I'm trying to decide which firm I should join, both seem to be very similar. I'm having trouble understanding a few things though: Echo is asking for $870 up front for exchange membership fees for the entire year along with series 7 registration. They are a member of PHLX but apparently Assent is not a member of any exchange. The rep from Assent said there would be no benefit to a trader if the firm was a member of an exchange. As such, I wouldn't have to pay those extra fees with Assent, just the $250 to take the series 7. Does anyone know why one firm is a member of an exchange and the other isn't? Is this important in deciding which one to join?
$500 shouldn't make or break your decision (if it does, you are UNDERCAPITALIZED). What firm seemed like the best fit for training, rates, atmosphere, etc?
It doesn't make or break, but there is nothing major to differentiate the two. Commissions are the same, there is no training. Do you know why one firm is a member of an exchange and the other isn't? This seems like a big deal to me but I am only speculating. Does anyone have info on this? It would be greatly appreciated.
Echo is an exchange member firm, they can only trade a proprietary account. They are not allowed to have customer accounts. You only need a series 7 with them. Assent is a member of FINRA(used to be NASD). Assent can have a propreitary account and they can hold customer accounts. Only BD's that are FINRA members can hold customer accounts because FINRA regulates the BD's a lot more than exchanges do. With Assent you need a series 7, 63 and I think you still need a 55.
Thanks for the info. Wouldn't it take months to study for all those licensing tests? I spoke to someone there today and they failed to mention anything about that.