Which prop firms don't require a series 7 license?

KINGOFSHORTS · Dec 29, 2009

Only legit shops require S7 The rest are scams.

gtgtgt3 · Dec 30, 2009

Why would you say that? Why does having a 7 make it "not a scam". There are numerous CBSX/CBOE Broker Dealers that are registered with the SEC and are regulated by those exchanges that don't require a 7.

Oh, BTW...Bernie Madoff had a Series 7 from 1960 until June, 2009...I guess he was legit!

Here is the link:

http://brokercheck.finra.org/Support/ReportViewer.aspx?IndvlCRD=316687

Your comment is stupid.

GT

Quote from KINGOFSHORTS:

Only legit shops require S7 The rest are scams.
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tracy moniz · Dec 30, 2009

anyone use remote-trader holdbrothers?
i was thinking of them to trade from home

RedSun · Jan 3, 2010

Quote from ProGambler:

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.

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If you trade your money or the firm's money, why do you need a Series 7 license? You not dealing with your own customers.

I do not know much about the prop biz...

justin_3d · Jan 12, 2010

Quote from ProGambler:

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.
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That sounds like a good deal men!

And if you do good for 6 months, that other deal of splitting profits is not that bad either!

I research a lot, and this firm is the one i will be joining as well.

If you are there, let me know how it is, via PM!

dfwgal · Jan 12, 2010

ive been with jctrading since last quarter 2009

if you talk to lee, they handle the non-pro trading division which doesn't require a track record of profitability nor an s-7 license

they gave me a pretty good deal
.0055 per share and 100% payout
$30 a month data for all 3 exhanges (nyse/naz and amex)
and i use lightspeed which is free

jc have free training in their voice chatrooms , im very happy with their service and speed of profit withdrawals, and they were okay with the fact i didnt trade all the time which was nice, because some firms sometimes tag on a minimum

the reason why i went with jc was because their offer was a no brainer AND because of their prop CBSX structure, most of the other firms i looked into like valez or cygroup they force you to pay a "subscription" seems likes a problem just waiting to happen

bigpapi · Jan 24, 2010

Quote from ProGambler:

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.
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Did you sign with CY? What happened?

tango29 · Jan 24, 2010

Does JCtrading issue a K-1 or a 1099 for taxes?

bigpapi · Jan 27, 2010

Quote from tango29:

Does JCtrading issue a K-1 or a 1099 for taxes?
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Called JC Trading today and told them I would be doing less than 250k shares per month, they wanted 500.00 per month as a fee for trading with them.

justin_3d · Jan 27, 2010

Quote from bigpapi:

Called JC Trading today and told them I would be doing less than 250k shares per month, they wanted 500.00 per month as a fee for trading with them.
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Wow that's a first!

So if you don't trade volume with them they charge you?