Quest Commodities

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xile

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Hi,

I am fairly new to trading and new to this website, so hello everyone and I look forward to learning from the information that more experienced traders can offer someone like me :)

I am looking for an Introducing Brokerage who will trade options on my behalf. I came across Quest Commodities Ltd (www.questcommodities.co.uk) who offer their clients "fully managed accounts" which is ideal if you don't have a lot of time to continually monitor the markets.

What I would like to know is if anyone has heard of Quest Commodities or, if anyone currrently trades with or has traded with them in the past? They seem to be legitimate but you can be 100% sure.

Thanks for help, your comments would be apprediated!
 
well, for a start I worry about a company that looks principally US but has a .co.uk address, and no .com address.

It's has forex on its front page, but no commodity data as its name would imply. I am sure the bods are who they say they are, and I am sure you, or one of your many named or as yet un-named heads will 'elighten' us.

also not it claims founding in 1998 or some such yet has no alexa site data - looks a little odd to me, but again oh xile, pls enlighten
 
Thanks for your reply Jimbo!

I forgot to mention that In an email from Quest, they informed me that they use Blake Stannard (http://www.blakestannard.com) to handle all of their trades. I sent and email to Blake Stannard who later replied "I am happy to confirm that Quest Commodities Limited is one of many Independent Introducing Brokerage firms that use Blake Stannard Limited as FCM for the NYMEX market."
 
They are registered in the British Virgin Isle’s, for tax reasons I guess.
 
xile- re blakestannard:

from their website:

"Founded in 1965 Blake Stannard Ltd. (BSL) is a privately owned Futures Commission Merchant (FCM). Blake Stannard Ltd. is one of the oldest international independent futures brokerage firms in the industry. Blake Stannard Ltd. is fully accredited clearing member of all major global mercantile exchanges and is a registered member of the Global Offshore Investments Regulator."

i checked the clearing members list on Nymex - they are not a member

also, what the hell is the Global Offshore Investments Regulator?
 
to answer my own question, just googled it and the only link is to blakestannard.com

Ive traded commods for well over 20 years, never heard of this company (which in itself means zip I accept), but given 10 minutes research my gut feel is find someone else
 
Jimbo; I might as well ask. Can you recommend a good Introducing Brokerage?

Cheers!
 
try Liberty Trading Group...

http://www.libertytradinggroup.com/

they're based in Miami...
the owners James Cordier and Michael Gross wrote a decent introductory book recently on option selling. They do have quite high minimum account requirement though.

hope that helps a bit.
 
xile

Why do you want "an Introducing Brokerage who will trade options on my behalf"

I understand your time limitaion and that you cannot "continually monitor the market", but frankly to give any broker, unless you have known them for a great deal of time, through good times and bad, any discretion at all in managing your position, particuarly options, is just granting them a license to print money at your expense.

Call me a cynic, but thats the way the market is I am afraid.
 
Jimbo,

I never thought of it like that, now you've got me thinking!

I've been thinking some more about Blake Stannard and Quest Commodities, if it is a scam it is a very elaborate one.

To verify Blake Stannards claims that they are one of the oldest international independent futures brokerage firms in the industry , I have emailed NYMEX and asked if they would confirm that they are a legitimate broker. If NYMEX say they are legit then it must mean Quest Commodities are legit also, as Blake Stannard have already confirmed that they do business with Quest.

I'll keep you posted!


jimbo57 said:
xile

Why do you want "an Introducing Brokerage who will trade options on my behalf"

I understand your time limitaion and that you cannot "continually monitor the market", but frankly to give any broker, unless you have known them for a great deal of time, through good times and bad, any discretion at all in managing your position, particuarly options, is just granting them a license to print money at your expense.

Call me a cynic, but thats the way the market is I am afraid.
Click to expand...
 
Look what I found, Quest Commodities and Blake Stannards websites were registered by the same person.

