Not even close to that for equities. 50k gets you an IB to one of the major houses. Of course you have to pay compliance officers, lawyers and the FINOP to keep things tidy. Year after year those add up to millions.
actually 5k gets you daytrading...100k gets you prop trading..but your right on about the admin. cost....FINRA now requires at leas two different 24;s...some firms are grandfathered in with the one principal rule.....
I'll let it slide this time but don't let it happen agin or I'll flame you!! How have you been? Haven't seen you round here in awhile..hope all is well
I do not need to be flamed by the master! Still here daily, but trying my best to stay out of threads not trading related. Thanks for asking. How is Shill Securities LLC treating you?
Swifttrade, Title trading, Genesis, all have their own B/D's in place, which are FINRA registered, AND those companies will give you 10,20,50 or even 100x.
No they are not....they have LLC's in place that have accounts with them....the LLC's pool many investors $$ together and make it seem like your getting 100X ect....
Swifttrade's and Title's (which are a little different from Genesis here) branches only have like $5000 deposited. This $5000 deposit gives branches millions of Buying power. If this money would be backed up by investors (1/6) ... Man they would have hundreds of millions in their LLC's... No way