This is my first time posting on this web site...I wish I knew about it sooner. I am a veteran trader who has been EVERYWHERE on the street from the AMEX to "pseudo" hedge funds to other day trading firms. Bright is by FAR the most reliable firm in terms of the most important thing, holding onto and being able to withdraw your capital. Some of these other "firms" who are schlockhouses have ridiculous withdrawal periods and you will NEVER see your money. At bright it will be in your checking account the next day, as it should be. It seems that most of you guys/gals are in the NYC area. It is a great office, I left it for a while and it was a big mistake, but now i am back. They have a great manager there and some traders with new ideas. I know it sounds like I have some other financial interest in the firm but i am just a trader who has seen all the scams/bs and wants others to be happy. I have seen some posts where some guys are complaining about the monitors and technology. All firms have tech problems at one time or another, this one has less. Best of luck.
I was with Echotrade for a year and always recieved wire requests the same or next day, never a problem. When I left the firm, I had all my cash back to me in four days. I wouldn't say Bright has a lock on sending people their own money in a timely manner.
what firm holds your money? isn't that illegal?? i've been to several firms and wire requests were always honored the same day. even et will handle your requests immediately. if you try to close your account, they can only hold it until your last trade clears. any longer than that, i would file a complaint...
Read your llc contract. Most of them can hold money for contigent liability in case you had violations. I think few would invoke that clause though coz of the hassle and bad publicity. Unless you really piss them off they usually won't hold longer than trade + 3
From my understanding of the Bright Trading LLC contract, they could hold on to your money for 6mos. I believe this is to discourage a person from joining, betting the farm on a trade, then trying to run to the bank. If you're a serious trader who thinks of this as a career and not a casino that gives you high margin, you'll be fine. They will return your capital with a wire transfer within days of your request.
I have been to many, many firms in NYC, and I finally decided to stick with Echo Trade. Their office in the City is incredible. The setting is unlike most trading floors, which are gloomy and depressing. Lots of light, really makes a big difference. The people are very nice, very friendly environment. The manager there is a very nice guy and definetelly more than reasonable. They have very comfortable and simple to use software, very customizable to your own needs. I highly recommend.