What does Echo charge to newbie traders. What is the highest commission rate and payout percentage for Echo. With IB giving 0.05 per share commission, I think that should be the starting point for commission by most of prop firms out there.
Don't forget though that when you join a professional firm, the firm doesn't pay the $1/month exchange fees that you would at a retail firm. Professional fees are more like $250/mo, and that's whether you trade or not. They also have to pay licensing fees for your login on the trading platform. Posted rates don't really mean much either, since everything is negotiable. Many firms have groups that operate under the firm's umbrella and negotiate deals with their traders directly. Signing up with an individual group you can often find more flexibility than dealing with the company directly.
true lescor. many times you can find a high vol group and piggy back if you're remote. i've recently brought 3 guys under a very large group and the guy will be lucky to overide a $100 amonth off me and the other guys. my negotiating pt was i'm retail and remote and cost you nothing and my vol helps yout get a better rate ot overide your funded guys. i'm with alarge prop house and my rates are lower than some fo the offices have. when you trade 4 million or more shares a month even .001 difference in rates is 4k amonth. its tough for offices to keep traders so offices are hungry for steady guys who'll be there
Did anyone see the most recent ad in Monster for Echo in Chicago ? Is this just an ad or are they really looking to hire, train and pay out. I did notice they still wanted a "minimal contribution".
Someone explained to me, I forget who, that the capital contribution also makes it easier to issue you a K-1 instead of a 1099 since you are a member of the LLC as opposed to treating all your gains as earned income. Makes tax easier depending on your situation. If this is true, may explain in addition to risk management why you are required to put some duckets down.
how much deposit does Echo require to 1) buy options 2) do spreads 3) sell options can someone comment please?