A new online brokerage is looking to triple its staff complement and move to a 4,000-square-foot office space in the up-and-coming Elizabeth on Bay complex.
SureTrader.com, established in December of last year, has already doubled its staff to 9.
That number could be as high as 30 by the end of this year, according to Guy Gentile, the CEO of SureTrader.com. With just 30 active accounts in January, that number has mushroomed. The brokerage now handles more than 620.
Gentile, who is also the creator of SpeedTrader.com, the U.S. online trading broker with $20 million per year in annual revenue, said the 700-square-foot office in the British American Financial Center off Bay Street West is getting a bit cramped.
The move to Elizabeth on Bay marks yet another major tenant for the newly-renovated development and signals a further revitalization of the East Bay Street area.
"We are hitting our goals and made a profit for the first time in our three months here in The Bahamas," Gentile said.
"We will be relocated to a bigger space in the next six to eight weeks. Our staff has grown to nine people and we expect it to be between 20 to 30 by year end."
The goal, he said, is to "bring Wall Street to Bay Street". The brokerage is currently facilitating as many as 1,500 trades every day.
The growth is consistent with the CEO's claims back in January, when he told Guardian Business he plans to be the largest trader in the country within six months.
"We actually haven't pushed that hard yet," he explained. "We are now on track though for 4,000 customers in 12 months."
At this rate, he said four new hires each month is possible to meet the demand. In terms of hiring, Gentile added that his strategy is to bring on Bahamians with international education or experience. Candidates with a background in technology and networking are preferable, Gentile explained, because much of what SureTrader.com does is providing support for investors.
As an attractive offshore trading hub to short sell penny stocks, the brokerage removes many of the regulations governing traders in Canada, the U.S. and Europe.
SureTrader.com is not subject to the Pattern Day Trade Rule. Imposed by U.S. firms, investors with less than $25,000 are prevented from performing more than three trades in any five-day rolling period.
It also offers a wide margin of leverage to its clients. Scanning the company's client profiles, Gentile noted that the majority of his clients have between three to five years of trading experience. Unlike its American counterparts, this brokerage aims to capture a wider market of investors.
"With us, they can put in $5,000 and have similar buying power. It makes business sense for the trader. Less money means less risk. I know for a fact you don't need $25,000 to be a successful day trader," he said.
Gentile attributes much of the firm's success to affiliates.
Timothy Sykes, an author, educator and celebrity Wall Street enthusiast, is one of the company's more important allies. He sends his pupils to the online platform.
"Most people, if they are willing to listen to you to buy and sell, will probably be wiling to listen on where to trade," he told Guardian Business. "In traditional marketing, you spend money up front and hope it will turn into business. When someone is referring you in business, we are helping them also."
A veteran of the brokerage business for 15 years, SureTrader.com markets primarily to tourists and individuals that live in The Bahamas but possess other nationalities.

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