For the uninitiated, IM Academy, formerly iMarketsLive, is an MLM whose scheme centers around a SaaS model for their forex (foreign exchange) trading software. I'm still early in the research, but I think the way they get around the legal definition of a pyramid scheme is by providing referral commissions to their affiliates, who are the ones ultimately posting about their purported 'success' and the opportunities they want to share with their friends and families and doing the recruiting.
Now, perhaps save for the ballsier MLM brands involved in health and wellness products, where running afoul of the FDA is the primary concern (and having worked as someone designing junk mail for a health food/grocery store [the owner of which was decidedly ANTI MLM, thank apollo] for a decade, I can tell you that the magic "These statements have not been endorsed by the FDA. These products are not meant to diagnose, treat, cure, or prevent any disease." is almost an impervious shield, if you're not a total sketchman and literally saying those things in the ad copy for the product), the SEC and the FTC are the regulatory bodies at play; and FINRA, I believe, is the US regulatory body overseeing forex, specifically.
I dig economics. I like listening to economics shows. I've heard plenty of ads for forex trading solutions on the radio, and one constant is the inclusion at the end of the ad of a disclaimer saying, more or less, that 'Forex trading carries substantial risk and consumers should not trade more than what they can afford to lose', or something along those lines. Of course, the folks peddling IM Academy on facebook are just posting about the opportunity to make money trading forex.
That got me thinking -- if the company is paying these guys commissions on referrals for the software, they are effectively communicating to the public. FINRA has some very specific guidelines on this (emphasis mine): Communications with the Public
NASD Rule 2210, applicable to all FINRA members, prohibits firms from making any false, exaggerated, unwarranted or misleading statement or claim in any communication with the public. Rule 2210 is not limited to a broker-dealer's securities and investment banking business. A firm's forex-related communications—whether the firm is acting as a dealer or is soliciting forex business for a dealer
—must be fair and balanced and based on principles of fair dealing and good faith, and firms must provide a sound basis for evaluating the facts regarding both the forex market generally, as well as the customers' specific transactions. These obligations may not be waived or met by disclaimer.
New FINRA member firms that engage in forex-related activities must file their advertisements with FINRA. Rule 2210 requires any firm that has not previously filed advertisements with FINRA to file all of its advertisements at least 10 days prior to first use; this filing requirement continues for one year from the first submission. Rule 2210's internal approval, filing requirements and recording-keeping provisions also apply to forex-related communications. The rule requires that a registered principal give written approval of all advertisements and sales literature prior to use. Rule 2210 prohibits predictions or projections of performance, or the implication that past performance will recur.
Communications used by firms in connection with retail forex activities may not tout future returns. The rule prohibits the omission of material facts or qualifications that would cause a communication to be misleading.
Accordingly, firms' communications must adequately disclose the risks associated with forex trading, including the risks of highly leveraged trading.
Firms must also make sure that their communications with the public are not misleading regarding, among other things:
- The likelihood of profits or the risks of forex trading, including leveraged trading;• The firm's role in or compensation from the trade;
- The firm's or the customer's access to the interbank currency market; or
- The performance or accuracy of electronic trading platforms or software sold or licensed by or through the firm to customers in connection with forex trading, including falsely advertising claims regarding slippage rates.
- FINRA also reminds firms that SIPC rules prohibit references to SIPC membership or protection in communications regarding commodities, including forex.
Am I onto something here? Even if IM Academy seems to skirt around the traditional definition of a pyramid scheme, their affiliates are breaking the regulations the company, at least, is obligated to adhere to.
This IM Academy scheme specifically seems particularly predatory. I can see a vast gulf between being out a few hundred bucks on shitty inventory you'll never push and forex leverages, which can sometimes mean you lose more
than you put in.
TL:DR: What type of college/university classes are most geared towards market analysis/TA/proper DD/strategy/ etc. (Not online workshops, actual University caliber) submitted by
Short story Long: I'm currently in medical school, and because of the variability in our training my university charges us block tuition. This opens up the opportunity to take an endless line of electives without additional charges (unlimited education hack, sponsored by JPowell).
How it's presented to the medical school is that the only electives we can take are within the medical school curriculum, so no one ever gives it any thought, but I did some DD, and confirmed at every level I could think of with the university, that I can take any class university wide offered, and it will always fall under my block tuition. Obviously, I'm a med student and have the capacity to study 20 hours a day, and still find time to win/lose on TOS, so I figure if I divert the TOS time to actually learning more about the market, it'd be more win less loss, but I'm not sure exactly which types of classes would cater more to information about the market/security analysis, etc., vs just general "business stuff." I've emailed a few of the professors themselves, but they all just say that their class is what I need and I can't seem to root out the bias. I'm surrounded by med students and physicians who think the stock market is scary and have their FA take care of everything blindly, so no help there. And based solely from my work experience in the market prior to starting school, I'm the smartest person in the room in terms of the market (at least among my friends and peers outside of school) so no guidance there either. So I'm hoping you lovely people can give me some guidance.
Background: I've never taken a business class in my life, I have a BS in Biochemistry, a MS in Bio-Inorganic Synthesis (Chemistry), and as mentioned above, medical school (DO- I'ma witch doctor). That being said, I also have a series 7 and 63, (both current but inactive since no more FINRA backing), and I'm pretty sure that my MLO license is still active - all this to say that I have a substantial knowledge base financially, and I've done my own DD through online searches, I was just hoping someone has an idea of a formal education that I can try to find here.
Also if it matters: typically I trade options, though I started looking at the futures and Forex market too, but haven't dove in yet.
