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Which prop firms don't require a series 7 license?
- Thread starter ProGambler
- Start date
Quote from worldcotrader19:
NO SERIES 7 NEEDED/ FREE TRADING SOFTWARE
http://staralliancecapital.com/ad_review
Sorry not interested in Staralliance! I get a better deal from CY Group!
As I don't need training!
Other then that, yeah your firm is great for training! But for me, i get better deal with CY Group!
Thanks for the add though!
Quote from worldcotrader19:
NO SERIES 7 NEEDED/ FREE TRADING SOFTWARE
http://staralliancecapital.com/ad_review
Only 3 Ads on craiglist NY today, you are slowing down!
Do all firms require you to leave your money in for 12 months? What if you just don't like it? I've been emailing back and forth with Chris from JC and he didn't say anything about min activity. But I also told him I do 500K/month easily. I just wish I could find a prop firm that I could trade futures and equities so I don't need all these different programs running.
Quote from riskaddict:
Do all firms require you to leave your money in for 12 months? What if you just don't like it? I've been emailing back and forth with Chris from JC and he didn't say anything about min activity. But I also told him I do 500K/month easily. I just wish I could find a prop firm that I could trade futures and equities so I don't need all these different programs running.
No, not all firms require you to put their money for 12 months! I think the 12 months is coming from membership the firm is with.
As far as futures, i am not sure there, someone will have to help you out with that!
Quote from justin_3d:
No, not all firms require you to put their money for 12 months! I think the 12 months is coming from membership the firm is with.
As far as futures, i am not sure there, someone will have to help you out wit1 h that!
The 1 year lock is a FINRA requirement. Its a post 9/11 law or so called Patriot act . The government must know who is trading and where is the money coming from.
If the firm does not comply with FINRA - you take the risk.
Quote from parsamkk:
The 1 year lock is a FINRA requirement. Its a post 9/11 law or so called Patriot act . The government must know who is trading and where is the money coming from.
If the firm does not comply with FINRA - you take the risk.
oh good to know..but then that leaves me with the question...how some firms are able to go against it, and still be in business after many years?
Cy Group's website states they don't pay any salaries to traders. Is this something new? If so what does "trade well" exactly mean?
Quote from ProGambler:
I'm looking to trade with a prop firm so I called Assent, Echo, Bright, CY group and JC trading. The only one that didn't require a series 7 license was CY group. They get around the licensing rule by calling the $5,000 deposit a "membership fee". The membership fee is refundable but there's a $200 cancellation fee. $5,000 deposit gets you $100,000 buying power. You only keep 98% of profits. Commission is 0.0065/share but if your order gets routed through a certain exchange there's a 0.00325 rebate so commission could be as low as 0.00325/share.
Also, if you trade well for 6 months you get a $2,500 per month salary and $500,000 buying power but you only keep 60% of profits.
Since I don't have a series 7 license and don't want to spend $888 on license fees and 2 months studying, I'll probably sign-up with CY group.
If I had my license then I'd choose Echo b/c they had the lowest commissions out of everyone I called and minimum deposit is $5,000 (if you don't hold stocks overnight).
Are there any other prop firms that don't require a license? Any help is appreciated. Thanks.
Quote from worldcotrader19:
NO SERIES 7 NEEDED/ FREE TRADING SOFTWARE
http://staralliancecapital.com/ad_review
Whats with the Exorcist music in the background?