I have been researching and calling allot of prop firms and have really grown tired of doing allot of research then hearing a couple posts about the firm that are negative.
So these are the firms I am somewhat interested in and the reasons why based on the phone conversation with each;
Dimension Trading Group:
- is a registered broker dealer with CBOE
- does not require series 7
- 5K min deposit, however through conversation was offered 3500
- .007/share commission which can be lowered if high enough volume
- 20:1 however through conversation was offered 25:1 leverage
- 100% payout
- Blackwood pro platform $75.00/mo, cost rebated if more then 100 Trades per month
- 1yr lock up of funds
this is my opinion from talking to this firm and talking to other firms and research. I havent found anything major negitive about this firm, one guy complained that the software was shitty and the Dimension guy on the phone said it used to be an has been upgraded sense, some of the other firms i talked to said they have used the software, wasnt the greatest but wasn't terrible. Other firms told me it is illegal for a 100% payout because that basically makes your account the same as a retail account. this firm did have the highest pay out % of any that i talked to and said they will cut checks every 2 weeks. also thought it was wierd that the rebate was based on number of trades and not number of shares traded.
T3 Capital:
- no series 7 required
- not currently a registered broker dealer, was told they are currently in the process of getting it, he said they are a sub llc of Coastal Trade Securities which is currently a registered broker dealer on the CBOE
- 10K min deposit
- .0045/share commission
- 90% payout to start
- 10:1 leverage to start
- 20% max day loss before stop trading for the day
- no cost lightspeed platform however have to pay for the monthly market quotes info from nyse and nasdaq, cost around $104.00/month
- 1 yr lock up of funds
this is my opinion from talking to this firm and other firms and research.
It sounds like this firm has only been around about 2 years and are a sub of coastal trade, which from what i understand about them have also only been around a couple years. I have found a few posts on this site with mixed opinions. I like that the platform is lightspeed sense i have heard good things about that platform, im not to familure with the market qoates which i was told you have to buy with any platform however the guy with dimension didnt mention any of these monthly charges. I dont like that they are not directly a registered broker dealer, however from what i read on jc trading group website, they are not one either. I have read posts saying they have a pretty prominent location on wall street. These are the guys that told me a 100% payout was illegal. this firm also had the most competitive rates for someone trading around 80K to 100k shares a month. this company said they have taken in 90 assent traders currently sense the assent closing announcement, said they have around 250 to 300 traders now.
Coastal Trade Strategies:
- No series 7 required
- Registered broker dealer with CBOE
- 10K min deposit
- .0055/share commission
- 95% payout
- 10:1 leverage
- No cost Lightspeed platform, market data subsription nyse & nasdaq $104/month
1 yr lock up of funds
this is my opinion of this firm and other firms and research.
this firm has only been around a couple years, there are some good posts on this site about the company then there are other people saying the good posts are by people trying to pump up the new company. the guy on the phone did say they were a new firm but is made up of allot of long time traders. said they have around 300 traders right now.
JC Trading Group:
( i have not had time to talk to this firm, however did find some descriptive posts on this site about them)
- Does not require series 7, according to a post on this site
not a registered broker dealer, according to their site they are a sub of ocean view.
- 5K min deposit is read in one post, 7500 in another post...?
- wish i could find the dam post I saw, had allot more info
this is my opinion of this firm and other firms and research.
This firm is a sponser of this site which i think probably says something about them being lagitimate, I have not found anything specifically bad posted about them. I will call them tomorrow and update this thread after i talk to them. I am going to call oceanview also.
all the firms i talked to said the series 7 was not required but i do have to register with the sec and have finger prints taken. I am really trying to find out which firms are legitimate and its hard to tell if someone is really trading at the firm or is just trying to pump up a firm they actually work for. I am so sick of researching these firms and start to feel confident about one then to hear bad things which make me second guess them. There is just so much scary stuff out there about various firms that have taken traders money which is why I would rather start off with a smaller deposit like 3k or 5k until I feel i can trust them but dont know if this is possible.
PLEASE post any honest provable accurate information good or bad about these firms. Even just experiences while trading at these firms, everything from ease of withdrawals to the actual fees charged and anything else.
