FX Prop Firms

Discussion in 'Prop Firms' started by huskidog, Feb 7, 2007.

  1. huskidog


    Any FX prop firms in NYC? I'm not talking about FXCM or Oanda type. I mean FX prop shop version of Assent or Echo. Thanks.
  2. HornedGod


    The only forex ones I've come across so far are Forex Trading USA and Global FX LLC.

    Xerxes Trading seem to offer forex now too.

    Are there any others out there?

    I've been hunting around for them for a while now and this is all I've come up with.
  3. Surdo


    Whatever part of REFCO that did not evaporate is now MAN Financial.

    Why would a firm expose themselves to such risk, Retail Fx offers 100 - 200X BP..
  4. HornedGod


    The crazy high leverage is mainly used as a marketing ploy by the retail brokers to reel in the newbies.

    If a forex trader has any sense they won't use gearing anywhere near that amount.
  5. cstfx


    They are both based in Fla., not NYC, although they both allow remote trading.
  6. HornedGod


    Global FX state on their website (for example here) that they have a facility in NYC, although this could be a broom cupboard for all I know atm.

    I'll be contacting them this week to get the low down.
  7. cstfx


    Outdated webpage. Their space in NYC, 11 Broadway 13th floor, has reverted back to FXCM's prop trading. Spanton and Co. have migrated to warmer temps.

    The 954 area code should have been a give away, but call away.

    Other fx prop houses in NYC are FXCM, FXdd has a prop group, some group called, I think, BNBC or something like that downtown.

    Many of the major players also have prop divisions, but you have to be experienced in order to get a callback. I know that SocGen offers prop - you make 750k profit a yr, your cut is 125k, or 1/6 of profit. (I was tempted, but if I ran a fund, I could get 20% - the only benefit was the resources available). Also, the pros don't give you 100:1, you'll be lucky if you are trading 20:1.

    So, basically, there are some out there, just not as blatant as the equity guys. You just got to know where to look.
  8. cstfx


  9. HornedGod


    Thanks for the info cstfx.

    Do you know of any fx prop firms outside of NYC?
  10. cstfx


    FX Chicago


    Anything else can't say. To me, everything left of the Hudson (ok maybe the Delaware) is a different country. Everybody speaks so strangely!
    #10     Mar 18, 2007