Please suggest reliable proprietary trading firms

traderjo said:
7 out
"buying power was irrelevant" ??? if you have 10k as risk deposit how much leverage you use will determine how "Quickly" you can loos your 10K! or am I missing something in your statement?
1:10 = -10%
1:20 = -5%
by the way you mentioned you were a "Canadian group" and did not require any series test?
was it because the "Firm" was Canada based and you were also Canada based? (Assuming it was in equity space... )
because when I asked Bright once as a non US resident they still asked me about series test and wanted more than usual deposit

What raises red flags for me with these Canada based firms is they look like a copy cat of Swift this so called firm with hundreds of offices around the globe named DTTW has no proof to back the claim and has this warning ..."This website and its contents are not directed to people resident in the Province of Ontario" WHY if Canada is one country does security rules don;t apply across the country. Something is fishy ?
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By a group, I mean we were 4-5 traders (I believe we were all Canadian) and had 1 head trader do our due diligence and negotiate with companies on rates and terms (however our profits were separated by trader). I never looked at buying power as a percentage of deposit because we were all somewhat professional traders and knew our limitations. Plus they always paid our profits at a month delay, ie January's profit was only paid near end of February, so they always had a cushion. I had daily stop losses that ranged from $500 to $2000 and had $250K - $500K in buying power.

I don't know much about DTTW, but I can say if they are registered in Canada you're as safe as you would be in a US brokerage. I don't understand why you say one country but rules don't apply across the counrty - which rules are you referring to?
 
curiosity said:
Can you give more details ? What do you mean you were a part of a group?
How one can become part of that group? I visited http://www.hold.com but did not understand their business model or how to join them?
also can you give more details on global as well as vortex? I appreciate that. .thanks
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We were 5 individual traders that banded together to trade at a certain brokerage. I assume we got a better deal than if we each attempted to join separately. I don't recall how we got into Hold Brothers because I wasn't the one in charge in the negotiations, however when I did need to speak with someone from Hold they were accessible, articulate and helpful. As for more information on Global Prime Trader or Vortex I don't understand what information you want more than what I described previously. I loved working with Vortex because they were based right here in Toronto (on Bay st, which is our Wall st.) with a prestigious office location. I frequented about once a month (mostly to save the $50 wire fee) and see and talk to owner and others there).
 
7out said:
We were 5 individual traders that banded together to trade at a certain brokerage. I assume we got a better deal than if we each attempted to join separately. I don't recall how we got into Hold Brothers because I wasn't the one in charge in the negotiations, however when I did need to speak with someone from Hold they were accessible, articulate and helpful. As for more information on Global Prime Trader or Vortex I don't understand what information you want more than what I described previously. I loved working with Vortex because they were based right here in Toronto (on Bay st, which is our Wall st.) with a prestigious office location. I frequented about once a month (mostly to save the $50 wire fee) and see and talk to owner and others there).
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What I meant was IF the Firm is regulated across Canada why then residents of certain province can't participate ? as evident by this statement "resident in the Province of Ontario"
Was there any issues with that province/ state's regulator... ? + the fact that they claim hundreds of trading floors around the world and provide no info + having troubles with ASIC etc
Also DTTW can't be compared to Hold , Hold is a registered broker dealer in USA!
"registered in Canada " could be a $2 company ... there would be a diff between Registered and Regulated!
 
I find proprietary firms quite risky to be honest. Try to be very careful with the one you’re going with. This is one of the reasons I don’t trade equities. I’m fine with commodities and currency pairs at the moment. There is no hassle, just a reputed platform is what I need to trade. The trading cost is also low so it works for me.
 
Haha! Vortex is a website I came across a few months ago while searching across Canada for prop-firms... This is the first thread I've come across where someone was an X-Vortex trader.

Curious, if you liked it, why did you quit with them?
 
Avatar Securities
Chimera Securities
Great Point Capital
Kershner Trading Group
Seven Points Capital
Trillium Trading

Look them up on BrokerCheck, ET, Edgar, and then talk to each of them. Every BD is different, and you should talk to each of them. (Really, I would only talk to 3 of these firms, but I am trying to remain unbiased here). Robert is selling his product and loves to talk negatively about prop so take what he says with a grain of salt. I was a customer for years and going prop was the best decision I ever made.
 
I have personally dug back going as far as 20+ years for Canadian prop firms. And what I discovered is there are so many names that popped up with lots of activity only to just go bust and fade away within a few years. Of all the organizations I looked at, there is only one name that seems to stick out today... that's Questrade.

Now, before you stop and think 'Oh! There really is a needle in the haystack of SCAMS', let me bring up something very important here. Questrade seems to only be around still because they GOT RID of their failing prop-firm business, and decided to change into a legit registered broker. The prop-thing didn't work!

Take that as you wish...
 
The_Krakenite said:
I have personally dug back going as far as 20+ years for Canadian prop firms. And what I discovered is there are so many names that popped up with lots of activity only to just go bust and fade away within a few years. Of all the organizations I looked at, there is only one name that seems to stick out today... that's Questrade.

Now, before you stop and think 'Oh! There really is a needle in the haystack of SCAMS', let me bring up something very important here. Questrade seems to only be around still because they GOT RID of their failing prop-firm business, and decided to change into a legit registered broker. The prop-thing didn't work!

Take that as you wish...
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If a firm is not a registered BD then it should be avoided, just look up the whole JC Trading Group/Nonko fraud. Obviously, Canadian regulation is different but some of the firms I listed have traders in Canada.
 
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