Which brokers allow retail traders to trade from the broker's office?

Discussion in 'Prop Firms' started by Rahula, Apr 4, 2008.

  1. Rahula


    Which brokers allow retail traders to trade from the broker's office?

    I ask because I'm not licenced. I have enough money for a retail account. I don't need more than 4-1 leverage. I like to do overnights and I feel more comfortable with an insured retail account. But I don't want to trade from home.
  2. Most of them do ..
  3. Surdo


    Assent, Bright, and Schonfeld(whatever name they are now....."Lightspeed Professional Trading".) all have retail traders. A brokerage house is not what you are looking for, Find a prop firm that has retail accounts and desk space, not that hard to do these days.
  4. Rahula


    Cool, thanks for the info.

    2 more questions:

    1. Who has the nicest trading floor in or around NYC?

    2. Who doesn't charge a desk fee? Or has the lowest desk fee?
  5. I am not sure where you live but unless you live in NYC or Chicago or are willing to move your options are going to be limited.

    If you just want some company though, you might be better off starting a local "trading club". Rent out some space, get an internet connection and computers and invite others in the area to come trade using their own accounts. As the club grows you can add other amenities like a TV for news, etc.

    To help pay for the space rental, electricity and internet connection you might put in some vending machines that you get a portion of the profit from and maybe charge some small amount of "dues".

    EDIT: Ok your second post says you are in NYC so you will have a lot of choices.
  6. Surdo


  7. Just a minor correction, Bright Trading does not have retail accounts. Training "can" be done, but all Bright Traders are licensed.

    I'm pretty sure my friends at Assent now require licenses as well, this is a recent change (for obvious reasons). I can't speak for them, but this is what I've been told.

    Not sure what's going on with the Steve Schonfeld firms these days, maybe someone will respond.

  8. No, Don you are wrong, unlike Bright, Assent is allowed to handle customer accounts because they are registered with FINRA. So you can open a retail account with Assent and trade from one of the Branch offices. Just look at the list of Branch offices, find one near you and call them.
  9. I'm told that is changing, but I may have been told wrong. Perhaps just the retail subs were changing things. OK, yeah having retail customers is not what we like to do, because of margin restrictions etc.

    Sorry, I didn't mean to mis-speak (and I was under Sniper fire anyway, LOL).

  10. There you go trying to Spin things again! Bright doesn't have retail accounts because it's "not what we like to do" or "because of margin restrictions etc." It is because Bright is <b>NOT ALLOWED or ABLE to have customer accounts</b>. Bright doesn't want the extra scrutiny and stricter compliance and regulatory rules of FINRA. They rather be an exchange BD because the CBOE's regulatory and compliance rules are more lax and not as strict as FINRA's. That is why you can't offer Retail accounts. Why wouldn't Bright want Retail accounts, they can collect the same commissions that they collect from their Prop traders without Bright having to risk any of it's own capital as it does with Prop traders. "not what we like to do", come on stop with your BS.

    <b>Why don't you clarify and explain what you mean by "because of margin restrictions etc.???</b> How would a customer's retail account affect Bright's margin restrictions for its' Prop business?
    #10     Apr 4, 2008