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Which prop firms don't require a series 7 license?
- Thread starter ProGambler
- Start date
Quote from ProGambler:
Since I don't have a series 7 license and don't want to spend $888 on license fees and 2 months studying,
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You are locking yourself into a world of few possibilities. Cutting corners is like not going to college when you know you should of.
Don't be in a rush to trade. Do what you know is right and put in the time. In the long run it all pays for itself.
Equity Trading Capital -
$5,000 deposit held for a year, 90% payout, .0088/share
Sound like a bad deal.
Coastal Securities -
$5,000 deposit held for a year, 95% payout, .00475/share, lightspeed $0, sterling $220/month, nasdaq + nyse data $144/month, stocks less than $3 get no margin, can't short stocks under $3, 10-1 buying power, 5-1 overnight
Not a bad deal.
Keystone -
no deposit but you pay for training which is non-refundable. 2 month training means you can trade company's capital for 2 months. After 2 months you have to pay for additional training to stay with Keystone. 2 month training = $3,695, 4 month training = $4,995, 12 month training = $8,495. 60/40 profit split. 10-1 buying power, 3-1 overnight. Commission is .00125/share. Lots of rules and if you break the rules they'll kick you out. You're limited to stocks they want you to trade. Tight stop losses.
Very bad deal b/c you don't have freedom to trade whatever stocks you like.
$5,000 deposit held for a year, 90% payout, .0088/share
Sound like a bad deal.
Coastal Securities -
$5,000 deposit held for a year, 95% payout, .00475/share, lightspeed $0, sterling $220/month, nasdaq + nyse data $144/month, stocks less than $3 get no margin, can't short stocks under $3, 10-1 buying power, 5-1 overnight
Not a bad deal.
Keystone -
no deposit but you pay for training which is non-refundable. 2 month training means you can trade company's capital for 2 months. After 2 months you have to pay for additional training to stay with Keystone. 2 month training = $3,695, 4 month training = $4,995, 12 month training = $8,495. 60/40 profit split. 10-1 buying power, 3-1 overnight. Commission is .00125/share. Lots of rules and if you break the rules they'll kick you out. You're limited to stocks they want you to trade. Tight stop losses.
Very bad deal b/c you don't have freedom to trade whatever stocks you like.
90%payout and 0.0088 is bad to say the least.
I assume you mean what do you pay per share. Lightspeed as a broker has a .006 or thereabouts but they give a discouunt to OVC to about .004, I believe. Again, give them a call as I am not the best source of info. I will be soon as I am about setup with them.
The big drawback is them keeping 10% of withdrawn profits. But for me, I will like that problem if it starts amounting to something. I hope to gain additional insight into daytrading by working thru them.
The big drawback is them keeping 10% of withdrawn profits. But for me, I will like that problem if it starts amounting to something. I hope to gain additional insight into daytrading by working thru them.
Quote from svrtiska:
I assume you mean what do you pay per share. Lightspeed as a broker has a .006 or thereabouts but they give a discouunt to OVC to about .004, I believe. Again, give them a call as I am not the best source of info. I will be soon as I am about setup with them.
The big drawback is them keeping 10% of withdrawn profits. But for me, I will like that problem if it starts amounting to something. I hope to gain additional insight into daytrading by working thru them.
Lightspead as a broker charges .00395.