...


There is no point in me taking those tests, I am a Canadian. Looking for a remote prop firm that is has insured accounts with decent payout
 
no props offer insurance, including US b/d's. You are trading with them at your own risk. The issue with not wanting a license is you are restricted to firms outside the U.S. where there is not much oversight
 
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