Verdict: Seven Points Capital is not an evaluation shop. It sells no challenge, charges no fee and takes no capital from traders — it hires them, and it is a broker-dealer registered with the SEC and a member of FINRA, so its audited accounts are public. That makes it the most verifiable firm in this cluster and the hardest to shop for, because it publishes no profit split, no payout schedule and no pass rate. The caveat is its record: seven final regulatory events, including a 2019 finding that it let traders trade before they were qualified.
Key terms, from primary filings
- Challenge fee: $0. There is no evaluation product. The firm states it avoids “requiring traders to contribute their own capital” (Seven Points Capital homepage, accessed 17 August 2026).
- Regulatory identifiers: CRD #144211, SEC #8-67644. SEC and FINRA registrations both approved 8 October 2007 (FINRA BrokerCheck report).
- Net capital: $8,066,834 at 31 December 2025, against a required minimum of $309,240 — an excess of $7,757,594.
- Owed to traders and staff: $3,840,735. The audited balance sheet carries a single line, “Trading payouts and salaries payable”, at that figure.
- Members’ equity $8,845,913; total assets $14,184,266 (audited statement of financial condition for the year ended 31 December 2025, filed 31 March 2026).
- Revenue mix: 100% proprietary trading. The firm “derived 100 percent of its revenues from proprietary securities trading activity in 2025” and conducts exactly one type of business — “Trading securities for own account”.
- Disclosure events: 7, all final, totalling roughly $135,000 in fines, with nothing recorded since 12 August 2019.
- Live openings: 8, across New York, Fort Lauderdale, Peoria (Arizona), Cary (North Carolina), Montréal, London and fully remote (Seven Points Capital careers board, accessed 17 August 2026).
This is a payroll, not a product
Almost every firm in this category sells the same thing: a simulated account, a percentage target, a drawdown floor and a fee that is non-refundable the moment you breach. The trader is the customer. Seven Points inverts that. Its own disclosures page states plainly that the firm “is a proprietary trading firm and is not soliciting customers or customer relationships by means of this website or otherwise”, and that it “is not offering for sale any securities or other financial products”.
The audited accounts confirm it rather than merely asserting it. A firm that sold challenges would book challenge fees as revenue. Seven Points booked none: every dollar of 2025 revenue came from trading its own book. The entry on the other side is the $3,840,735 under “Trading payouts and salaries payable” — money owed to traders and staff at the balance sheet date, roughly 43% of members’ equity. That is the number no evaluation firm in this cluster produces, because none of them files audited accounts at all. Seven Points has filed them every year since 2007.
The mechanics are ordinary desk mechanics. The firm clears through RQD* Clearing, LLC (CRD #134284) on a fully disclosed basis, holds a $500,000 minimum deposit there, and operates under the Rule 15c3-3(k)(2)(ii) exemption because it does not carry or clear customer accounts. Traders log into PropReports, the standard back-office reporting tool for US equity desks — not a dashboard selling upgrades.
What the payout section can and cannot tell you
This is where an independent review has to be blunt. Seven Points publishes no profit split, no payout frequency, no minimum withdrawal, no desk fee, no software or data charge, and no salary or draw structure. None of it appears on the website, in the careers postings or in the disclosures. A trader cannot price this opportunity in advance the way they can price a $59 evaluation.
What can be verified is that the money exists and is accounted for. The $3.84m payable is audited by David Lundgen & Company of Olathe, Kansas, and the statement was signed by Michael Mangieri as Managing Partner on 31 March 2026. The firm’s UK subsidiary, Seven Points Capital UK LLP — incorporated 5 March 2025 and 90%-owned — is described in the notes as consisting of expenses “largely salaries and payouts, of its UK based traders”. Payouts are a recurring, audited cost line across two jurisdictions, not a marketing promise.
Three caveats. The line bundles trader payouts with staff salaries, so it is not a payout figure alone. A balance-sheet payable is a snapshot of what was owed on 31 December, not annual compensation. And we could not verify trader-reported terms independently: Trustpilot and Glassdoor both returned HTTP 403 to automated requests, and Seven Points sells nothing to consumers, so a Trustpilot score would not be the right instrument anyway. Any split figure circulating on forums is unverified, and this review will not repeat one.
The rules that actually fail candidates
There is no trailing drawdown here, no consistency rule and no news-trading ban, because there is no evaluation to void. The gate is a hiring gate, and it is narrower than the marketing suggests.
The firm’s own timeline says it “develops an educational program around our models” from 2010, and the homepage promises support “regardless of their experience level”. The live job specifications say something different. Seven of the eight postings require candidates to be “currently trading the US Markets” with a “proven idea generation and investment track record”. The newest posting, for an office opening this summer in Cary, North Carolina, asks for “3+ years as a trader in US equities”, a documented performance record, the SIE examination, and the “ability to work in the US. (No sponsorship)”. Anyone reading “trains in-house” as “will take a beginner” should recalibrate: the training exists, but it is applied to people who already trade.
The second failure mode is geographic. Postings are onsite in New York, Fort Lauderdale, Peoria and Cary; the London role is a contract and states that “only applicants in the United Kingdom will be considered”. Remote and Canadian desks exist, but this is not the borderless model the category has trained traders to expect.
