hi all

i'm a trader from Tunisia since 2003 and i'd like to know how o be a broker for the US


thanks in advance

This post has been edited by hyipunion: Apr 5 2009, 02:52 PM

Hi there,

If you are seriously considering to become a broker, you are going to need several things.

- MONEY! You need to be able to produce at least 200k in gross commission
- e/o insurance
- compliance officer
- clearing company to clear you trades.
- various licenses that will allow you to trade (series license 7, 63, 65,...). You can search Google for more information
- forex trading experience
- and of course clients. Marketing your firm is very important.

I hope this gives you some idea...

Regards,

If you are really serious, I would study everything on Thinkorswim and see how they modeled their business plan. They have just sold to TDAmeritrade and are all pretty darn well off now. You definitely need money and some verrrrrrry serious programmers. Besides the obvious list of clientele. Good luck.

Why would you want the headaches that go along with being a broker?

I heard you have to register EVERYWHERE you do business.
For instance, I don't believe you can even open a broker account with TD AMERITRADE, if your address is outside the U.S.

Keith

why do you want to be a broker. my friend there is already so many brokers and the competition in the market is very high.

So just ease and relax.

It's really tough to be a broker I don't think most people realize, there's a lot of competition in the market & a lot of complications brokers have to deal with.

Well I guess being a Market Maker doesn't take _much_ effort. But being a full-scale retail broker would take quite a lot of effort and at least $500k - $1m to get your business up and running.

Hello
if you are still interested .. let me know, it is as easy as you thought... it is not important
to run your brokerage firm in the US alone.
I have been thinking about this, and i am working on it as well, what i have left to be done is
platform and bank account, every other thing is setup... i just started this with small profits i have been able to make so far from trading.
same thing applies for any other interested persons.

To become a stock broker, you should be able to communicate well and work easily with numbers. There are no set academic requirements, but most potential employers will be looking for a degree. Your degree can be in virtually any field, but economics, business, finance or accountancy will give you an edge over other candidates.

In addition to an understanding of how financial markets work, most positions require an understanding of economics and politics. World events have an effect on world markets, and you will need to develop the ability to anticipate these effects.

You should also take advantage of on-the-job trainings, offered by most brokerage firms, to prepare for the some exams required to be a broker, a process that takes four to six months. Upon passing the required exams, a broker becomes a registered representative of his or her sponsoring firm.

As with any sales job, you need thick skin to succeed, and especially to survive those lean early years of long hours, rejection and spaghetti dinners.

Been wondering too how to become a broker. I knew someone who has earned a lot by being a broker. thanks for the inputs here.

Educate yourself & if it is something you think you would really enjoy & make profitable - then just go for it!

This post has been edited by JonathanDevine: Mar 10 2010, 03:48 AM

Agree with Jonathan.

Hi there,

You are going to need several things.

1.) clients
2.) e/o insurance
3.) you need to produce at least 200k in gross commission to even be looked at if your opening up a firm.
4) compliance officer
5) clearing company to clear you trades.
6) series 7 license (allows you to trade equities)
7) series 63 license ( allows you to practice in your state)
8) futures license
9) Insurance License
10) series 66 or 65 license
11) experience
And you need marketing your firm etc.

In simple words, by broker we mean the MIDDLE MAN, that help in making the deal possible between two parties.

To be USA broker is quite impossible because you have to meet NFA minimum cash requirement and thats 20mio USD plus another rules regulations by NFA