What happens once I’ve passed the Tryout?

• Onboard to the remote desk and trade live capital for Apteros.
• You’ll begin with a $4,000 max drawdown from starting balance and assigned a daily loss limit reflective of your Tryout track record.
• Platform, order routing, & market data fees are deducted from your trading account balance as they occur.
• You will be expected to abide by any firm directives to modify risk, sizing, going back to the demo, or the likes. There’s an element of trust here in that we will manage you with integrity and with your ongoing development at heart. We believe in starting new traders out small and responsibly helping them size up after displaying consistency.

Routing & Clearing on Funded Accounts

Apteros clears all CME trading through Wedbush Futures. Wedbush is one of the largest capitalized non-bank Futures Commission Merchants (FCM) in the U.S. empowering professional and institutional traders through clearing and execution services for U.S. Futures.

Are there any minimum trade requirements?

No, there are no minimum trade requirements for our desk traders. Trade as often or as little as you'd like.

Are there any obligations in terms of weekly meetings or check-ins?

We have an 11am/ET meeting Monday through Thursday, which we will expect your attendance. If you cannot make the meeting, we would need to understand why. We also expect our traders to submit daily reviews of their trading, as well as have a monthly review and goal setting meeting with Merritt.

How often are the payouts?

Payouts are processed upon request.

Are there any setup or ongoing fees for desk traders?

Yes, we offer two types of accounts to accommodate the varying needs and preferences of our traders.

Standard Trading Account:

Desk Fee: $500/month

What's Included: This fee covers order routing and a TT connection fee. Payment Method: The fee is deducted directly from the trading account. Importantly, this deduction doesn't affect your daily loss limit on the day it's taken out.

Junior Trading Account (Optional):

Desk Fee: None

Commissions: Higher than the standard account, leaning toward retail rates. Who It's For: This is ideal for traders who are starting out with smaller trade sizes or those who prefer not to take on the monthly desk fee to access CME rates.

Switching Accounts: If you start with the Junior Trading Account and later decide you want to move to the Standard Trading Account, you can do so. The rest of the trading conditions remain the same; the difference is solely in the cost structure.

We provide this flexibility to ensure that traders at all levels can engage in trading with terms that best suit their individual needs and trading strategies.

What payment methods are available?

Payouts are automatically dispursed via Wire Transfer.

Are there any withdraw fees or wire fees?

There are no fees for payouts.

Can I trade micros on the desk & is there any limit on how many?

Yes, you can trade the micros. The amount depends on whatever risk limits you're trading within at the time.

What trading platform and connection feed is used for desk traders?

Our desk traders all trade on a TT connection via Sierra Chart. We can make an exception for traders who want to use TT directly on the desk. Otherwise traders are free to use any tools and platforms they wish for charting and analytics.

If I hit the daily loss limit, do I automatically lose my seat on the desk?

Whether someone loses their seat due to any form of risk violation is a discretionary call made by Apteros Management.

How long does it take to onboard to the desk once I've passed the Tryout?

It takes 2 weeks to onboard a trader to the desk.

Why do you trade Futures (instead of Stocks)?

We have found futures to be the optimal instrument for both automated and discretionary trading for a number of reasons including: the ease and efficiency of shorting, ability to fund with no interest margin, their efficient use of leverage, and their tax advantages.

Can you provide a view of taxes For Apteros desk traders

For U.S. Citizens or Traders who Live Within the U.S.

Trading with Apteros, the Internal Revenue Service (IRS) considers you an independent contractor. Both you and the IRS will receive a copy of Form 1099-NEC from us, which outlines any compensation paid out to non-employees of a company.

Because you are trading our capital, you can treat your Apteros Funded Account as a business and deduct any expenses related to your trading. To deduct expenses, you will need to report your income earned on a Schedule C form and include the expenses to get an adjusted taxable net income.

A few examples of possible tax deductions include data fee payments, home office, tax advice/preparation, and bank fees. Please note that the IRS will likely NOT consider the Tryout a deductible expense.

You should receive your forms on or around February of each year. If you have not yet received your tax forms from us, or if the information on the tax forms you received is inaccurate (name, address, tax ID, or the amount paid), please let us know.

For Non-U.S. Citizens Living Outside of the U.S

Apteros is NOT required to report any tax or payment information to your country’s government, so you will NOT receive any tax forms from us. However, we're happy to provide you with a summary of your payouts should you wish to report it to your local government.

Routing & Clearing on funded accounts

Apteros clears all CME trading through Wedbush Futures. Wedbush is one of the largest capitalized non-bank Futures Commission Merchants (FCM) in the U.S. empowering professional and institutional traders through clearing and execution services for U.S. Futures.