I'm looking to trade with a prop firm so I called Assent, Echo, Bright, CY group and JC trading. The only one that didn't require a series 7 license was CY group. They get around the licensing rule by calling the $5,000 deposit a "membership fee". The membership fee is refundable but there's a $200 cancellation fee. $5,000 deposit gets you $100,000 buying power. You only keep 98% of profits. Commission is 0.0065/share but if your order gets routed through a certain exchange there's a 0.00325 rebate so commission could be as low as 0.00325/share. Also, if you trade well for 6 months you get a $2,500 per month salary and $500,000 buying power but you only keep 60% of profits. Since I don't have a series 7 license and don't want to spend $888 on license fees and 2 months studying, I'll probably sign-up with CY group. If I had my license then I'd choose Echo b/c they had the lowest commissions out of everyone I called and minimum deposit is $5,000 (if you don't hold stocks overnight). Are there any other prop firms that don't require a license? Any help is appreciated. Thanks.
the firms that do not require an S7 are under the CBOE/CBSX as their SRO. there are several out there. they still require a clean U4/fingerprint card, just no FINRA test there are several firms out there and several affiliate firms as well.
I've been told JC also doesn't require a securities license. I guess I misheard that info when I called them. JC wants profitable traders and 6 months of trading records as proof. I found this list of prop firms and I'll try calling all of them and see what they offer. http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html
JC is a CBSX b/d firm that does not require a license but need the U4. They take deposits and their rates start at .0045 (.005 for Laser + rebates). They don't ask for 6 months of trading records. That's straight from them.
WTS does not require series 7 and use CBSX. There are many such firms just look at the list of prop firms thread. http://www.tradersnarrative.com/lis...-firms-735.html
Sorry. Meant to say that higher rate was for Lightspeed.(.005) .0045 was for Laser or Sterling + platform fees. These are STARTING rates, you can negotiate a little lower. My bad.
There's been alot, and I mean alot, of postings about this firm in this forum, some good, some bad, but mostly bitching back and forth. Scan thru the thread titles in this section to check out the threads.
That was really helpful. Thanks a lot, I mean a lot for your valuable advice. Scanned through the titles just to see WTS mentioned many more times again.