Echo, although it is a prop firm, and you are posting in the pro firms forum. IB on the other hand is a retail firm, so which are you looking for? If its retail, then no, there are no retail firms under the 25k mark for daytrading since its a rule set by regulators not brokerage firms.
there several firms out there that require the 10k for collateral against any losses. Some required that if you bring the minimum (usually 5k or 10k), you must trade onsite. however there is echotrade that allows remote with as little as 10k. there are probably more outhere but echo has better reputation. One thing besides minimum 10k, you must be aware that most firms, if there are part of the pacific, philly, or chica exchanges, hold on to your initial contribution whether 10k or more for at least a year. Which sucks pretty much if the firm starts to crumble, kiss you money goodbye. With the exception of bright who gives you your oney back in a few days if you leave the firm. Other exceptions to this holding firm rule are nasd firms. Such as worldco. they only hold on to 25% your money for a few months.
Echo just merged with Van Buren and also requires 25K. What are the firms you mentionned that require 5 and 10 K as collateral?
what was that about worldco only holding on to 25% of your money? Do you know what they need as initial collateral and how long they hold it ? Also, how much buying power do they give you initially ?
there are many firms outhere that let you trade Professional (best explanation for this is that you take 100% of profits) with only 10k. the problem is that most require you to trade onsite. Where are you located? do you want to trade remote or onsite?Another one you might want to checkout is BLCdirect.com offers a similar program thru the internet (expensive in commissions though). Point direcx offers prop trading with only 10k and onsite. Another one that has recently try to gain publicity is innovative trading (go to monster.com or hotjobs and search for trader), Dont go there...too many uncertainties. worldco will take you with as little as a few thousand to trade with them but only onsite.
worldco: minimum a few thousand (in some cases where the firm is opening an new branch, theres is no money required; only onsite; remote maybe if you have more than 25k generic: minimum 10k, only onsite unless you fork over 25k; domestic - sec: capital might not be required; remote maybe be possible but with time echotrade: 10k minimum might have changed; bright: minimum 25k; remote allowed. details are too long to list......pm me with what you are looking for
there policy might have changed, and if not..... if you plan to leave the they hang on to 25% of your initial contribution or capital account for only six months (until everythign clears....legal reasons...in case you do illegal shit or something) initial collateral can range from nothing to a few thousand, and you can only trade listed. If you want to trade nasdaq then you need at least 10k. lets say you bring 10k.....and in less than a few months you decided to leave. if you make or loose nothing. they give 7500 and hangon to 2500 for six months until everything clears that you trading activity was not illegal. i think that the money that they hang on to also earns interest...but i might be wrong on this part. Buying power doesnt apply in worldco. You can trade anything whether its a $1.00 stock or $200 (unless the stock happens to be on the restricted list, which is a list for those in general that have less tahn 25k in their acct.). initially they start you off with 100 to 200 shares with maximum 2 positions. if you show that you can make money or at least not loose it, then they will raise your share and positions limit. after your first week they can raise you to 300 or 400 shares and 3 positions.
Not sure if you are looking for a proprietary firm or what, but the direct access firm i go through only requires 2k ( www.propehttrader.com ). I don't know much about the requirments though so you may want to check it out yourself. I don't know if they offer proprietary trading however. Take care, trade4me
thanks skynet, that is the best info I've heard on worldco. It doesn't sound so bad. I am attracted by a low depost, but was afraid i would be trading 100shrs and unable to make a living. If I can trade 3 positions of 300 shrs every day I ought to be able to survive.