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best prop/llc in new york city?
- Thread starter NY_HOOD
- Start date
Take a look at Avatar. They're a sub using Assent and people really have nothing but good to say about them. Met the owners, Ray and Omar, last year when I was looking for desk space before I found my current office.
SMB Capital now works out of their floor too. SMB used to be a sub of someone else, but I got to figure they are using Anvil now. And their recruitment works closely with Avatar.
SMB Capital now works out of their floor too. SMB used to be a sub of someone else, but I got to figure they are using Anvil now. And their recruitment works closely with Avatar.
Quote from NY_HOOD:
i read that joining assent directly means 2 things.
1) 30k has to be in your account
2) you have to keep your money there for one year.
if thats the case i might as well just stay with tradestation.
1) That is not true. You need 10k to open an account, not 30k.
2) Yes, there is a one year lockup.
About the lockup---I never understand why people get so hung up on the one year lockup. For a profitable trader, opening an account with 10k is no big deal. Most guys who are profitable are going to still be around in a year...but if they decide to leave, just use the 10k that is locked up to buy stocks, ETF's, etc. just like a normal brokerage account (it's not like the money is going to be sitting there earning nothing for you.)
If a trader desperately needs the 10k, he obviously couldn't have been making any money trading anyway.
A few years back I traded thru an Assent Office remotely from home. I put up $5000 in capital and had $300k in intraday buying power. The $5k was subject to a one year lockup. However I was trading as a prop trader with a series 7 and 55 license. They are one of the few prop firms registered directly with the NASD, most are registered/licensed thru an exchange such as the PHLX.
They may require $30k from unlicensed traders, but requiring that much from licensed traders and locking it for one year would make them uncompetitive. If you are unlicensed, then taking the series 7 and 55 exams is a pain but nothing too bad.
Remeber there are firms such as Cygroup Trading and Benchmarq that do not require any licenses and start you out with 20 to 1 leverage.
They may require $30k from unlicensed traders, but requiring that much from licensed traders and locking it for one year would make them uncompetitive. If you are unlicensed, then taking the series 7 and 55 exams is a pain but nothing too bad.
Remeber there are firms such as Cygroup Trading and Benchmarq that do not require any licenses and start you out with 20 to 1 leverage.
Zinc provides Lightspeed, but I heard they also provide Anvil to those that prefer it. I haven't used Anvil, but Lightspeed has been very good so far for me.