Which prop firms don't require a series 7 license?

[The Bishop]

Quote from bigpapi:

Called JC Trading today and told them I would be doing less than 250k shares per month, they wanted 500.00 per month as a fee for trading with them.

That's bull shit and that's twice (at least - Baron removed the other reference) that you have posted this lie.

link:

Would like to know why my thread, jc trading has a 500.00 per month fee! was deleted

I have the paperwork on my desk and am still debating joining JC. A heads up, you can do better than the above-quoted .005 with Lightspeed (which is more expensive than Laser or Sterling). Advice, avoid Lee - she's a twit.

 

[tango29]

One more time. Does JC Trading issue a K-1 or 1099 at year for taxes?

 

[The Bishop]

Quote from tango29:

One more time. Does JC Trading issue a K-1 or 1099 at year for taxes?

Didn't ask, didn't think of it, but I suggest call them and speak with Jeff Goldman. He's the J in JC and he will answer any of your questions. Just call after 4pm. 248.406.3250

This way you can add some info to the discussion too.

 

[bigpapi]

Quote from The Bishop:

That's bull shit and that's twice (at least - Baron removed the other reference) that you have posted this lie.

link:

Would like to know why my thread, jc trading has a 500.00 per month fee! was deleted

I have the paperwork on my desk and am still debating joining JC. A heads up, you can do better than the above-quoted .005 with Lightspeed (which is more expensive than Laser or Sterling). Advice, avoid Lee - she's a twit.

It is not bullshit and it is not a lie, only an imbecile (or a shill) would start off a reply with such an ignorant comment. According to your response, you don't even have an account opened with them, so you are the last person that should be commenting or offering advice about this company.

A heads up, you can do better than the above-quoted .005 with Lightspeed (which is more expensive than Laser or Sterling). Advice, avoid Lee - she's a twit.

Thanks for the advice I have since found a few firms that offer all of the above with some additional perks, there is never a shortage of prop firms, so no, my feelings weren't hurt. Still have not signed up with one and am currently trading retail.

Since they are a sponsor here on ET, I called them to find out additional info, the person I spoke with told me this:

Since I was a light volume trader, they will have additional accounting and administrative expenses, and will lose money with my account, therefore, in order to open an account they would have to charge me a monthly fee.

This was the most ridiculous thing I had ever heard from a prop firm, so I inquired further, I asked what the monthly "fee" was, and he said it would be 500.00 per month, adding that I would be best suited somewhere else with my volume, I agreed and hung up.

Advice, avoid Lee - she's a twit.

I did not speak with lee, I called at 9:00 a.m. and spoke with the first person who answered the telephone. Others here sent me a PM and suggested I speak with someone else there, thanks but no thanks, why in the world would I chase the business of a prop firm, I am the one bringing them business not the other way around.

 

[ionized]

Quote from bigpapi:

Since I was a light volume trader, they will have additional accounting and administrative expenses, and will lose money with my account, therefore, in order to open an account they would have to charge me a monthly fee.

This was the most ridiculous thing I had ever heard from a prop firm, so I inquired further, I asked what the monthly "fee" was, and he said it would be 500.00 per month, adding that I would be best suited somewhere else with my volume, I agreed and hung up.

Apparently different people receive incredibly different treatment from JC. The only restriction I have heard of from JC is maybe .007 if you are low volume, with an inversely proportional relationship (when your vol goes up/your commissions can go down.) It may be safe to assume that terms are tailored to the individual though, which is why you don't often see people admit who their prop is and what their terms are, for fear of causing repercussions.

 

[justin_3d]

Quote from ionized:

Apparently different people receive incredibly different treatment from JC. The only restriction I have heard of from JC is maybe .007 if you are low volume, with an inversely proportional relationship (when your vol goes up/your commissions can go down.) It may be safe to assume that terms are tailored to the individual though, which is why you don't often see people admit who their prop is and what their terms are, for fear of causing repercussions.

You know that is so weird, because i got an e-mail form JC braking down the fees structure to me and any other questions i had. Here it goes:

100k buying power on a 5k deposit

commission tiered down on volume
.0055 per share 0-30k shares a day
.0045 per share 50-75k shares a day
.0035 per share 100k+ shares a day
100% payout
$30 a month for all 3 exchange data fee (nyse/naz and amex)
no software fee to use laser
full ecn pass thru

profits you can withdraw anytime

if you prove to be profitable within 5-6 months, we will allocate more buying power to your account based on performance

trading records not needed



So I don't understand where you getting this 500 extra, when it clearly state, that from the range of 0 to 30k shares a day your commission will be .0055

 

[The Bishop]

Quote from justin_3d:

You know that is so weird, because i got an e-mail form JC braking down the fees structure to me and any other questions i had. Here it goes:

100k buying power on a 5k deposit

commission tiered down on volume
.0055 per share 0-30k shares a day
.0045 per share 50-75k shares a day
.0035 per share 100k+ shares a day
100% payout
$30 a month for all 3 exchange data fee (nyse/naz and amex)
no software fee to use laser
full ecn pass thru

profits you can withdraw anytime

if you prove to be profitable within 5-6 months, we will allocate more buying power to your account based on performance

trading records not needed



So I don't understand where you getting this 500 extra, when it clearly state, that from the range of 0 to 30k shares a day your commission will be .0055

Because he is lying. Baron has already refuted this claim in the above referenced thread.

(And whenever someone disagrees with another and calls them out, the first thing they come back with is shill. Surprise, surprise.)

 

[bigpapi]

Quote from justin_3d:

So I don't understand where you getting this 500 extra, when it clearly state, that from the range of 0 to 30k shares a day your commission will be .0055

Just posting what I was told, I have read reviews and they are a sponsor on ET so I called them. The numbers you posted above sound like a typical prop firm deal, and that is what I was expecting, however, I was told otherwise. I left another prop firm because of high commissions so I was just shopping around for better rates and narrowed down to just a few, echo jc cy and avatar. I spoke with all of these firms and processed the paperwork (except for echo who requires a series 7, which I believe to be a waste of time, but echo did have the best rates), but have not signed with them yet.

 

[l2tradr]

Quote from The Bishop:

Because he is lying. Baron has already refuted this claim in the above referenced thread.

He should communicate with JC via email and post the emails here with the $500 fee. That will prove it. But I doubt he can.

 

[bigpapi]

Quote from The Bishop:

Because he is lying. Baron has already refuted this claim in the above referenced thread.

(And whenever someone disagrees with another and calls them out, the first thing they come back with is shill. Surprise, surprise.)

I don't believe sponsors should get special treatment. I have no reason to lie. Others with no experience at a firm (you) and posting positive reviews however are highly suspect and your comments are worthless at best.