Hi All, I am signing up with T3 trading and want to find out what people are paying for commissions and fees so I don't get ripped off to brutally. I do not want anything more then a desk and the money needed to trade. Right now the deal is 5K deposit, .$7 per thousand shares for commission and 90% payout. Is that about right, high, low or what?
That's way too high ... as a guideline look at Interactive Brokers pricing https://www.interactivebrokers.com/en/index.php?f=1590 Prop firms are generally competitive with the IB rate, even if you are a newbie. And if they are keeping 10% of your profits, it can be significantly lower (of course, depending on your monthly volume, experience, and profitability). Unless they are giving you some perks you didn't mention, like amazing training, or assuming some of the downside risk, etc.
Are you trading in their NYC office? That's still really high. Chimera might be an option, they also have an NYC office.
I had a demo of Lightspeed and thought it was garbage. Also, $7/1000 is wayyyyyy too much to pay at a prop firm. Also, I don't think anyone can ever trust T3 Trading after this: http://www.wallstreetoasis.com/blog/t3-trading-coo-goes-off-the-rails