Evo, You are a Goldman Sachs client? And you have a subaccount with WTS or CTG or something right? Come on, are you serious? There's a 5 million account minimum with GS and you trade with a prop firm whose whole capital base at 12-31-2010 was $2.8 million in member's equity? Can you explain?
To the OP - here's the list of POSSIBLE issues - for you to check out yourself and ponder.
1) There is no financial statement online on SEC.gov for 12-31-2012. Might not be their fault, but all the other firms are up, so you should ask them for a copy.
2) According to their past statements combined with filings on the SEC site, if you do a little math, their traders make almost no money, which questions their longevity and training, support, etc.
3) They merged with Dimension, which had a terrible rep of exploiting newbies who didn't do due diligence and signed up, had a subgroup in queens who disappeared to China with 2 million dollars (some was dimension traders, others were randoms from their community). Also, dimension on numerous occasions was accused of front running their prop traders. I believe they were even sued in arbitration over this (not sure on the lawsuit).
4) Fusion, the software WTS bought in the dimension deal, is consistently one of the least reliable software platform's in the industry, probably because it is just a renamed Blackwood Pro, which was built in 1999 or 2000.
5) they subscribe big time to the sub-group model, which leads to questions you should get answered about someone else or a different group blowing up and how it effects you.
6) regulatory fees may be bs. If they're up front with them, fine, but you can call it cheap rate than nickel and dime people and it doesn't turn up as cheap. just make sure it is all in wiriting.
7) you mentioned 'internalization' - there is a lot of speculation they just cross their internal orders. This is not good, since there is a delay. when stocks are moving, the last thing you want are fancy routes, you just want to be able to get the stock on the box.
8) one other rumor is that they spread any strategy from their US traders if they land a decent fish to traders in their much bigger overseas arm. the risk is you walk out of there without the edge you walked in with.
9) no one has ever answered the question about their Class A member capital versus Class B capital. Meaning, if a trader blows up, do the owners have any cushion in there before your money gets blown up proportionally. This would be a question to ask in writing to WTS or any other firm.
Anyways, some people like the firm. It is a broker dealer in the US, which is also a positive. But those are some possible things to look into and do some more digging before signing up.
To the OP - here's the list of POSSIBLE issues - for you to check out yourself and ponder.
1) There is no financial statement online on SEC.gov for 12-31-2012. Might not be their fault, but all the other firms are up, so you should ask them for a copy.
2) According to their past statements combined with filings on the SEC site, if you do a little math, their traders make almost no money, which questions their longevity and training, support, etc.
3) They merged with Dimension, which had a terrible rep of exploiting newbies who didn't do due diligence and signed up, had a subgroup in queens who disappeared to China with 2 million dollars (some was dimension traders, others were randoms from their community). Also, dimension on numerous occasions was accused of front running their prop traders. I believe they were even sued in arbitration over this (not sure on the lawsuit).
4) Fusion, the software WTS bought in the dimension deal, is consistently one of the least reliable software platform's in the industry, probably because it is just a renamed Blackwood Pro, which was built in 1999 or 2000.
5) they subscribe big time to the sub-group model, which leads to questions you should get answered about someone else or a different group blowing up and how it effects you.
6) regulatory fees may be bs. If they're up front with them, fine, but you can call it cheap rate than nickel and dime people and it doesn't turn up as cheap. just make sure it is all in wiriting.
7) you mentioned 'internalization' - there is a lot of speculation they just cross their internal orders. This is not good, since there is a delay. when stocks are moving, the last thing you want are fancy routes, you just want to be able to get the stock on the box.
8) one other rumor is that they spread any strategy from their US traders if they land a decent fish to traders in their much bigger overseas arm. the risk is you walk out of there without the edge you walked in with.
9) no one has ever answered the question about their Class A member capital versus Class B capital. Meaning, if a trader blows up, do the owners have any cushion in there before your money gets blown up proportionally. This would be a question to ask in writing to WTS or any other firm.
Anyways, some people like the firm. It is a broker dealer in the US, which is also a positive. But those are some possible things to look into and do some more digging before signing up.