Looking for a new prop trading group

I use to trade with the Cy Group, and I liked them but after several months off I inquired about coming back to them to start trading again and was told of the recently changes they have made. They now require a non-refundable $5k to open an account before it was refundable. I would like to find a new trading firm to trade with. I have $5k but would like the option to refund it if I choose to. Cy group was 20:1 leverage and I would like to find something near that if possible. Any suggestions or advice would be greatly appreciated. Thanks

 

If you're willing to get your license (currently the Series 56), then you'll find a host of U.S. registered prop firms that will give you 20:1 with $5k. Regarding the $5k being "refundable" it's locked up for a year as per SEC rules. However, you'll need at least that much just to cover your professional data fees, commissions and platform fees.

 

I am using a HK firm. I can give u the email address. Tao@cdtgtrader.com. U can discuss the leverage with them

 

Hold Brothers gives 25:1 with $5k minimum contribution. You also need to make sure whatever firm you are going with gives you a fair payout, and does not overcharge you on execution/recurring fees.

 

Hi ScalperJoe,

Can you recommend any US prop firms that give leverage for day trading stocks that have a low price per share commission base and low platform fees? Initial deposit of $5k that would be refundable. I would be willing to get a license.

Your feedback would be appreciated.

Thanks

 

There are only a handful of Series 56 firms that I'm aware of that will take you with $5,000 initial capital plus the license (in no particular order):

Hold Brothers
Avatar Securities
Chimera Securities
Quasar Trading
T3 Trading

Hold has their own platform so you won't pay a platform fee, whereas the others will charge you a fee, probably around $150-$250/month. Regarding the deposit being "refundable", you'll have to wait for a year for any funds due to the "lock up" period.

 

Hold brothers is a little pricey

 

They're all pricey if your doing under a million shares a month.

 

What about for a Canadian doing 500k/month?

 

I'm not really familiar with the Canadian shops, but I imagine they're about the same to slightly more.