Forex Startup

[wisetrader]

Segregated Banking (FDIC Insurance) - Clients open segregated accounts at Sovereign Bank, recently purchased by Santander Bank of Spain and have the benefits and safety of FDIC Insurance (up to $250,000.00 USD) on non-margined funds. SummerStreetFx.com

1) MT4
2) NO COMMISSION
3) NO DEALING DESK
4) NO REQUOTES
5) SPT 6 PRIME BANKS
6) VARIABLE SPREAD
7) All trades, all files, all EAs

SummerStreetFx.com

 

[Pharaoh]

Sounds tempting except for

8) No NFA registration!

Your company appears to be based in the USA and is accepting clients for forex trading. Are you registered under a different name?

 

[wisetrader]

The NFA is a self regulating body. You pay a fee to join them. We don't handle any funds, there is a custodian of the funds that is registered with the SEC. Summer StreetFX provides access to the Forex Market and allows you to get the best spreads with Straight Through Processing to six (6) prime banks which is usually reserved for large institutional investors without the Dealing Desk and excessive expenses. I mean it's hard enough to make money as it is. I want you to make money and keep trading, if you lose your money I can't make anything.

 

[Pharaoh]

As I understand it, that self-regulating body called the NFA is something that the CFTC requires USA-based forex brokers to be registered with. So, where is this company located?

If you aren't actually handling the funds, then who are traders actually trading with? I believe that a true broker typically does require access to client funds in order to move money in and out of the account as trades are closed. Is SummerStreet just an IB to some other brokerage?

 

[wisetrader]

We are located in Boston, Ma. the CFTC has not completed writing the registration requirements (and, therefore, has not set a date by which registration must be completed).
Your funds are held in a FDIC insured account at sovereign bank which is opened on your behalf by Sunspot Capital. Sunspot Capital is the Custodian of the funds and is registered with the SEC.
SummerStreetFX allows you access to our trading platform and we provide you with the best spreads by offering our clients straight through processing to six (6) prime banks.
My email is R.Wise@summerStreetfx.com and I am here to make sure my clients get what they need to trade. I really like FPA and I want someone from this site to try out my services and write a review. So everyone feel free to contact me.

AsstModerator Note: Mr. Wise decided to delete a couple of his posts. I've restored those.

I wonder if his deletions had anything to do with the fraud charges filed against Craig Karlis by the SEC. You can read those here...

http://www.sec.gov/news/press/2010/2010-205.htm

 

[Wildpips]

Sounds interesting.

Is hedging allowed?
Is mini and micro account available?

 

[wisetrader]

Yes! to both questions. I accept ALL trades!

 

[green_glass]

A quick whois on the domain says it's registered to CRAIG KARLIS. I recommend googling that name. Something to think about.

 

[fxtraderprof]

I would be very cautious about considering trading with this company. First, they claim they offer Straight Through Processing, yet trades are placed utilizing "Instant Execution" and not "Market Execution". How can this be? Any true STP firm must execute trades on a Market Execution basis. The only explanation is that they are taking the other side of the trades and advertising under false pretenses. Second, they indicate client funds are held with Sunspot Capital Corp, a legitimate RIA, but all there disclaimers list Revere Capital Management???? Sounds very shady to me. Trader beware.....

 

[wisetrader]

Another post Wisetrader decided to delete

First, I will not comment on things that happened in the past at other companies because frankly I wasn't there. I have heard the story from people in the know and there is a lot more to it than what's posted online.

I can only go out on a limb for myself. I am offering my services as a broker to you. I am the one that you should contact directly, either by email or PM. I will be handling your account personally and my primary objective is to make sure you get what you need to continue trading.

Secondly, I find it odd that the last two replies to my thread both had only negative things to say even though they don't know me and that they both were made by recruits that recently joined and have NO contact information and NO other post. Hmm?

Lastly, we do NOT have a dealing desk! We offer straight Through Processing ( STP ) to six ( 6 ) prime banks ( Bank Of America, JP Morgan, UBS, Barclays, Dresdner, and Deutsche Bank) so you get the best pricing.

We offer a variable spread. If you look at the spread during a news release you will see it widen, that's from the banks. If a broker if offering you fixed spreads then they have a dealing desk.

The whole instant execution versus market execution is just semantics. We do NOT have a dealing desk!

Revere Capital Management was created by SunSpot Capital to handle our clients exclusively.

I really like this site despite all the negativity. I think that most people on here are looking for some direction and are just interested in learning to trade the Forex Market without getting screwed over.

I sympathize with everyone who is looking for an honest broker, that's why I am here to offer my services for someone to try and hopefully write a review for others to see.

This is another post that Mr. Wise decided to delete. What is he trying to hide?