Is Assent LLC a good firm?

I exchanged emails and talked on phone with Assent representatives. Everything sounds nice but there are couple of things that looked shady to me. One is that on their website it states that there is a one year hold on your capital deposit of $10k, to encourage trading or something like this. But when I spoke to them on the phone they told me there is a law that requires them to hold deposits for one year. I searched for that law and could not find it. Another thing is that according to contract it seems that $10k does not go to my account but it goes toward company assets. So if they go bankrupt or etc, I will not be able to get my money back. Is it the same in all prop firms, I will appreciate any responses.

 

That's effectively a "lock-out" period...i.e. they don't want "investors" pulling their money out quickly at a moment's notice. I don't believe there is an SEC statute to back that policy however....so it is at their discretion.

On the other point, you are effectively becoming a partner in the firm with your $10k contribution. You're capital will be something like 0.0000134 of the capital base.

Interestingly, I was looking at Ascent recently, but backed away when I discovered they do not have documentation for their API and provide no developer forum to discuss the thousands of technical issues that could arise, and they don't have the resources to resolve either of the above.

 

What does Assent have that some place like Echo doesn't? I'd like to see more pros/cons lists, avg commish for various volume levels, etc. The disparity in the deals people get makes me think it's one of those things where you tend to get a raw deal your first time. In that case, maybe it makes sense to start with a place that doesn't have a lock up.

 

join them mostly for education and training. And if they are good I will stick with them.

 

What kind of training are they offering? I know that for remote traders there is zero training.

 

Any lock up is to your disadvantage. What does the broker offer to make putting yourself into that negative position worthwhile?

 

I thought that Assent required $30K for retail accounts with 4 to 1 bp; I assume you are prop and they only require $10K; what type of leverage with $10K?

Thanks

 

True to the above.

And as we all know, trading prop would imply being Series 7 registered, too.

 

Assents is Big firm, but there are other cheaper firms out there. Besides the people at assent are kinda sleezebags. No one returns your call. Horrible support

 

Assent was very good when they allowed LLC'S to operate. since demanding that traders have a 7,they lost a large amount of business. that is the truth.