Monthly Charges or fees, Looking for a referral

R

Ron Stein

Are there any prop firms that don't charge for use of their software and live quotes? I know that some mark down their costs based on volume. But are there any that don't charge for quotes and trading software?

I'm licensed and that may make a difference with exchange fees, etc. So, I'm looking for a prop firm that accepts licenced reps, has low or no fees, and a lower requirement for starting equity.

Any referrals would be greatly appreciated.
 
As you are Liscended you will have to pay Professional Fees to the various exchanges (NYSE, AMEX, NDAQ). The trading firm gets none of this as this goes to the variuos exchanges. This will be about $150-$275 per month. No way around this. Nice how they ream you b/c you have a Series 7 and are a professional.

It seems that they ALL charge a so called "desk fee" for software subscriptinos etc. Assent and Bright both do and these are 2 of the biggest and what seem to be the best and most solvent. Bright I think charges $200 per month (so now you are up to $400 per month which if you are good can be made in one single trade.

Only way you can get around a desk fee is to have enough capital to bypass these firms and trade through TradeStation or Interactive Brokers where you will not be charged any desk fees BUT you will still be charged Professional Fees to the various exchanges mentioned above (so there is $275). Tradestation has a minimum monthly volume of 5,000 shares which is nothing to subscribe to the software for free.

Bottom line you will pay exchange fees. You can avoid 'desk fees' by having enough capital and trade via IM or Tradestation.
 
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