According to Peter Brandt, legitimate proprietary trading firms neither charge fees on traders nor impose “restrictions on trading style or markets.” The veteran trader branded as scams any prop firm that fails to adhere to the operating conditions that he outlined.
Legitimate Prop Firms
Veteran trader Peter Brandt has warned fellow traders to be on the lookout for scammers who project themselves as bona fide proprietary trading platforms. In a warning shared via X, Brandt listed some attributes of what he sees as “legitimate ‘we-fund-you’ prop firms.”
Here is how legitimate “we-fund-you” prop firms operate-No fees charged to traders – EVER-Actual real $ funding-Set drawdown from initial funding level-No restrictions on trading style or marketsAnything different than this is a scam IMO
— Peter Brandt (@PeterLBrandt) December 29, 2023
Proprietary trading refers to a scenario wherein a financial institution uses its capital, rather than client funds, to conduct financia
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