Discussion in 'Prop Firms' started by blackbook, Jan 31, 2011.
Echo is not for losing traders.
From the CBOE.org regulatory site:
"To demonstrate that persons or entities that have provided the non-clearing broker-dealer with cash are owners and not customers, the broker-dealer must do the following:
- It should have complete paperwork for all class members, including signed LLC agreements and traders agreements which provide a clear description of the relationship between the broker-dealer and trader/member and that:
Capital contributions must be locked-up for one year; and
- Funds invested as capital are subject to all the risks of the broker-dealer, including risks related to other trader losses."
So the answer to your question is probably "yes".
Of course, you can always just contact the CBOE and ask them directly:
so everyone who has traded with echo still trades and has never left?
i cannot find one person on here has walked away and withdrawn money. even reading the reviews people have great reviews but nobody comments on lock-up or withdrawing funds etc.
How much hand holding do you need? Get the number I gave you back a page or two and call it, push extension 108 this is Devin she knows her stuff ask her
i stated before, i have asked them directly.
i wanted to hear from other traders who have traded there and have withdrawn their funds.
I cannot speak for any prop firms out there as a comparison. But just over a yr. ago I worked off site for echo trade. They were friendly helpful and gave me my money back, very professional. The reason I left was my own fault. I made a commitment to Echo in that I could expect to generate x amount of trades and potential P&L. I hired a programmer (from ET site) to build a few strats and they simply did not
work as I asked. So in all fairness to ECHO I came clean and said it would be months before I could attempt re-coding something reliable.
They were more comfortable refunding my $. I actually found someone
good who is working on a few things now and I am thinking of going back if they give 2nd chances.
excellent, thank you.
The only reason why someone would change prop firms is if they were losing money trading. If you are making money consistently and have issues with rates, leverage, fees, etc. the firm will almost always accommodate. Traders who bounce from shop to shop usually don't make money therefore people who have left most any shop haven't really had to worry about withdrawing capital.
platform, support, etc. are two good reasons to leave a firm. i have been trading through amtd and havent had any complaints or issues however i am looking for additional bp to boost my account so i am entertaining a few shops.
echo does not have a 1 yr lock up
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