Best commission with $5k deposit

[ScalperJoe]

Quote from stockboy201:

I've been trading for about 7 months now and I'm profitable, however commissions are taking away a big chunk of my profits. I'm currently paying $6 for ever 1000 shares. Are there any firms out there that will offer me about .004 a share or less? Or how bout profit split models with reduced commisions. Btw I currently also do not have a 7 series. Thanks in advance

Seems like you're paying a very high rate. CBSX firms currently do not require a series 7. Some will start out quoting $5 for every 1000 just to see if you're a newbie who hasn't done any homework regarding the industry. They may tell you that you must do "X amount" of volume to get a lower rate, but don't fall for that b.s.

If you're taking all the risk, then get the best deal you can. The firm makes money regardless, as they're taking an override on transactional volume, plus most will take a cut of profits.

It also depends if you're a US citizen or not. International traders have an advantage as they can go through a Canadian/Intl model, where you can get more favorable commissions in exchange for giving up a greater share of profits.

Here's a link of a list of firms for your review:

http://www.traderslog.com/proprietarytradingfirms.htm

Hope that helps. Best of luck.

 

[ScalperJoe]

Quote from EvOTrAdEr:

Element Trading/ IFundTraders are run by Oliver Velez, a known industry scam artist. The best place to look for prop reviews is probably here and investimonials.com

Just for clarification, Element Trading is apparently an offshore Panama company operated by Charles Vaccaro, who closed shop at Team Trading in March 2010 without returning the unused risk deposits of about 500 traders.

Oliver Velez claims he is founder of Ifundtraders, and was a 50% partner with Vaccaro at Team Trading, however not at Element.

Complaints have been filed against their prior firm with SEC and the NY Attorney General, so the fate of the unreturned funds is still unkown. It's up to the integrity of the owners and your luck in joining a company that fits best.

You posted some great questions for a trader to ask, and perhaps the following would also be helpful:

1. Is the firm a member of any exchange?

2. Is there a lock-up period for any capital contributions?

3. Can I view the latest financials of the firm?

 

[Mr. Lightoller]

Quote from ScalperJoe:

10-30-10 08:33 PM
____________________________________________________
Quote from EvOTrAdEr:
Element Trading/ IFundTraders are run by Oliver Velez, a known industry scam artist. The best place to look for prop reviews is probably here and investimonials.com
____________________________________________________
Just for clarification, Element Trading is apparently an offshore Panama company operated by Charles Vaccaro, who also closed up shop in December 2011 without returning deposits after previously closing shop at Team Trading in March 2010 without returning the unused risk deposits of about 500 traders.

Oliver Velez claims he is founder of Ifundtraders, and was a 50% partner with Vaccaro at Team Trading who closed up shop in March 2010 without returning deposits after Velez left in Jan 2010, however not a partner at Element.

Complaints have been filed against their prior firm with SEC and the NY Attorney General, so the fate of the unreturned funds is still unkown. It's up to the integrity of the owners and your luck in joining a company that fits best.