Surge trader anyone ever use it?

[eli77]

Seems to be the latest rage owned by a female here in the states. Anyone trade with their platform?

 

[Bible_Belt]

$6,500 "audition fee" to get 10:1 margin. They are obviously making their money off that fee. I have had 10:1 before with no fee and no percentage of profits taken. That loophole is probably gone by now, but this reeks of scam. They know you're going to lose money, that's why they charge the big up front fee.

 

[eli77]

$6,500 "audition fee" to get 10:1 margin. They are obviously making their money off that fee. I have had 10:1 before with no fee and no percentage of profits taken. That loophole is probably gone by now, but this reeks of scam. They know you're going to lose money, that's why they charge the big up front fee.

Whats do you use?

 

[FlirtLife]

Since investing interests me, and I hadn't heard of "prop trading", I poked around. I don't think the admission fee gives you a real trading account with real money that reaches live markets. Consider the 4% drawdown on $25,000 I saw on one website: they cut you off after you lose $1,000. And you pay about $150 for that privledge ... does it make any sense that a company loses $850 every time someone joins and sucks at trading? Or does it make more sense that the $25,000 is play money, and the loss of $1,000 not a real money loss... and they just pocket your $150. The latter makes more sense to me.

Brokerage firms with trading software usually offer the option for a "paper trading" account using play money for free. If you think you're skilled at trading, you can find out for free using paper trading. Even if you want to pay money to "prop traders", you should practice for free before you pay money.

 

[AureliusMaximus]

Seems to be the latest rage owned by a female here in the states. Anyone trade with their platform?

Always do the due diligence first:

SurgeTrader is rated "Great" with 4 / 5 on Trustpilot

Do you agree with SurgeTrader's TrustScore? Voice your opinion today and hear what 1,259 customers have already said.

www.trustpilot.com

Looking on negative reviews often reveals the real truth as they haven't been able to remove them upon request.
(Yes, a company can request TrustPilot to remove reviews not in the favor. Not equal with that they succeed every time though).


Loads of these scam comments can be found.
I would not trust Surge Trading with my cash.

Like the old adage says:
If it is too good to be true, it probably is....

Their website doesn't look very reputable too comparing to well established trading firms either.

 

[AureliusMaximus]

Their trading platform (as they are not regulated by FSA themselves) is provide by EightCap and their reviews doesn't look quite good either, (Looking into their negative reviews):

Eightcap is rated "Great" with 4.2 / 5 on Trustpilot

Do you agree with Eightcap's TrustScore? Voice your opinion today and hear what 2,732 customers have already said.

www.trustpilot.com

 

[eli77]

Since investing interests me, and I hadn't heard of "prop trading", I poked around. I don't think the admission fee gives you a real trading account with real money that reaches live markets. Consider the 4% drawdown on $25,000 I saw on one website: they cut you off after you lose $1,000. And you pay about $150 for that privledge ... does it make any sense that a company loses $850 every time someone joins and sucks at trading? Or does it make more sense that the $25,000 is play money, and the loss of $1,000 not a real money loss... and they just pocket your $150. The latter makes more sense to me.

Brokerage firms with trading software usually offer the option for a "paper trading" account using play money for free. If you think you're skilled at trading, you can find out for free using paper trading. Even if you want to pay money to "prop traders", you should practice for free before you pay money.

What do you trade?

 

[FlirtLife]

What do you trade?

Most of my years investing involved passive index funds, which is where every retail investor should start. If you buy $SPY (S&P 500 ETF), that's also one of my holdings.