I know that this topic has been posted before, but it seems like these prop firms can change quite a lot in a short time. I'm interested in speaking to anyone that has experience trading with THT and especially those that have gone through the training program recently. There are also a few things in their contract that make me nervous. For instance "A percentage of all quarterly payouts due to Trader shall be retained by THT as unvested amounts" "Trader acknowledges that Trader has no right, claim or interest in any unvested amounts, regardless of eligible vest date, until and unless any such unvested amounts actually vest. If this Agreement is terminated or Trader otherwise ceases trading for THTâs proprietary account and behalf, Trader shall have no right, claim or interest in any unvested amounts, and any such unvested amounts shall remain the sole property of THT." "This Agreement shall terminate upon the first to occur of the following events: (i) receipt by Trader of written notice of termination from THT; or (ii) passage of three and one half years from the date that THT assigns a sub-account for Trader to commence trading on THTâs behalf." "Trader agrees to pay to THT 20% of gross profits made by Trader in electronic active trading of equities, whether profits are made at THT or of Traderâs own accord, or under employment or engagement of any third party, for a period of 41 months starting from the end of first month of the training period." This is a 3 1/2 year contract. No deposit is required. I get payed 80% total. 55% of my profits are payable 60 days after the end of the month. The other 25% is withheld from me for 18 months. Any of these payments can be withheld indefinitely if it is in THT's interest. If THT decides to fire me or if I quit, then I'm not able to trade for anyone for one year after the termination date. For 41 months after my training period, 20% of all profits made will go to THT even if I'm with a different prop firm or trading on my own. I understand that they need to make contracts that will allow them to make money, but is this contract standard in the industry nowadays? Thanks in advance.
I am fully interested in this thread because I will start working (remotely) with them soon. In my opinion (or maybe what I want to think ) most of them are "just in case clauses", I mean, they will not apply them but in really uncommon cases such a trader that left the company and now is making millions out there and they want "their piece of the cake". I don't think that they will sue you if you are making $30k a year? I don't know... Be careful, though. I recently read a comment on glassdor about this company saying that once he left the company they didn't give him back the unvested money. Regards
From what I heave heard Tower Hill is very aggressive with the non-compete that you sign. If you ever plan on trading anywhere else beware. And since they start you trading only 10 shares you will never make any money and leave. Then they will attempt to bar you from trading anywhere else. Use the search function....you will find others opinions.
I always enjoy reading what these "prop" places like to put in their agreements, considering they don't see you as a human being. Of course, none of them are enforceable. We live in the United States of America.
Most of them are pretty standard. Only Tower Hill makes you sign your life away. And maybe they are not enforceable....but you will need to spend thousands of dollars on an attorney to prove it. After all, you did sign a contract.