i know that i am supposed to get the cash according to the contract, but what if i dont? people here are often saying having problems with payments. for a remote quy, all i can do is to ring the firm, what if its not picked up? i mean what kinda protection/option i have before an economically/physically infeasible suit?
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What if you dont get your $ back?
- Thread starter econometrics
- Start date
Quote from ksonsinc:
Go with a reputed firm like Bright trading
But i dont know if they can open an account overseas for a remote trader
We have traders in many Countries, from Xiamen China, Japan, and even in Holland, Australia, Norway, and Dubai. They do need to have their licenses, of course, but no big deal.
Can't have U.K. traders for some odd reason however.
Don
what will you check for due diligence purpose before opening an account with an overseas remote firm?
1. financial statements
2.
3.
1. financial statements
2.
3.
Verify that they actually do clear through who they said they cleared through. More than one firm has not checked out when I have called the clearing firm to check! No I will not answer in this thread as to who - ask them their clearing firm and then call that clearing firm and verify.
Verify through their regulatory body that they are actually a member.
Read the entire contract beforehand. Anything you object to ask about. If they say "oh that doesn't matter, we can bend on that" for non-competes, lockup's , etc but won't modify that section then stop and think - that's a legal contract - it'll likely hold up so if you are not comfortable with it maybe you shouldn't sign. The contract is what will matter if there is a legal dispute down the road, a person's word on a phone call is meaningless. That'll offend some but it's true. Look that puppy over - there's alot of firms out there - you should be picky too.
Those are pretty simple checks to make before you go too far. If they are lying about who they are doing business through why would want to get yourself involved? Kinda the same as an employment background check - you should do that on them and make sure the company is real. Otherwise you just threw your deposit away. Literally.
Good luck out there & good trading
Verify through their regulatory body that they are actually a member.
Read the entire contract beforehand. Anything you object to ask about. If they say "oh that doesn't matter, we can bend on that" for non-competes, lockup's , etc but won't modify that section then stop and think - that's a legal contract - it'll likely hold up so if you are not comfortable with it maybe you shouldn't sign. The contract is what will matter if there is a legal dispute down the road, a person's word on a phone call is meaningless. That'll offend some but it's true. Look that puppy over - there's alot of firms out there - you should be picky too.
Those are pretty simple checks to make before you go too far. If they are lying about who they are doing business through why would want to get yourself involved? Kinda the same as an employment background check - you should do that on them and make sure the company is real. Otherwise you just threw your deposit away. Literally.
Good luck out there & good trading
Quote from ksonsinc:
Hey don
If some on is in china holland etc how does he plan to get his license from there.
And the minum deposit is still the same right $25K
How does it work don as i have a friend and he want to trade throught a reputabe prop firm .
Same basic rules apply (Series 7, adequate capital etc.). Many countries actually offer the Series 7 exam.
Most of our people actually spend a few weeks/months here in the U.S. (or Canada, Langley)..... for training, licensing and all the rest.
Tell your friend to send me an email, or call. donbright@brighttrading.net or 702.739.1393 (slow time of trading day is usually good).
Don