T3 Trading Group, how legit is this?

JJstar's picture
Rank: Senior Chimp | 19

WSO Community,

I was recently offered to come in for an interview at T3 Trading Group in NY. How legit is this trading shop? It said as it is customary for prop trading, traders are required to commit nominal risk capital. Not sure about that..has anyone heard or been to their interviews?

Secondly, I am seeking a word of advice. I graduated last year from non target school in upstate NY and I have been trying to break into Wall St. Would it be feasible to aim for MBA/MFIN given that I have strong academic background and unique experiences at this point? Many thanks for your comments.

T3 Trading Group New York

There's a variety of opinions about T3 and how the shop operates. The short answer is yes, it is a legitimate prop shop. Here's some of the voices from the community on T3.

from certified user @intheflesh

It is legitimate, but you should know that the pay is commission based (which is common in the industry). Their training is pretty good, and it's a solid group environment. It's all about whether you're willing to make that kind of investment at this stage in your career. If you receive an offer, always ask about any fees.

You could also message Eddie and ask him, as it's definitely more his area than mine.

from certified user @shorttheworld

as i said before i wouldnt go to any prop firm that makes you put up capital.

from certified user @mswoonc

Do not. I say again. Do not work for T3. No it's not a scam. You eat what you kill. Clearly the first guy who posted was being sarcastic. You put down your money, I think they ask for $10,000. You get leverage off that and trade. Day trade to be exact. Your gonna lose money, end of the line. Save your money, go to school, get a internship. And work your way up.

T3 Trading Group Reviews

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Comments (68)

Feb 26, 2011

Anyone that wants you to commit nominal risk capital is playing you. If they can't make a bet that their training gives them a positive expectation and pay you slightly less than that, then they're a garbage shop, and they can go and shove it.

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Mar 17, 2011

Thanks Ilk, I was offline for a while. I did not even bother getting back to them as the risk amount was just too much for me to bear. I guess this is partially what you get out of a non target career services.

Jul 27, 2011

any other opinions?

Jul 28, 2011

since lk doesnt know wtf hes talking about ill give my opinion since i do. most prop desks require nominal risk, usually 5k. only a few give salaries, but who wants a fucking salary when you can make millions a year on your own after a couple years if your good. most shops have shit training though, they just let you play around till you lose your 5k and then they ask for more or kick you out. t3, from what i hear, has pretty decent training. i also know a couple guys there and theyre pretty chill. so if you want to be a bitch ass banker and make a measly 100k a year your first couple years for 100hr weeks then have fun. otherwise i'd suggest taking a risk in order to make millions and actually have a life. just my two cents

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Jul 28, 2011

I happen to agree with theZab. Prop trading has evolved over time to account for the exposure firms face by bringing on new traders. In short, capital contributions eliminate moral hazard and ensure those who pursue the career have skin in the game. To be sure, the majority of those who attempt it fail. Furthermore, most desks dont even have training programs and/or wont let you see any of your profits if you do happen to get in a rotation that pays some sort of salary. If you want a job with a steady salary where you work for customers, why not simply become a sales trader? Prop trading is a different game.

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Jul 29, 2011

I love the 2 new guys posting in here, good prop shops like FNYS and Jane Street don't require it.

Jul 29, 2011

I agree First NY Jane Trillium etc are all awesome groups. I've heard jane is mostly algo trading but I dont know. Different business models. Looks like t3s is a broker dealer, probably numerous desks within. Some of those partners are legit though, I see that t3 live guy on CNBC occasionally

Aug 2, 2011

theZab makes a good point, but no need to bash the other guy, esp. with ur bias as you have some pals there... sure there is potential for some serious gain, but so are the risks... props to doc and 6x

Aug 4, 2011

The only issue with you guys is that your only posts were on this thread. lol. I mean my only post is here too, but thats because this is my first post, as I just created my account yesterday to explore more options and opinions in the prop trading space.

Nov 15, 2012

Any one who their own capital to trading should at least participate in virtual trading in my opinion. As well as participate in as many quality free training sessions that are available on the internet. Options express have a fairly good chart streaming capabilities and virtual trading system. In terms of getting a feel of what trading involves. Actual trading will some what differ in terms of psychology of the trader and the actual software a trader will use at a prop firm. But if anyone knows of a free virtual trading that has a level II i would l like to know. BTW options express does not have a level II on its virtual trading.

Why buy when you can sell!!

