I doubt any reasonably managed broker would offer 20:1 overnight leverage or if there were the dec crash would have bankrupted them. If you have enough money ($100+), a portfolio margin account should be enough
Ok. some body tell me what a prop trading firm actually does? Why they take a share of profit and charge commission? People are mixing Brokerage +Hedge fund+prop firm all together. All of these have different business model. They are not the same.
Traditional Prop - They use their money, hire you and give you an allaoction. They provide a salary and profit split. They only make money when you make money. They are like a hedge fund but not looking for capital. Your pay is in the form of a 1099 or W2. US based Joint Back office (JBO) Prop firm-They must have only $1mm of their own Capital. They make a deal with a clearing firm to join their back offices to provide leverage to traders. Each trader deposits first loss money with a lock up period of 1 year. The firm generally takes a split of profits from 1% to 20%. They only do that because the Regulators make them. They generate their revenues from marking up commissions, interset, desks fees, and charging for training. Your pay is in the form of a K1. Your funds are not protected by SIPC. Both are Broker dealers and in the US that means you are a registered person and will be required to take the Series 57.
daytraderzed, I see you are from India. We can offer customer accounts to residents of your country and offer Lightspeed Trader for accounts starting at $25,000 or more.
This is incorrect. Prop firms will and do give you overnight leverage. Generally, you need to meet account minimums for overnight bp, but 6:1 is pretty normal from people I've talked to. Unfortunately for OP, I don't know of anyone taking non-us citizens.