Regulatory posture: registered, and with a record
Seven Points Capital, LLC is registered with the SEC as a broker-dealer, is a FINRA member, is a SIPC member, and is registered in three states — New York (from 10 October 2007), Florida (19 July 2017) and Arizona (25 March 2024). It is not currently suspended by any regulator. Michael Howard Mangieri has been Partner, CEO and CCO since April 2008; Michael M. Katz has been an owner since August 2021.
That registration is genuine and it is rare here — but registration is not a quality badge, and BrokerCheck records seven final regulatory events. In 2013 FINRA fined the firm $35,000 over short-sale locate failures under Regulation SHO. In 2018 it fined the firm $40,000 for an anti-money-laundering programme that was not reasonably designed; the findings describe four customers who “collectively liquidated approximately 5.2 billion shares of low-priced securities, generating over $24 million in proceeds”. That matter belongs to a customer-facing execution business the firm has since exited.
The most decision-relevant one is 2019. A single qualification failure was sanctioned across five venues — FINRA ($20,000), NYSE Arca ($8,000) and CBOE’s BZX, BYX and EDGA exchanges ($10,666.67 each) — for a combined $60,000. BrokerCheck, which publishes the finding in capitals, records that the firm “allowed the five authorized traders to engage in trading on the exchange on behalf of the firm when they had not passed the Series 7 examination or the Series 56 examination”, and that a further “11 proprietary traders who were qualified to act in that capacity” were never registered with the exchange.
Read against the Cary posting’s SIE requirement, that is a firm that appears to have fixed the specific thing it was fined for. Nothing has been recorded against it in the seven years since. Traders should still weigh it, because it is the one prop firm in this cluster where a regulator has publicly examined how it onboards traders — most of the others sit outside any perimeter that would produce such a record at all, a distinction we set out in registered is not regulated and in our survey of where the prop firm perimeter actually bites.
How it compares
| Seven Points Capital | Trade The Pool | Peak Capital Trading | FTMO | |
|---|---|---|---|---|
| Cost to the trader | $0 | $47–$1,475 per account | $2,995 tuition | Evaluation fee per account size |
| Whose capital | Firm’s own book | Firm’s, post-evaluation | $50,000 granted on graduation | Firm’s, post-evaluation |
| Registered entity | SEC broker-dealer, FINRA member, CRD #144211 | No | States it is “NOT a broker-dealer” | Owns a regulated broker (OANDA) |
| Audited accounts public | Yes — annual X-17A-5 since 2007 | No | No | No |
| Profit split published | No | 70%, scaling to 80% | “Entirely yours” — no figure | 80%, scaling to 90% |
| What you are buying | A job application | A US equities evaluation | A 13-week course | An FX/CFD evaluation |
The comparison is unfair in both directions. Against Trade The Pool, Seven Points wins every transparency row and loses the one row most traders shop on — you cannot buy access, and you cannot find out what you would be paid. Against Peak Capital Trading, which charges $2,995 while stating on its own site that it is not a broker-dealer, the contrast is total. The closest analogue in our archive is City Traders Imperium’s salaried route — and even that sits behind an evaluation Seven Points does not run.
FAQ
Is Seven Points Capital a prop firm in the funded-account sense?
No. There is no challenge, no evaluation fee and no funded-account product. It is a traditional proprietary trading desk that hires traders as staff and trades its own capital. FINRA records exactly one type of business for the firm: trading securities for its own account.
Is Seven Points Capital regulated?
Yes. It has been registered with the SEC as a broker-dealer and a member of FINRA since 8 October 2007, under CRD #144211 and SEC #8-67644, and it is registered in New York, Florida and Arizona. It is also a SIPC member. Verify current status yourself on BrokerCheck before acting on anything here.
What is the profit split?
The firm does not publish one, and we could not verify any figure from a primary source. This is a genuine gap: the split, payout frequency, desk fees and any salary or draw are all undisclosed until you are in a hiring process. Treat any specific percentage you read elsewhere as unverified.
Do I need to put up my own money?
No. The firm’s stated position is that it avoids “requiring traders to contribute their own capital”, and the audited accounts show no trader deposits — the capital at risk is the firm’s $8.85m of members’ equity and its $8.07m of net capital.
How do I apply, and what do they want?
Applications run through the firm’s careers board. Current specifications ask for candidates already trading US markets with a documented track record; the newest role adds a three-year minimum and the SIE examination. Roles are mostly onsite in New York, Florida, Arizona and North Carolina, with remote and Canadian desks and a UK-only London contract.
This review is independent editorial analysis and is not financial, investment, or trading advice, and is not an endorsement or solicitation. The Industry Spread has no affiliate or referral relationship with the firms covered. Proprietary trading challenges carry a fee that is generally non-refundable, most participants do not reach a funded account, and funded capital is the firm’s capital, not the trader’s. Terms change frequently — always verify current rules directly with the firm before paying any fee.
Abdelaziz Fathi
Abdelaziz Fathi covers the intersection of forex/CFD brokerage, regulation, liquidity, fintech, and digital assets. With a B.A. in Finance and hands-on industry exposure, Aziz blends analytical rigor with clear storytelling to make complex market structure understandable for traders, brokers, and fintech professionals.
