By a group, I mean we were 4-5 traders (I believe we were all Canadian) and had 1 head trader do our due diligence and negotiate with companies on rates and terms (however our profits were separated by trader). I never looked at buying power as a percentage of deposit because we were all somewhat professional traders and knew our limitations. Plus they always paid our profits at a month delay, ie January's profit was only paid near end of February, so they always had a cushion. I had daily stop losses that ranged from $500 to $2000 and had $250K - $500K in buying power. I don't know much about DTTW, but I can say if they are registered in Canada you're as safe as you would be in a US brokerage. I don't understand why you say one country but rules don't apply across the counrty - which rules are you referring to?
We were 5 individual traders that banded together to trade at a certain brokerage. I assume we got a better deal than if we each attempted to join separately. I don't recall how we got into Hold Brothers because I wasn't the one in charge in the negotiations, however when I did need to speak with someone from Hold they were accessible, articulate and helpful. As for more information on Global Prime Trader or Vortex I don't understand what information you want more than what I described previously. I loved working with Vortex because they were based right here in Toronto (on Bay st, which is our Wall st.) with a prestigious office location. I frequented about once a month (mostly to save the $50 wire fee) and see and talk to owner and others there).
What I meant was IF the Firm is regulated across Canada why then residents of certain province can't participate ? as evident by this statement "resident in the Province of Ontario" Was there any issues with that province/ state's regulator... ? + the fact that they claim hundreds of trading floors around the world and provide no info + having troubles with ASIC etc Also DTTW can't be compared to Hold , Hold is a registered broker dealer in USA! "registered in Canada " could be a $2 company ... there would be a diff between Registered and Regulated!
I find proprietary firms quite risky to be honest. Try to be very careful with the one you’re going with. This is one of the reasons I don’t trade equities. I’m fine with commodities and currency pairs at the moment. There is no hassle, just a reputed platform is what I need to trade. The trading cost is also low so it works for me.
Haha! Vortex is a website I came across a few months ago while searching across Canada for prop-firms... This is the first thread I've come across where someone was an X-Vortex trader. Curious, if you liked it, why did you quit with them?
Avatar Securities Chimera Securities Great Point Capital Kershner Trading Group Seven Points Capital Trillium Trading Look them up on BrokerCheck, ET, Edgar, and then talk to each of them. Every BD is different, and you should talk to each of them. (Really, I would only talk to 3 of these firms, but I am trying to remain unbiased here). Robert is selling his product and loves to talk negatively about prop so take what he says with a grain of salt. I was a customer for years and going prop was the best decision I ever made.
I have personally dug back going as far as 20+ years for Canadian prop firms. And what I discovered is there are so many names that popped up with lots of activity only to just go bust and fade away within a few years. Of all the organizations I looked at, there is only one name that seems to stick out today... that's Questrade. Now, before you stop and think 'Oh! There really is a needle in the haystack of SCAMS', let me bring up something very important here. Questrade seems to only be around still because they GOT RID of their failing prop-firm business, and decided to change into a legit registered broker. The prop-thing didn't work! Take that as you wish...
If a firm is not a registered BD then it should be avoided, just look up the whole JC Trading Group/Nonko fraud. Obviously, Canadian regulation is different but some of the firms I listed have traders in Canada.