What do you think about Shark Traders

arna said:
Come on man :)) trick, really??

Start with understanding how proprietary industry works. This is totally normal that there is payout split. I am in this industry since 2007. Wrote a lot of articles online so people can understand the difference.

I have my own group since 2011 which works the same way like Sharks. I can confirm that such low commision is normal thing. Even lower if you are doing massive volume. Which is important for experienced traders.

All in all you must compare what you pay with retail broker to what you will pay in any prop group. In most cases even after payout split you will earn more with prop. Prop commision vs retail commision make huge difference.

For beginners - I agree quotes and platform fee might be expensive. This is because prop traders are great as a pro trader from SEC point if view. Not because someone wanna charge you more...

Best
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Perhaps you misunderstood what I meant to say.
I did not say they are not good, I just exposed a little truth, which the other members didn't see. I still think they are not bad at all compared to other brokerage firms such as SureTrader. I just wanted to warn everybody before creating an account with them, the idea was to prevent a possible trader from a possible regret creating an account with them, caused by lack of awareness towards this commission.

LITTLE UPDATE, I wrote them a message asking if they DO or DO NOT route executions to third market makers, they answered me to specify better the question, so I quoted a bit of https://www.sec.gov/investor/pubs/tradexec.htm (which explains what is route executions in case you trader do not know) and they didn't answer me back yet, but I know this might take some time since for tough questions the girl in charge for assistance usually asks her colleagues.

And please do not say that even if they route to third market makers it is okay, because in that case it Would Not be okay. I hope they don't. And if you are a foreign (not USA) I heard TradeZero is better, still gotta check in depth with them though.

By the way: I translated russian forums in search of bad reviews of SharkTraders, but only found good opinions (don't be to happy yet, I said opinions not real facts or real stories), and of course found a very couple that lost all their money with them, but that's duo to the fact they didn't know what they were doing.
 
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No I totally understood what you wrote.
And stated that it is proprietary trading firm nor a retail broker - so it is common that proptrading firm has payout split. So it is not a Trick, hidden cost etc. It is normal thing for proptrading.

As I wrote - I have got my own prop group. So I know how things work there. I am NOT RELATED to Sharks.
Happen that companies re-routed orders to other ecns, dark pools - like most companies do. Otherwise you will not get so high payout and such a low commision. But still it make only difference if you have a big delay. In most cases latency is very low - and especially proprietary routes give you better ratio fill. But you are right - companies shouldnt do that. But all in all there is so many firms, retail brokers etc that you will have no problem to find right one.

Regarding to tradezero - what you think they earn on? Yes, you are right on the ecn route and re- route.

But I am not trying to convince you. Never try then you will never know. Spent to mamy years in this business. But all the time when I wanna check something I do it by myself. Reviews/opinion on Internet are not always honest.
 
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Guys, unfortunately I've received this answer from Sharks:
"Hello,
Thank you for your email and detailed information provided. Yes, we have order internalization mechanism."
That's an interesting way to say they do route your execution orders to third market makers.
I'll stay away from Sharks and in a few months try out TradeZero, since it seems to be the less crappier one among all these brokers (still gotta run some deep research about them too).
 
sonictrader said:
It's so funny that in this thread there are 4 posters that are all endorsing shark traders. All posters have one thing in common. This is their first and only post. Good job shark traders.
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oh man i'm so happy for this
this is actually makes my life easier
i dont have to spend 30min to do my DD to figure out if this site is kosher,
 
Chris4207 said:
I also just opened an account with shark Traders, but I don't need to purchase lvl 2 quotes because fortunately I had another prop account with another firm and still have there platform which includes free lvl 2 quotes. Honestly though I think the T&S is more important because it's easy to for traders to throw out fake quotes on lvl 2 in an attempt to fool traders. T&S always reads true
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hows it going with sharktrader
 
Ludovico said:
Guys, unfortunately I've received this answer from Sharks:
"Hello,
Thank you for your email and detailed information provided. Yes, we have order internalization mechanism."
That's an interesting way to say they do route your execution orders to third market makers.
I'll stay away from Sharks and in a few months try out TradeZero, since it seems to be the less crappier one among all these brokers (still gotta run some deep research about them too).
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any luck with TradeZero?since they dont open accts for US citizens do you know if TradeZero lets you open a US corp acct?
 
Ludovico said:
Alright guys I FOUND OUT WHERE THE TRICK IS.
After an entire day of research here's where they actually make money:
They take 15% of your net profits as a "commission" everymonth. So basically if you make 1k bucks in net profit in a month they will automatically take 150 bucks of your account. And a withdraw is around 43 bucks each.
And remember the platform is very expensive with them, basically from $200 to $500, because they say "only $155" but you gotta remember that they also say that you gotta pay for the trading Quotes all by your self, which you can see at:
http://sharktraders.com/etc/docs/Shark_Traders_Trading_Conditions.pdf

and they are pretty much all expensive.
And also there is a chance that they route your orders to other places, and doing so you basically may not get filled or at least not get the best fill, which for what I currently know is Not a good thing.
CASE CLOSED
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Haha, no way :) All the props I have traded with before have the same structure, they give low commissions but take a part of your payout, so what's the mystery here? Paying from payout sounds good to me and many other traders who choose prop firms. What about the quotes, yes they could be cheaper, but remember that Sterling is considered to be a professional platform so the quotes price is higher and I don't think Shark makes any mark up on it.
The conditions Shark Traders offers are transparent so I don't see the point of your post unless you wanted to make a buzz around other prop you mentioned. Well done
 
Alright guys here I am back after a few months. So I did not try Sharktraders but I did try TradeZero instead, and I can now firmly say that TradeZero is the deal if you want to trade out of the pdt rule and you are not a U.S. citizens. I also know a guy (alpine trade the trader youtuber) that uses SharkTraders and he completely agrees with me that between SharkTraders and Tradezero, tradezero is the deal. In fact he would use tradezero but he is currently living in the U.S. so he can't open an account with them.
That's all, go with tradezero, they are very good. Of course if you have enough money to go over the pdt rule go with a real u.s. broker. In case you don't, this review will help you out im sure of it.
 
Ludovico said:
Alright guys here I am back after a few months. So I did not try Sharktraders but I did try TradeZero instead, and I can now firmly say that TradeZero is the deal if you want to trade out of the pdt rule and you are not a U.S. citizens. I also know a guy (alpine trade the trader youtuber) that uses SharkTraders and he completely agrees with me that between SharkTraders and Tradezero, tradezero is the deal. In fact he would use tradezero but he is currently living in the U.S. so he can't open an account with them.
That's all, go with tradezero, they are very good. Of course if you have enough money to go over the pdt rule go with a real u.s. broker. In case you don't, this review will help you out im sure of it.
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That's what I thought, you are making a buzz around Tradezero prop. You know, this is a thread about Shark Traders and I've been trading with them for a long time; of course I keep looking at other prop firms in case someone has better offer in terms of fees/payout/service/platform but I'm still with Shark Traders which means I consider them as one of the best prop firms in business nowadays.
Anyway, I had a look at the prop firm you are trying to push here... First of all, how can your friend trade with Shark if he is from US (it was discussed they don't accept US traders) or did I miss something?
Based on TradeZero website: they don't give direct rebate from ECN - any prop firm does, and execution can result profit, both for market and limit orders - so what's the point, huh? Also, Tradezero charges ridiculously A LOT for marketable orders. Their platform looks like Turbotick's white label, which doesn't have any exchange certificate.
So my question is, are you seriously thinking that TradeZero is a great deal over Shark Traders? How long have they been in business? The website looks fresh
 
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