Nov 16, 2012

If a trading firm wants you to make any sort of deposit, do not go there. Note that all these people pushing T3 have only 2 or 3 posts on this website. This often happens with scam shops. They Google themselves, then post positive info on websites where they are mentioned. Be careful.

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Mar 19, 2013

To the question of the first post: T3 trading is legit. I'm a student in college and I aspire to be a trader one day for equities or hedge fund. T3 trading only takes a small percentage of trades and profits. There is not a salary cap. The training is good. CNBC and CNN money talks about them from time to time. Several times the founder comes there to speak or the money man uses his forcast when he gives his mad money speech. T3 trading does not pay a salary, because it wants to get rid of the weak links quickly and keep the ones with thick skin that know how to correctly value companies and invest correctly in them.

Yes, the most trading firms that have a uncapped salary require you to make a capital investment up to 20k. Honestly, I would not want a salary that is capped. If you want a salary, you can always work in finance or for a bank that puts a limit on what you can make for your profits. The downside of starting in a hedge fund or equity is that you have to balance your budget and save *cough* ahead of time a certain amount of money that you will live comfortable with until your profits are steady. When you can do more than just pay bills with your earnings, you are doing well.

On another note, Charles Schwab is doing a campaign where you can open an investment account with no minimum fee and not be charged for using their trading software. Of course, they take fees for buying/selling and when you withdraw your money like all firms do. I don't know how long they will do this but people should jump on it right away.

If you want to make it, you have to go through a pile of crap.

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Mar 23, 2013

So I'd just like to point out that a few weeks ago I pointed out that the people who defend these chop shops are almost always making their first or second post on this site, and thus are likely affiliated with the firm being discussed, rather than simply being contributing members of the community.

And now, someone comes along and makes their very first post on the site defending the firm, trying to justify the unconscionable lack of a salary with macho posturing ("get rid of weak links and keep the ones with thick skin"). Called it.

Mar 24, 2013
Markov:

So I'd just like to point out that a few weeks ago I pointed out that the people who defend these chop shops are almost always making their first or second post on this site, and thus are likely affiliated with the firm being discussed, rather than simply being contributing members of the community.

And now, someone comes along and makes their very first post on the site defending the firm, trying to justify the unconscionable lack of a salary with macho posturing ("get rid of weak links and keep the ones with thick skin"). Called it.

I would totally link the website that shows the founder of the company and partners. I would also link the videos of the interviews and their analyst reports being used on CNBC, Wallstreet Journal, etc more than once. Since I'm new I can't do that. Just do the research before hand so you can be comfortable which firm you join. Search google: T3live in the media Also, search google: T3trading all the executives are in the bottom right hand corner of the website on the homepage.

On a second note, I am a transfer college student. I am an accounting and CIS major with a math minor that lives in Louisiana. I interviewed with their office in Miami. This is something in the future that I would love to do either in Equities or Hedge fund firm. Just weigh your options between the salary (which gives a cap) or a percentage of your profits (which is uncapped).

Jan 3, 2015
Markov:

So I'd just like to point out that a few weeks ago I pointed out that the people who defend these chop shops are almost always making their first or second post on this site, and thus are likely affiliated with the firm being discussed, rather than simply being contributing members of the community.

And now, someone comes along and makes their very first post on the site defending the firm, trying to justify the unconscionable lack of a salary with macho posturing ("get rid of weak links and keep the ones with thick skin"). Called it.

So I'm suppose to wait till I am the third comment if I want your approval of legitimacy? Tip: go to Lumosity website so you are able to increase that flawless logic.

May 24, 2013

This place is legit. I'll be working there starting this fall

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Jan 3, 2015

It is legitimate, but you should know that the pay is commission based (which is common in the industry). Their training is pretty good, and it's a solid group environment. It's all about whether you're willing to make that kind of investment at this stage in your career. If you receive an offer, always ask about any fees.

You could also message Eddie and ask him, as it's definitely more his area than mine.

Metal. Music. Life. www.headofmetal.com

Jan 3, 2015

Shorttheworld and trade4size are also quite knowledgeable on this matter.

Jan 3, 2015

as i said before i wouldnt go to any prop firm that makes you put up capital.

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Jan 3, 2015

On my state school's job posting/OCR site I noticed earlier at the bottom of SMB Capital's posting:

**All live trading by trainees will be done through T3 Trading Group, LLC an SEC registered broker dealer with the CBOE.

Just thought it was interesting/may be helpful

Jan 3, 2015

^SMB recruits at your school? LOL...

