Hi, Based upon my research there are only a few legitimate prop firm that will sponser for the 56 and take deposit. Here is my list: T3 and its subsidiaries including Integra and JC Trading and WTS 5k deposit. Bright Trading 50k deposit Are there others that should be added to this list? Thanks
I'm not a prop guy, but if you describe your situation in detail, maybe someone can help. It would help to know: -how much of a deposit you can make -what you trade -are you in the USA -do you want remote or a trading room If you don't offer details, no one here will be able to make a good suggestion.
Fair enough I am looking for firms that accept 5-10k, allow you to trade remote, trade equities and/or options. I am in the USA. Basically I am looking for alternatives if there are any to the ones that I listed.
Avatar Securities Quasar Trading Hold Brothers All require the Series 56. The remaining were already mentioned: T3/WTS, Bright, and Chimera.
Another recent Hold Brothers red flag: http://www.sec.gov/litigation/litreleases/2014/lr23143.htm I think you'd be crazy to even affiliate with them let alone send them any capital.
Interesting that they DID pay the first installment of over $500k, and they DID pay their Class B members (see item 31 in the complaint, link below). However, I'm not sure you're aware that Hold Brothers has TWO companies, Hold Brothers Online Investment Services ("Hold Brothers") and Hold Brothers Capital, LLC. The complaint deals with the FINRA firm (now terminated). The licensed Series 56 prop traders are members of Hold Brothers Capital, not Hold Brothers, which is the firm mentioned in the SEC complaint. Also, if you do a FINRA broker check, it clearly says that Hold Brothers does not owe any customers any money. In other words, customers got their money back, and Hold Brothers also paid $1.4 million to twenty three Class B traders who had equity stakes in Hold Brothers. I guess the SEC still wants the remaining $2 million in fines that Hold Brothers agreed to pay in the settlement. Maybe they get it eventually, maybe not. When you look at damages, who really suffered as a result of their "spoofing" activities? The SEC? The exchanges? Gimme a break! Here's a suggestion for the SEC: if you end up getting the remaining $2 million out of the Hold Brothers, then maybe you can do your jobs, and provide relief to those who suffered REAL damages, the former Team Trading traders, many who never got their money back. http://www.sec.gov/litigation/complaints/2014/comp23143.pdf