Firms That Don't Require Licenses

Discussion in 'Prop Firms' started by Liz, Apr 2, 2015.

  1. Liz

    Liz

    Hi,

    Was wondering if anyone had recommendations for prop firms that do not require 7/56 licensing? The firms I've come up with so far through looking around has been CY, SharkTraders, and Nonko but wanted to know if there were any others. Also, if there were any out there that has Lightspeed as a platform option.

    I traded at a prop firm a few years back but my 7 recently expired and would rather just fund a retail acct than study and retake the test, however wanted to see what other options I had before I did.


    Thanks,

    Liz
     
  2. rmorse

    rmorse Sponsor

    If they offer you trading capital, that's great. If you will deposit first loss capital with an unlicensed trading firm, be careful that are following SEC/FINRA rules and not "acting" as a BD. The SEC is going after the firms. They can't markup commission and can only profit from a percentage of profits or a monthly fixed overhead fee.

    I would think twice about this.

    Bob
     
  3. Nevis Trading (Island of Nevis) is an offshore firm that advertises here. You can look into their terms of opening an account, however they do not accept U.S. citizens, so that's out if you are U.S. based. They use Sterling and Laser, according to their website.

    Suretrader (Bahamas) is an offshore broker/dealer that accepts U.S. accounts, however you may want to look into the tax rules regarding opening such an account. The platform they have is DASpro (or their version of it).

    Of course, do your own due diligence before sending capital, especially to an overseas firm where you may face limitations for recourse.
     
  4. I call this the new Bernie Madoff rule. Deposit or keep no more money in an account than you would want temporarily locked up, inaccessible, or totally lost. Offshore??..have you ever heard of anyone going to another country (i.e. Nigeria) to collect their money? Donald Trump was once quoted, "I never expose more than 5% of my assets to any one entity"
     
  5. Futures firms.
     
  6. global market trading in canada.