Questcommodities.co.uk

Domain name:
questcommodities.co.uk

Registrant:
Jackie Heeple

Registrant's address:
1 teer
Cairns
4185
AU

Registrant's agent:
NIWA Web Solutions OEG t/a Chillydomains [Tag = NIWAWEB-AT]
URL: http://www.niwa.at

Relevant dates:
Registered on: 08-May-2006
Renewal date: 08-May-2008


Blakestannard.co.uk
Domain Name: BLAKESTANNARD.COM

Registrant:
DFD pty ltd
Jackie Heeple ([email protected])
1 teer
Cairns
,4185
AU
Tel. +61.740315333

Creation Date: 27-Mar-2006
Expiration Date: 27-Mar-2007

As this operation now seems to be a scam, who can I report them to, the FSA maybe?

Thanks.
 
I doubt its a scam as such, although there are suspicions that some of their representations may not be true (basis my 10 minutes research mind!).

They haven't scammed you as far as I can make out from your posts so I see little point in pursuing it - time is limited and energy is limited, far better to use your own resources of these two valuable commodities to really decide what you want to do in the market.
 
xile said:
Hi,

I am fairly new to trading and new to this website, so hello everyone and I look forward to learning from the information that more experienced traders can offer someone like me :)

I am looking for an Introducing Brokerage who will trade options on my behalf. I came across Quest Commodities Ltd (www.questcommodities.co.uk) who offer their clients "fully managed accounts" which is ideal if you don't have a lot of time to continually monitor the markets.

What I would like to know is if anyone has heard of Quest Commodities or, if anyone currrently trades with or has traded with them in the past? They seem to be legitimate but you can be 100% sure.

Thanks for help, your comments would be apprediated!
Click to expand...

Good afternoon

I to am a complete novice and possibly not qualified to even post a message on this board. My only reason for registering was to read and then post a reply to your message. For all I know the above company may well be genuine but they seem to bear a striking similarity to a scam from autumn 2004 called nexusfutures. Thanks to boards like this one and google (bless them!) I didn't lose anything then but I did speak to a disgruntled Irish investor who was down approx 30000 euros. The Irish Sunday Business Post ran a comprehensive article on Nexus in early January 2005 (it was available on the net and may still be out there somewhere).
Unbelievably I have recently been approached by quest (cold called actually). Needless to say my money is staying in the bank.
hope the above is of some use.
regards, Bobbi.

P.S. I have more information on both of the above if anyone's interested.
 
Thanks for your email Bobbi, if you could send me more information it would be much appreciated.

I had not received a reply from NYMEX so I called their customer services. I asked the guy if he could confirm if Blake Stannard Ltd was a legimate brokerage and clearing firm and guess what, he said that he's never heard of them.

I'm sorry to keep going on about this but I don't take kindly to people trying to scam me and I won't let it lie. I have already sent information to the FSA and Metropolitan Police SCD6 Economic and Specialist Crime OCU (Operational Command Unit).
 
xile said:
Thanks for your email Bobbi, if you could send me more information it would be much appreciated.

I had not received a reply from NYMEX so I called their customer services. I asked the guy if he could confirm if Blake Stannard Ltd was a legimate brokerage and clearing firm and guess what, he said that he's never heard of them.

I'm sorry to keep going on about this but I don't take kindly to people trying to scam me and I won't let it lie. I have already sent information to the FSA and Metropolitan Police SCD6 Economic and Specialist Crime OCU (Operational Command Unit).
Click to expand...

xile you should have a pm from me. Think I pressed the right buttons. let me kow if it's got to you
regards

Bobbi
 
Hi Bobbi,

Your PM hasn't arrived.

Cheers!

Bobbi said:
xile you should have a pm from me. Think I pressed the right buttons. let me kow if it's got to you
regards

Bobbi
Click to expand...
 
could you please provide us urgently with all information you gathered about quest commodities and blake stannard as we need to know ASAP if they definitely are a scam.
thank you for your help with this very pressing matter.




xile said:
Thanks for your email Bobbi, if you could send me more information it would be much appreciated.

I had not received a reply from NYMEX so I called their customer services. I asked the guy if he could confirm if Blake Stannard Ltd was a legimate brokerage and clearing firm and guess what, he said that he's never heard of them.

I'm sorry to keep going on about this but I don't take kindly to people trying to scam me and I won't let it lie. I have already sent information to the FSA and Metropolitan Police SCD6 Economic and Specialist Crime OCU (Operational Command Unit).
Click to expand...
 
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