Like i said i dont know how things work for sure, but from what i understand, you have to have a B/D that deals with a clearing company to clear your trades. I know for a fact title owns their own b/d and operates under one. I know swift owns Biremis, but im not sure how they clear.
For anyone who's reading coolpurplefan this guys is just not ready to trade, That guys told me that he already read about 50 books on trading. He got 2 interviews and when we called him back twice to hired him, he said he want to read more about trading and talk to his famely to decide what is the best method to trade for himself.... So please coolpurplefan stop complaining about not trading, you could be sit since 2 months behind 3 19 inches monitors and drive microsoft to 30$ and get 50% payout... or maybe you prefer to stay home and complain on all forums...
firms like title trading are real prop firms. they don't take deposits are ask you to contribute any capital. Only pay desk fee or data fees. and if you don't make enough profit or profit quota trading firm capital, they just fire you. no point in have unprofitable trading firm capital and taking up desk space. there business model is that of hiring sales agents. if sales agents don't make money or lose money the sales agent is fired.
because there are people that don't even have $1000 to open a retail account or can't open a retail account. and because there are people that need a job. Many brokerage accounts and prop firms want minimum $5,000 to have teh privilleg to participate in the market.