I think MBTRADING has a low/no minimum.. you can take a look at amp, open-e-cry, mirus, global, etc. You will find several without any minimum or a low minimum. Many do require 5k.
I think jinxu on here trades with less than $1000 in his account using $300 margin at global futures.
Sounds like a great deal. They want you to make $104,000 in a year trading 5 lots intraday only using a max 2 point stop with a max 4% drawdown on the account while charging $200 a month for charting. Average 8 points a week consistently and all of the above and you will be rewarded with 60% of the profits that you get 1099 'd for and get stuck paying normal tax rate instead of 60/40 break plus an additional 15.3% self employment tax. And the icing on the cake is you can't even take a draw until you have made $5000 in profits. Or you can scrape up $3500, and keep 100% of the profits at a lower tax rate without having to kiss ass to anyone. Isn't that the most important benefit of being a trader ?
Most likely you will lose it. What deal would you like to see if something is giving you money to trade with? 50k lost limited and 1MM in capital and 99% payout?
First off they are only backing you with $2500 total with $2000 at risk not 1 mil. They are asking you to trade up to $312,000 worth of ES risking only $2000. Even just using 1 lot, they are risking roughly 3% on the full value of the contract. If you can do what they require to be backed than why not do it on your own? Hell just trade 1 lot with $300 margin and $500 of cushion on a $800 total account and grow it making 8 points per week. That is the same thing they are asking you to do to get backed.
I agree, broke is the key word. Loss limit is a little tight and really no room for error, but the upside can be much greater than trading 1 lot with 800 bucks.