Unliscenced prop traders: pro or non pro

Discussion in 'Prop Firms' started by DeepC, Aug 27, 2003.

  1. DeepC


    I am considering joining a prop firm as an unlicensed trader; However i fully intend on keeping and maintaining retails accounts for swing trading and as back up accounts.

    I also intend on keeping esignal.

    Now my question is. As an unlicensed prop trader would i still be considered professional in regards to exchange fees with my retail accounts and esignal.

    Thanks in advance.
  2. NO
  3. How can you be an unlicensed proprietary trader?
  4. Sanjuro


    Once you get a series 7 license, you would start paying professional prices for quotes I believe.

    Since when does passing a series 7 test make a person a professional?
  5. speedy


    By definition that they state on the forms.
  6. If you were with a prop firm, have a 7, then leave and the 7 is inactive, do u pay professional or nonprofessional fees if you trade a retail account?
  7. spyderman,

    You can call the NASD at 1-800-999-6647

    They're very helpful. They'll tell you the exact story.

    Good Trading,
  8. axehawk


    In Canada the prop shops don't require any licensing.