What Broker to use to Manage OPM

alfine

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Going through the various sites over the last week has left me pretty overwhelmed with the number of possibilities out there and the small but important variations with each broker. I've now reached a point of analisys paralyses so need some friendly advice from those of you ouy there who have already done the work.

I've been trading for several years but solely for my own gain. I have since been approached by a few people asking me to manage money for them - not large amounts. I've gone back to each of them with a maybe and that should I agree I'll only do it on condition that:
1. I can find a brokerage that will automatically duplicate any trade I make for myself across the accounts I'm managing on behalf of others.
2. The brokerage also has to limit access so that the clients can see-but-don't-touch.
3. The brokerage will take care of the backoffice end of things and automatically deduct my fees.

I trade Forex, the Dow and Crude. appx. 45 round trips per month.
I am not registered with any governing body and live abroad as do my clients.

Any suggestions as to appropriate brokers? So far I've looked on the surface at IB, Gain Capital, Intebank FX, FXCM, GFT and GCI.
Please feel free to comment.

Thanks in advance
 
IB offers what you want, check them out.

However, I would caution you against accepting any money from friends or family. You see with this group you have nothing to gain and everything to lose. If you make them money, well that' what you said you were going to do. But as soon as you start to lose money then the friction will set in and possibly create a lot of problems.
 
Thanks for the f&f advice. These people aren't f&f. I have also warned them that they risk losing everything and I'm promising nothing. I've also insisted that they only give me money they can afford to lose. I asked to see their portfolio of other investment vehicles to make sure this is just a small fraction, and finally I asked them if they've discussed it with their spouse.
The only downside with going with IB is that they charge a commission. i'm used to SB so making the switch to additional fees will be painful. The alternative is that I limit the accounts to Forex only, that way I can go to a range of brokers that have no fees other than the spread.
 
Forget about worrying about comms, is this supposed to be a legit business of not? If so then set yourself up correctly and pay commissions like every other professional money manager.

SBs are for punters plain and simple.
 
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