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.