I know this question has been asked a lot, but haven't found a lot of satisfying answers. Want to trade a new strategy. Month 1-6: Deposit 2.5 to $5k. Leverage 2:1 Volume: 50k - 100k shares/ month Commisssion: Maximum 0.005 But not my first concern Month 6- ... Deposit: 5k 6:1 intraday leverage volume: 500k-1M Commission: competitive I am based in Europe and my series7 is inactive at the moment. Would prefer not to retake the test.
Was looking at Sharktraders. But have some concerns: They offer too much leverage: 30:1 They have the same PO box as at least 5 other companies. Stupid name
Since you are based in Europe then you can't join a registered b/d prop firm that is based in the U.S., such as the firms that require the Series 56 license (or an active Series 7, which you don't have at the moment). So your next options are the offshore firms. Check these out and do your own research/due diligence, of course. Suretrader (Bahamas based broker/deaker), offers 6:1 leverage, not sure of their minimums for capital requirements, but no Series 7 license required. Nevis Trading (West Indies, Island of Nevis), only open to non-U.S. citizens, so being from Europe helps in your situation.
Offering "too much leverage" is subjective. If they have proper risk controls in place for each of their accounts, then it's not a big deal. The standard at props is 20x. Find out if you are responsible for any capital losses in excess of your deposit. Ya, the PO Box is a bit of a concern. Maybe they have sub-groups that trade through one firm, not sure. Perhaps it's worth doing more research on this aspect. Stupid name, well, again, subjective opinion. As long as you get a platform, good rates, fast execution and payouts, then the name is irrelevant. When dealing with offshore firms, you are subject to the risk of your deposit, however unlike the domestically regulated firms, recourse against them is limited in case they close shop and keep your deposit.
Interesting. Their address on the site is listed in the Virgin Islands, albeit a P.O. box as Chuck Krug mentioned.