Thank you guys in advance for your info
So these are the firms I am somewhat interested in and the reasons why based on the phone conversation with each;
Dimension Trading Group:
- is a registered broker dealer with CBOE
- does not require series 7
- 5K min deposit, however through conversation was offered 3500
- .007/share commission which can be lowered if high enough volume
- 20:1 however through conversation was offered 25:1 leverage
- 100% payout
- Blackwood pro platform $75.00/mo, cost rebated if more then 100 Trades per month
- 1yr lock up of funds
this is my opinion from talking to this firm and talking to other firms and research. I havent found anything major negitive about this firm, one guy complained that the software was shitty and the Dimension guy on the phone said it used to be an has been upgraded sense, some of the other firms i talked to said they have used the software, wasnt the greatest but wasn't terrible. Other firms told me it is illegal for a 100% payout because that basically makes your account the same as a retail account. this firm did have the highest pay out % of any that i talked to and said they will cut checks every 2 weeks. also thought it was wierd that the rebate was based on number of trades and not number of shares traded.
T3 Capital:
- no series 7 required
- not currently a registered broker dealer, was told they are currently in the process of getting it, he said they are a sub llc of Coastal Trade Securities which is currently a registered broker dealer on the CBOE
- 10K min deposit
- .0045/share commission
- 90% payout to start
- 10:1 leverage to start
- 20% max day loss before stop trading for the day
- no cost lightspeed platform however have to pay for the monthly market quotes info from nyse and nasdaq, cost around $104.00/month
- 1 yr lock up of funds
this is my opinion from talking to this firm and other firms and research.
It sounds like this firm has only been around about 2 years and are a sub of coastal trade, which from what i understand about them have also only been around a couple years. I have found a few posts on this site with mixed opinions. I like that the platform is lightspeed sense i have heard good things about that platform, im not to familure with the market qoates which i was told you have to buy with any platform however the guy with dimension didnt mention any of these monthly charges. I dont like that they are not directly a registered broker dealer, however from what i read on jc trading group website, they are not one either. I have read posts saying they have a pretty prominent location on wall street. These are the guys that told me a 100% payout was illegal. this firm also had the most competitive rates for someone trading around 80K to 100k shares a month. this company said they have taken in 90 assent traders currently sense the assent closing announcement, said they have around 250 to 300 traders now.
Coastal Trade Strategies:
- No series 7 required
- Registered broker dealer with CBOE
- 10K min deposit
- .0055/share commission
- 95% payout
- 10:1 leverage
- No cost Lightspeed platform, market data subsription nyse & nasdaq $104/month
1 yr lock up of funds
this is my opinion of this firm and other firms and research.
this firm has only been around a couple years, there are some good posts on this site about the company then there are other people saying the good posts are by people trying to pump up the new company. the guy on the phone did say they were a new firm but is made up of allot of long time traders. said they have around 300 traders right now.
JC Trading Group:
( i have not had time to talk to this firm, however did find some descriptive posts on this site about them)
- Does not require series 7, according to a post on this site
not a registered broker dealer, according to their site they are a sub of ocean view.
- 5K min deposit is read in one post, 7500 in another post...?
- wish i could find the dam post I saw, had allot more info
this is my opinion of this firm and other firms and research.
This firm is a sponser of this site which i think probably says something about them being lagitimate, I have not found anything specifically bad posted about them. I will call them tomorrow and update this thread after i talk to them. I am going to call oceanview also.
all the firms i talked to said the series 7 was not required but i do have to register with the sec and have finger prints taken. I am really trying to find out which firms are legitimate and its hard to tell if someone is really trading at the firm or is just trying to pump up a firm they actually work for. I am so sick of researching these firms and start to feel confident about one then to hear bad things which make me second guess them. There is just so much scary stuff out there about various firms that have taken traders money which is why I would rather start off with a smaller deposit like 3k or 5k until I feel i can trust them but dont know if this is possible.
PLEASE post any honest provable accurate information good or bad about these firms. Even just experiences while trading at these firms, everything from ease of withdrawals to the actual fees charged and anything else.
Thank you guys in advance for your info
