Registered: Jul 2011
08-29-12 12:14 AM
I have been with IB for 3 yrs now. Over the last 3 yrs, I clearly remember at least 4 incidents with IB. Most of them concerned being not able to trade CME futures and Spot FX for some period. Reading other threads, its clear that there are whole hosts of problems when you move into options, spreads and low volume stocks with IB, especially with IB API.
I have realized that from long-term business security and reliability angles, it would be prudent to split my account into two brokers as soon as possible (Probably I will wait for my account to reach 6 figures first). If on someday Oct, 1987 happens again, or Flash crash happens and one broker's systems go down and I can't get hold of anyone on phone, at least I will have another account with another broker to hedge my exposure. This will also protect against IB doing a PFG.
Following are my requirements for the broker:
1) Must be able to trade CME/NYMEX/CBOT futures
2) Must be able to trade spot FX
3) Must be well capitalized
4) It will be good if it offers stocks
5) Must have a well-functioning API
6) Commission wise should at least match IB
If I ever decide to open a 'futures only' account, I will open it with Advantage futures. I think they are the best specialized brokers for futures trading.
But I don't know of any decent brokers who offer futures+FX. ToS commissions are way too much compared to that of IB. Please offer suggestions. I think in the current environment (post MFG and PFG) this is a very relevant question to all professional traders who trade only using one broker. Thanks v much.