They dont require a deposit, try another branch there are a few in Toronto. The desk fees are $125 and the payout is 40% for the first $25000 and 50% after that.
A firm takes the capital risk, i.e. no deposit, and this is a "rip"? What should it be then if you are trading firm's capital?
It might not be a deposit their asking for, because to be honest 500 dollars isn't really a deposit. Maybe they're charging the desk fee for the first 5 months up front to makes sure the potiential new candiates are serious and planning to stay for 5 months