Need prop Firm now Please

Discussion in 'Prop Firms' started by mitwave, Nov 22, 2010.

  1. mitwave


    Okay we are all traders on this forum. the major question seems to be traders like myself looking for a ligit place to trade where we will not lose our 5k deposit. After reading many post here, there seems to be none unless they are insured where they hold your deposit for 1 year.
    I did speak with lakestreet trading Friday,
    .004 com.
    180 month fee.
    the 180 fee is reduced if you trade more then 200k shares per month.

    This would be perfect, if the 180 month was reduced 100k shares or pro rated, and you knew you could get your 5k back.

    Is there any company can provide this. Please pm me or put a post on the forum.
  2. Have you contacted Echo or Great Point?
  3. mitwave


    do you have the contact information for great point, and do they require 5k deposit for 1 year.
  4. A firm "where they hold your deposit for 1 year" does not make your funds insured! Only retail accounts are insured by SIPC.

    The "one year" lock up is an SEC rule, Rule 15c3-1, and refers to net capital requirements for broker-dealers. Usually, the firms that hold your funds for a year are regisitered firms and have to file focus reports with the exchanges. Be VERY CAREFUL of firms that take "risk deposits" where you cannot review their financials.

    Finding "a legit place to trade" depends upon:

    1. the integrity of the owners
    2. the firm's ability to manage their financials/risk
    3. the history of the firm and their capital structure
    4. your luck

    You can research several links on prop firms and conduct further due diligence:
  5. what platform are you looking to use. pm me if you want details about LS/Laser.
  6. try capital traders group and broad street and cy group. all of them can offer rates like that.
  7. bigpapi


    I've traded on both broad street and cy,

    I recommend cy if you know what you're doing and broad street if you need hand holding or a kick in the rear when you're slacking off or taking too much risk

    both good firms
  8. bigpapi


    to add, broadstreet charges about 200 for platform and 9 bucks per 1k for low volume while cy charges 60 bucks for platform and 5 or 6 bucks per 1000 cy uses laser i forgot what broadstreet uses
  9. Broad Street uses DAS & Sterling. Capital Traders Group uses the same DAS and Sterling. Their costs are a little lower in my experience, although they do have the minimum ticket charge as well, so if you're moving small lots like 100 or 200 shares, the added cost can make maintaining profitability more difficult.
  10. If you are worried about locking up a 5k depsit (which most prop traders are not) then you need to open a retail trading account (which is FDIC insured).
    If you want prop leverage on your 5k you need to go to a prop shop where you do have a lock up period and no FDIC/SIPC insurance.

    A great retail shop for active traders is LightSpeed IMHO. the rates are .00395/share to start and can be reduced if you do significant volume. I use LS for my retail trading account with retail daytrading margin of 4:1 (2:1) overnight.

    #10     Dec 7, 2010