Only legit shops require S7 The rest are scams.
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Which prop firms don't require a series 7 license?
- Thread starter ProGambler
- Start date
Why would you say that? Why does having a 7 make it "not a scam". There are numerous CBSX/CBOE Broker Dealers that are registered with the SEC and are regulated by those exchanges that don't require a 7.
Oh, BTW...Bernie Madoff had a Series 7 from 1960 until June, 2009...I guess he was legit!
Here is the link:
http://brokercheck.finra.org/Support/ReportViewer.aspx?IndvlCRD=316687
Your comment is stupid.
GT
Oh, BTW...Bernie Madoff had a Series 7 from 1960 until June, 2009...I guess he was legit!
Here is the link:
http://brokercheck.finra.org/Support/ReportViewer.aspx?IndvlCRD=316687
Your comment is stupid.
GT
Quote from KINGOFSHORTS:
Only legit shops require S7 The rest are scams.
anyone use remote-trader holdbrothers?
i was thinking of them to trade from home
i was thinking of them to trade from home
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.
If you trade your money or the firm's money, why do you need a Series 7 license? You not dealing with your own customers.
I do not know much about the prop biz...
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.
That sounds like a good deal men!
And if you do good for 6 months, that other deal of splitting profits is not that bad either!
I research a lot, and this firm is the one i will be joining as well.
If you are there, let me know how it is, via PM!
ive been with jctrading since last quarter 2009
if you talk to lee, they handle the non-pro trading division which doesn't require a track record of profitability nor an s-7 license
they gave me a pretty good deal
.0055 per share and 100% payout
$30 a month data for all 3 exhanges (nyse/naz and amex)
and i use lightspeed which is free
jc have free training in their voice chatrooms , im very happy with their service and speed of profit withdrawals, and they were okay with the fact i didnt trade all the time which was nice, because some firms sometimes tag on a minimum
the reason why i went with jc was because their offer was a no brainer AND because of their prop CBSX structure, most of the other firms i looked into like valez or cygroup they force you to pay a "subscription" seems likes a problem just waiting to happen
if you talk to lee, they handle the non-pro trading division which doesn't require a track record of profitability nor an s-7 license
they gave me a pretty good deal
.0055 per share and 100% payout
$30 a month data for all 3 exhanges (nyse/naz and amex)
and i use lightspeed which is free
jc have free training in their voice chatrooms , im very happy with their service and speed of profit withdrawals, and they were okay with the fact i didnt trade all the time which was nice, because some firms sometimes tag on a minimum
the reason why i went with jc was because their offer was a no brainer AND because of their prop CBSX structure, most of the other firms i looked into like valez or cygroup they force you to pay a "subscription" seems likes a problem just waiting to happen
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.
Did you sign with CY? What happened?