May 25, 2013

The thread is two years old... Please stop spamming for the love of God.

If making money off of trading was that simple and easy everyone would be doing it.

Jan 3, 2015

T3 is unequivocally one of the most prestigious prop shops. It was founded by three highly profitable interest rate swaps prop traders from Goldman, and while the firm specializes in discretionary high frequency trading, they are also making the transition to volatility arbitrage, dispersion trading and gamma scalping. The compensation tends to be much higher than Getco and Jane St. across all levels of experience, however they only hire and retain the very best traders.

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Jan 3, 2015

Hi.

Everything you said is just a Lie. I worked at T3 in 2011 and they are just another brokerage with high fees. They dont offer salary and they do accept capital contribution (10k de minimum) and they charge you at least 0,006 per share (pretty high) and they charge you for the exchange fees and platform fees. They don't offer training, they will charge you like 3K for a 3 day stupid course about the basic of TA. They dont even gave me a chart package, I had to buy esignal from my own pocket.

I dont fucking know how in hell you put T3 in the same league with Jane Street or Getco.. Are you fucking out of your mind?.. The T3 turnover is one of the highest in the industry. They had about 300 clients (traders) and only one made money (Marc Sperling).

Beware about T3, its just a fucking brokerage group. They will use your capital contribution to make money from you and they will charge you hefty fees.

And no, that company was founded by a group of traders out of brodaway trading group, NOT GOLDMAN!

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Jan 3, 2015

So what are the typical profiles for the types of traders that get recruited by firms like this one? Do they mainly just look for people that have been really successful in past trading positions? If they're super high end, I imagine they don't hire fresh college graduates.

Jan 3, 2015

Usually directors or VPs at the very least from prominent bulge bracket trading desks I'd imagine in this post Volcker era. For a role at T3 it's safe to say that pedigree and a track record are both equally important. T3 does hire inexperienced trading assistants out of university, but they exclusively recruit from top schools.

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Jan 3, 2015
Macro Arbitrage:

Usually directors or VPs at the very least from prominent bulge bracket trading desks I'd imagine in this post Volcker era.

Amazing execution sir +1 SB

Jan 3, 2015

lol macro

Jan 3, 2015

I just read somewhere that T3 is a major arcade. Is this thread a joke?

Dec 20, 2016

all prop shops are arcades

Jan 3, 2015

I go to a semitarget, all I know about them is that some kid from my school got hired to T3 and he was a complete dumbass. One of their partners gave a presentation on campus and he didn't seem much better.

Jan 3, 2015

Either you are trolling or you are really really stupid for actually thinking MA is serious.

Jan 3, 2015

are you fucking serious.... stay way from t3

Jan 3, 2015
couchy:

are you fucking serious.... stay way from t3

Why are you saying so? could you be more specific please. Ive read about LYNX and BKCT (it seems they merged with t3, but not sure) they were def scam, but T3 is getting mixed results...I would really appreciate if you know more about it

nb

Jan 3, 2015

Somebody needs a new sarcasm detector.

Jan 3, 2015

i'd say any prop trading shop requires a capital contribution is sketchy. Avoid those cuz they r prolly running ponzi schemes.

Jan 3, 2015

I have a novel idea, how bout users start answering ppls' reasonably simple questions with real fucking answers.

Ppl come here looking for real answers and insight from experienced individuals on the street.

If ur gunna be a fucking sarcastic troll, go back to ur moms basement and do it there, BC u obvi dont work on wall st if u have so much time to bs ppl online.

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Jan 3, 2015
jeffsmonte:

I have a novel idea, how bout users start answering ppls' reasonably simple questions with real fucking answers.

Ppl come here looking for real answers and insight from experienced individuals on the street.

If ur gunna be a fucking sarcastic troll, go back to ur moms basement and do it there, BC u obvi dont work on wall st if u have so much time to bs ppl online.

Totally agree with you on this one! And yet so often people answer questions with sarcasm which is so unnecessary, and btw also a waste of your time to type it and someone's time to read it!

nb

Jan 3, 2015

How would you know tough guy?

Jan 3, 2015

I hear the WSO community is worse than the real finance community

these trolls are just preparing us so we can survive our first year of work

Jan 3, 2015

Do not. I say again. Do not work for T3. No it's not a scam. You eat what you kill. Clearly the first guy who posted was being sarcastic. You put down your money, I think they ask for $10,000. You get leverage off that and trade. Day trade to be exact. Your gonna lose money, end of the line. Save your money, go to school, get a internship. And work your way up.

