From what I know about this company, they gather traders, group them and refer them to Broker Dealers and negotiate a lower commission for the group. I don't believe they are a scam, just pioneers in the industry. Don Bright, you do not need 25k to start. On the contrary I believe this company thrives on traders who do not have 25k capital to become daytraders. Just from what I know about the company.
What do you think about Echo? I live in Chicago and am stopping by their office tommorrow. I would like to have more buying power but they only offer 5x with a min. of 10K, or 10x with 25K. waterwolf
Waterwolf, You can find a much better deal on your own. The commissions you quoted seem above average, .01 cent per share is pretty high now a days + they're are many firms that will let you trade with under $7000. I will bet if you made 4 or 5 phone calls you can get a rate that is at least 25-75% better depending on your volume and save the fee you would have to give to these morons.
Thanks BIGtrader. Any feelings on Echo? I could put in around 10k but it's harder to get max leverage over 5x from other props.
I don't know much about Echo other than what I have read on this board. Most of the reviews seem very positive. Maybe you can get more buying power if you assure them that you won't take overnight positions. This is what scares firms the most.