Edit: while preferably not necessary to use: I do have ~20k nonessential cash on hand
EDIT FINAL - submitted by
Boa noite a todos! A minha conta na TD Ameritrade foi aprovada e aberta. O processo foi muito mais rápido do que minhas expectativas.
Solicitei a abertura da conta no dia 07/11/2019, enviei os documentos online através de um e-mail criado em uma plataforma da própria TD
(não precisei enviar por FAX, enviei para [[email protected]
- uma nota de corretagem da Clear;
- o scan do meu passaporte;
- o formulário W8BEN preenchido (preeencham com atenção pois se for preenchido incorretamente, pode atrasar o processo de abertura), assinado e escaneado;
- a página final que aparece ao finalizar a aplicação da conta, onde assinei a última das 3 páginas e mandei escaneado.
Enviei os documentos pelo e-mail no dia 11/11/2019 e hoje, 15/11/2019, recebi um e-mail que minha conta havia sido aprovada.
O último passo foi ligar para um número da AT&T que redireciona chamadas para alguns números dos EUA. O número que liguei foi 0800-888-8288 (do celular, para fixo é o 0800-890-0288). Após atenderem, você disca o número que quer ligar - no caso, é o número de atendimento internacional da TD: 800-368-3668.
Após esperar (demorou uns 15 minutos), fui atendido e expliquei que abri a conta e precisava de um PIN para acessar a conta. Esse PIN te enviam pelos Correios, mas eu não quis esperar pois demora vários dias. O atendente me passou o PIN, loguei na conta, troquei a senha e o userid, e após responder algumas informações adicionais, estou acessando a plataforma normalmente.
No futuro, caso seja interesse de alguém, providenciarei um feedback sobre minha opinião sobre a corretora. Até agora, após desanimar um pouco com a aparente burocracia para abrir a conta, estou satisfeito pois deu tudo certo. ---------------------------------------------------------------------
Bom dia, gostaria de uma opinião ou qualquer comentário que possa agregar com essa decisão.
Vou utilizar a Remessa Online para enviar capital. Meu objetivo é, primeiramente, comprar ETFs de metais e algumas opções derivativas, e, daqui alguns meses, algumas REITs e stocks.
Estou em dúvida entre algumas corretoras, vamos lá:
- uma das maiores e mais renomadas, zerou os custos de corretagem recentemente. Parece uma boa opção. O problema é a taxação de 30% do dividendos para os Non US Residents. EDIT
: prós - plataforma sensacional ThinkOrSwim.
- também é uma das maiores, as taxas parecem justas ($0.005 por cota e $ 0.7 por opção) e boa plataforma para opções... até agora é minha escolha
. O problema dela é o custo de $ 10 caso não opere no mês (ou $ 20 se possuir menos de $ 2000 na conta, que será meu caso). EDIT
: prós - suporte bastante rápido; produtos globais e não apenas americanos - operam ETFs do Reino Unido, como por exemplo os da Irlanda que são 'accumulating', ou seja, não passam pelo processo de cobrança de IR e corretagem na hora de reinvestir pois reinvestem por conta própria e nunca distribuem dividendos.
- parece excelente para operar opções, com uma plataforma muito boa. Entretanto, as taxas não são muito agradáveis.
- é renomada mas achei o site confuso, aparentemente a corretora está se voltando para serviços prestados à outras empresas de investimentos (business to business), para abrir uma conta até onde entendi precisa preencher e enviar um formulário de contato, é algo burocrático e parecem estar deixando o varejo de lado.
- parece uma boa opção para brasileiros, mas é uma corretora recente (tem pouco mais de 2 anos) e está com alguns problemas com a CVM
. Também não tem opções derivativas, então acho que não me serve. EDIT
: prós - sessão de documentos para IR e carne leão, tudo formatado, calculado e com dólar certo. O fundador dela é o Roberto Lee, que fundou a Clear e foi diretor da XP, então já tem muita experiência de mercado. Outra coisa ótima dela é poder transferir valores por TED, como se fosse pra qualquer corretora brasileira. Você pode transferir qualquer valor, não tem mínimo, além disso, o exchange funciona dentro da plataforma, você fica com saldo em reais e converte quando quer para dólar.
Utilizei o site Broker Check
e a IAPD da SEC
para averiguar a situação legal das corretoras.
Qualquer relato de experiência própria ou prós e contras de alguma dessas corretoras será de grande ajuda para a escolha, e conforme os comentários apareçam, vou atualizando o post com esses prós e contras.
Outras opções vindas dos comentários:- TradeRepublic
(Alemanha): 1 euro por operação e sem cobranças adicionais.
- Oanda: mais voltada para trading e Forex.
- DeGiro: corretora holandesa, frequentemente recomendada para europeus.
FINRA's Enforcement Department is conducting an inquiry with respect to forex trading. 1. Please advise us if your firm, either directly or through an affiliate or subsidiary, has in any way participated in forex transactions since January 1, 2006. If so, we request the following information pertaining to all forex transactions since January 1 ... Most FINRA Forex brokers will, therefore, offer other trading services rather than just currencies or commodities. It is usual for any Forex brokers regulated by FINRA to be licensed and regulated by the NFA and the CFTC as well. This is because most parent companies will have two different umbrella companies or partners, one for Forex trading ... FINRA is a self-regulatory body that supervises and implements regulatory guidelines on financial firms that deal in securities, equities, bonds, futures, and options. This includes all the ... FINRA is an independent self-regulatory organization that does not use any taxpayer money or Government funds for its operation. The funding for the agency’s operations are raised through membership fees, fines, and other advisory fees recovered through consultation for its members. FINRA Forex Brokers & Regulations for the USA. The United States of America is home to numerous financial regulatory organizations that aim to safeguard the integrity of the US capital markets through constant surveillance of its market participants.
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