Sep 8, 2014

any update on this? Seeing mixed opinions here and I'm curious if theres anything new as I've actually been in talks with t3. 5k up front and require series 7 or 56. I'm just concerned about the legitimacy.

Jan 3, 2015
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Jan 3, 2015

I trade with them back in 2011 and let me tell you one thing, T3 is just a fucking scam!
They require capita contribution from me (10k minimum) and they didnt gave me training. They charged me 0,006 per share (0,012 per round turn, wich is extremly high) and they charged me the exchange fees and execution firm and never ever gave me the ECN rebates. I had to pay for my charting package out of my own pocket. The turnover is brutally high and out of 300 clients/traders only 1 made money (marc sperling, one of the owners). The rest of the partnets made money out of your trading commisions.

They do not offer salary or insurance, so your are not employed by them, in reality you are just a client (they are a brokerage company in reality)..

Some of the partners are extremly arrogants, specialy that guy Evan Lazzarous (the wrost trader in NY by the way). When I went to their office and got impressed with their trading floor, but the I realize that they are sharing the office with another 4 trading groups (smb wich is another scam, LYNX and another 2 groups).

Stay away from them as far as you can.

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Jan 3, 2015

I know I did. Looking for more answers, especially from someone who was employed by them, thank you however

nb

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Jan 3, 2015

I had friends who worked there and I asked about it last night after reading this post. There are a lot of recent college graduates who couldn't land IBD positions. Relatively smart people for the most part, but young. Friend said there was high turnover and he was gone within < 1 year. He said the experience helped him land an OK IBD position a couple months after he quit. Breakdown, OK place to start if you have nothing else, but most won't make much money or make a career out of it there. Also, rep on the street is OK, but no where near Jane Street, DRW, or First New York... those firms are in a completely different league and hiring standards reflect that.

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Jan 3, 2015
resipsa:

I had friends who worked there and I asked about it last night after reading this post. There are a lot of recent college graduates who couldn't land IBD positions. Relatively smart people for the most part, but young. Friend said there was high turnover and he was gone within < 1 year. He said the experience helped him land an OK IBD position a couple months after he quit. Breakdown, OK place to start if you have nothing else, but most won't make much money or make a career out of it there. Also, rep on the street is OK, but no where near Jane Street, DRW, or First New York... those firms are in a completely different league and hiring standards reflect that.

Thank you so much for your answer, it was really helpful. this company is getting very mixed reviews, and hearing from a former employee is the best to see whats really going on

nb

Jan 3, 2015

Jane Street, Peak6, first new york and chimera they do offer salary and they do not accept capital contribution from their traders. But the hiring in those company are very competitive.

Jan 3, 2015

bunch of losers, don't waste your time. Vik2012 is spot on, that Evan guy is a loser, never seen anyone lose more money and be so arrogant and act professorial at the same time. He is completely delusional, and frankly insane, how you can only short all day every day and always be wrong is beyond me.

Jan 3, 2015

it seems at all these chop shops the, one thing that runs in common, is extreme levels of arrogance. Truly amazes me. I've noticed (with exception of course) that there is an inverse relationship between arrogance and profitibility among traders. It makes for a good rule of thumb.

Jan 3, 2015

oh and these "training programs" are laughable

Nov 22, 2014

I'm right there with @antigen, I have received an email from them to be an equities trader in NYC. $5k and no salary does seem suspect, but I am open to hear what people have done as their entry-job out of college.

Nov 24, 2014

Any place that requires you to put your own capital forward is a sham

Nov 24, 2014

Is this a norm among these type of firms? @"wshopeful19"

Jan 3, 2015

why are you trying to get outside the HF space? Im still debating between starting off in long-only or HF...

Jan 3, 2015

I'm not an HF guy although I have a few friends in the space, but I don't understand why you'd leave HF's when you're on the verge of making real money in it. Why put in the grunt years then switch to a relatively easier work/life balance with a lower income ceiling when you might as well have just started in long only?

Jan 3, 2015

Just trying to get more points so I can PM

Dec 30, 2014

I have an interview with T3 in Manhattan tomorrow. Has anyone from the previous comments had any experience with interviewing or accepting a position as an entry-level trader? I'm open to any advice or information regarding legitimacy and training.

Best Response
Jan 3, 2015