Risks trading with ECHO Trade?

Discussion in 'Prop Firms' started by PKJR, May 15, 2001.

  1. only professional firm I know of that doesn't have a waiting period

    rtharp
     
    #21     May 19, 2001
  2. Not to get terribly involved in something that I don't know the particulars of, but I had a long conversation with the people at echo last night, and they went over a long series of checks that they do to insure that no one takes on too much risk, or is foolish with that risk in proportion to their account. I have no association with them yet, but I am filling out my booklet to apply tonight.
    Can someone answer me if I am liable for more than I put in if the unthinkable does happen, and the llc gets a monster margin call?
     
    #22     May 19, 2001
  3. Bryan Roberts

    Bryan Roberts Guest

    With an LLC, "B" members are at risk for no more than the current amounts already in their account. This should be the case with Echo. As far as LLC's go these guys seem to be the most trader friendly that I've come across. Also, there are some tax advantages that trader's enjoy due to receiving their profits via an LLC.

     
    #23     May 19, 2001
  4. newpac

    newpac

    praetorian2

    You mentioned that you are filling out the book to become a member. Is there anything in the book on the procedure for member withdrawing funds ?

    Thanks.
     
    #24     May 19, 2001
  5. vvv

    vvv

    @praetorian

    before ever signing any kind of a binding agreement i would definitely recommend having specialised contract / finance lawyers etc go over all the fine print and possible consequences...

    small change compared to what you can earn / lose...

    cheers

     
    #25     May 19, 2001
  6. Onsite, which is now AB Watley, was a pitiful joke. Their management team couldn't find their credits from their debits, and SLK wouldn't generate a statement for that day's activities (check deposits, check withdrawals, wire transfers, credits for over charges, debits for fees) unless there was a trade executed.

    What a pile of shoop, shoop, shoop. Further restrictions were childish, such as withdrawals could only be done on the 32nd day (1st day after the previous month concludes), provided that your profits, were still there by month end. Checks weren't issued until the 15th of the following month. So by comparison, any other more reasonable operation would be preferable.

    by comparison ...
     
    #26     Oct 13, 2001