I was considering sure trade. But I heard such terrible things about their customer support. I even called there and got a recording during market hours!! When you go to their website you get the disclaimer below. This is consistent with what Itrade has been talking about. I think they are legit but still pretty risky. CMB, what do you against taking the 56? "Use of this website is subject to your acceptance of the following terms and conditions. By entering this website and reading or using any of the information contained herein, you hereby acknowledge that You, of your volition, are requesting information and documentation pertaining to opening an account with SAS (SureTrader) under the auspices and using the execution, custodial and administrative services of SAS. You understand and agree that all information obtained from/at this website is in no way to be interpreted as legal, taxation, or investment advice, and you understand that there has been given no expressed guarantee or warranty on any service or product by the SAS, its agents, representatives or any of its affiliate sites. You further understand and agree that all transactions, communications and exchanges of information using this website are to be considered as having taken place in the jurisdiction in which the office is domiciled in The Bahamas. You further understand that this website is operated in compliance with the laws of the jurisdiction in which the office is physically located is The Bahamas. Compliance with the laws of the jurisdiction in which you are a resident or citizen is your responsibility alone. SAS, its agents, representatives or any of its affiliate sites, only conduct business in the jurisdiction in The Bahamas. Neither SAS, its agents, representatives or any of its affiliate sites, by offering you the opportunity to do business through them are agreeing to subject themselves to the laws, customs and procedures of the jurisdiction of your residence. None of the information contained herein constitutes an offer to buy or sell a financial instrument. SAS is liable neither for the completeness and accuracy of the information given, nor for any loss incurred as a result of action taken on the basis of information provided here or in any other SAS publication. SAS expressly reserves the right to alter prices or product composition at any time. Swiss America Securities, Ltd (SureTrader) does not service accounts for U.S. citizens, U.S. residents or U.S. corporations. Click continue below if you are a Non-US residents and you have read and understood SAS policy with regard to US customers and would like to continue."
I do plan on take the 7 or 56. But it's gonna take some time to study for it. Im gonna study for it over Christmas break, I have school every afternoon and evening during the semester.
Nonko is working with Lewis Firm Trading in Las Vegas. This is already ridiculous. These firms think they can lie and misrepresent themselves as unregulated off-shore entities simply because they have a po box in some distant remote island? The people on this board have to stop being so naive. I'm not going to post a link to their website but rather a phone number for those who want information to call. the SEC has a huge investigation on off-shore firms. They shut down quite a few and all the rest of these are gonna be shut down soon enough. The SEC is well-aware of these firms. Traders should individually call the SEC and find out for themselves as others have done - (202) 551-8808 You can use the search button and research Lake Street Trading, Broad Street International, BSI Trading, IBWorldwide (I almost fell for this one too) and many others. You can surely take the risk but nobody should come on here crying like they did about IBWorldwide not returning their money.
]Nonko is working with Lewis Firm Trading in Las Vegas. This is already ridiculous. These firms think they can lie and misrepresent themselves as unregulated off-shore entities simply because they have a po box in some distant remote island? The people on this board have to stop being so naive. I'm not going to post a link to their website but rather a phone number for those who want information to call. the SEC has a huge investigation on off-shore firms. They shut down quite a few and all the rest of these are gonna be shut down soon enough. The SEC is well-aware of these firms. Unless you are a securities attorney, your interpretation of the rules isn't sufficient. You should find out for yourself from a securities attorney or from the SEC directly. Traders should individually call the SEC and find out for themselves as others have done - (202) 551-8808 You can use the search button and research Lake Street Trading, Broad Street International, BSI Trading, IBWorldwide (I almost fell for this one too) and many others. You can surely take the risk but nobody should come on here crying like they did about IBWorldwide not returning their money.
Thanks for the info evo! Appreciate you taking the time out of your trading day/research to let us know the details for this. I was thing about this, I'm probably gonna hold off on trading and paper trade and trade options for awhile while I study for this exam. Would u suggest the 56 or 7 exams? I'm interested in echo trade, they told me in a email that they need the series 7 and need 10k, I'm probably looking at 7k to start. Would taking the 56 be better and going to a WTS firm? Cheers.
The 56 will be cheap and quicker. The 7 has all the 56 material plus additional topics like bonds, futures, currencies, etc. Overall, the 7 is more well-rounded and gives you ability to move around in the financial industry. It is used as a blanket license for securities professionals. The 56 is strictly for prop-trading. It's a quicker and cheaper route. You should also think about commission rates, software fees, registration fees, etc and weigh who you decided to go with. You can also go with one of the programs like maverick, alpha7, etc which do not require a license but the model is different - you pay for training and then they fund your account. There's upsides and downsides to both types of setups. These firms are structures as hedge-funds like a lot of chicago firms. I'm not going to recommend WTS as better than echo or bright or anyone else. I've never dealt with those companies but both have been around a long time, are reputable an there is accountability for your money. That being said, the market will get your money long before any prop firm does. Weigh your risks and your options carefully and think about your future and ability to use prop-trading as a way to explore more about trading vehicles and instruments in general.
This is my interpretation on the 7/56 from the info I got researching firms: You must take the exam that the firm offers based on the exchange they belong to. And that differs from firm to firm. For example, Bright requires the 7 and cannot accept the 56. JC/WTS requires a 56 and does not offer the 7. Although if you already have a 7 the CBSX can waive the 56. I was a financial planner with an insurance company and have a 7 but I could not get a waiver because I didn't use it for trading (only sales). But if you have a 7 from another trading firm you can get a waiver for the 56. Firms that require you to pay a "training" fee and then allow you to trade their capital are a total scam. First, they don't teach you anything you can't read from a book. Most just have you watch old videos that they haven't updated in years. Then they will let you trade 100 shares until you lose a few hundred dollars and then cut you off. I did A LOT of research before choosing JC Trading Group. They had the best support, best rates, and helped me pass the 56. I also liked what Echo and Bright had to offer but at the end of the day JC was better overall for my needs.
You are absolutely right. The SRO determines the licensing requirements. With CBSX, it is 56 or 7 can waive the 56. With FINRA firms it's a 7 usually. If they are a NYSE firm (some market makers) it is a 55. It's different from firm to firm but generally speaking, the 7 is more widely accepted and easier to take somewhere else. the 56 limits you to CBSX firms only.