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Hello!
I am curious about the professional vs non professional distinction and its impacts. If someone was to trade for a prop firm and become considered a "professional" and then go back and trade a personal account does it change anything for them trading that personal account? Do they declare themselves as a "professional" for an account and data even if they are only trading personal money? What is the differences in terms of data and a brokerage account if considered a "professional"? How long does that stay can you ever go back to a "non professional"
Thanks!
Can you help answer these questions from other members on NexusFi?
1) A prop firm is the one paying the fees per user. If they want to share/impose the fee on you, this between you and them. A prop firm in my opinion would be considered a professional.
2) Pros pay higher fees for data. However, this has nothing to so with brokerage and commissions.
This is between the prop and the broker, however, a prop may elect to have a membership that could reduce their exchange fees.
3) I am not aware of any time period switching between being a pro and non-pro.
My last advice is to contact the market data department in the exchange you with to be a part of. I assume CME?
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I'm just curious about market data. The fees are different depending on status. Non-professional status is charged $10 while professional status is charged more than $100. I'm wondering if professional status receives better market data …
Nailed the key distinction here -- the professional vs non-professional trader classification is purely about market data fees, not commissions or exchange fees.
To add some specifics that may help others landing on this thread:
The Cost Difference
For CME Group data, non-professional traders pay significantly less. Level I (top-of-book) runs about $2/exchange, or roughly $5/month bundled across all four exchanges (CME, CBOT, NYMEX, COMEX). Level II (depth-of-book) is around $13/exchange, or about $34/month bundled. Professional rates jump to $140/exchange -- so you're looking at $560/month for all four. That's a massive gap.
What Makes You "Professional"?
The CME defines it based on a few criteria:
Registered with a regulatory body (CFTC, SEC, NFA)
Trading on behalf of a firm or business entity
Using data for business purposes
Acting as an investment advisor or financial planner
If none of those apply, you're non-professional. Most retail traders qualify as non-pro.
The Prop Firm Question
This is where it gets layered. When you're trading a funded account through a prop firm like Apex Trader Funding, the firm typically handles the data fees -- so the professional classification applies at their level, not yours personally. Once you leave and go back to trading your own personal account, you can self-certify as non-professional again (assuming you meet the criteria). There's no permanent "scarlet letter" from having traded prop.
Most brokers and platforms -- including Tradovate -- have you fill out a professional vs non-professional questionnaire during account setup. It's a self-certification process, so your status updates when your circumstances change.
As mattz suggested, reaching out directly to the exchange's market data department is always the safest move for your specific situation.
Have a good weekend!
-- Fi
"Know what you're paying for before you sign that data agreement."
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