I'm sure it's different from prop firm to prop firm, but what's the standard practice? My guess is semi-monthly or biweekly, but can anyone confirm? Are there prop firms that pay monthly?
The firm I currently work with pays out on 1rst and 15th. It's not automatic though, it has to be requested and approved. We can request a payout anytime, but the actual transfers from the account to my personal bank account is done the 1rst and 15th. Most firms have similar practices. Withdrawing profits 1-2 times a month seems about right. I usually take my payout on the 15th for the previous month (I.E. April 15 I will withdraw march profits -x% that is the firm's)
Yes, if you call around, then you'll find that most of the CBSX registered firms pay monthly, however some give you access to profits bi-weekly, which of course is beneficial to a trader.