|SureTrader targets $25M in revenue|
Guardian Business Editor
Published: Feb 25, 2013
An online brokerage launched early last year is reporting more than 100,000 equity transactions each day, a figure that far exceeds all other Bahamian firms combined.
SureTrader.com, listed with the Securities Exchange of The Bahamas since January 2012, has increased its staff to eight Bahamians and filled out its 4,000-square-foot office at Elizabeth on Bay. The firm plans to hire up to 20 more people by the end of this year and currently seeks professional Bahamians amid expansion, according to its founder Guy Gentile.
The parent company, Swiss American Securities Limited, is also the founder of SpeedTrader.com, a U.S. online trading broker with around $20 million in annual revenue.
Gentile told Guardian Business that SureTrader.com is poised to earn $25 million in annual revenue in 2013.
"What gives us our edge is superior trading technology and a New York business approach," he said. "I operate a lean aggressive staff that has a strong desire to be the best. Not only the best in The Bahamas, but the best in the world."
Gentile added that SureTrader.com hopes to open 5,000 new accounts in 2013 after opening 2,000 in 2012. The firm wants to become the largest brokerage in The Bahamas by revenue in 2014.
"We have given ourselves an advantage by offering extended margin leverage of 6-1 compared to 3-1 in Canada and 4-1 in the U.S. We have the largest short list in the industry, we allow shorting in penny stocks, and you can fund an account easily with a credit card. There are no restrictions on day trading," he added.
Later this year, Swiss American plans to widen its project offerings through Canadian stock and options, Gentile said, and by connecting VISA debit cards to the accounts.
Following a staffing boost, the firm also wants to offer a customer service line and eventually go to 24 hours after adding European trading. The company has recently aligned itself with RBC Royal Bank, Interactive Brokers, ETC Clearing and DAS Trader.
Gentile, a U.S. investor, remains the largest tenant in the Elizabeth on Bay plaza, located on East Bay Street. He has invested approximately $400,000 into the new SureTrader.com office, with an additional $1.5 million or so in Sur Sushi.
The latter is expected to open in the coming weeks.
Back in December, Gentile reported that the restaurant has received more than 500 applications. Only 45 Bahamians will be hired for the trendy, new restaurant. Blu, formerly located across from the up-and-coming Sur Sushi, closed its doors late last year and put dozens of Bahamians out of work. Investors hope Gentile and his business ventures will help re-energize the plaza and East Bay Street.