Hi, all Still searching for a backup broker to IB... Anyone using ADMIS directly or through an ib? Any feedback would be appreciated. Thanks.
I have been using ADMIS since August of this year, but I am moving my accounts soon. Here are my pros and cons in no particular order. PROS: Very big and stable FCM Looks good to potential clients if you are a CTA/CTO. CONS: Bare bones after hours trade desk Zero visibility of overnight positions via the trade desk if you are using CQG data Coded my account LIFO instead of FIFO causing erratic position fills for overnight positions You can't withdraw via ACH from the portal. You need to initiate all transfers through your IB Inability to self manage block accounts via the portal. Everything must be done via email and the trade desk which can take up to a day to get something done For me, the cons are outweighing the pros at this point. I am an emerging CTA and I have too many demands on my time already. I have found the ability to get something done self service via a better portal is critical to reducing my stress levels. I think ADMIS is a good FCM, just not for me.
We use ADMIS as one of our clearing FCMs. We use them for self-directed, Managed Futures and Block Allocation. If you need help with getting set up there, I would be more than happy to help while providing objective advice about their services.
I have one account at ADMIS (Opened while at my old firm) but the balance at Wedbush Futures. Happy to go over the pros and cons of both over the phone. In general you will find ADMIS wants larger accounts and will charge more in commissions than the rates I can get you at Wedbush.
Each IB sets its own relationships with the FCMs. We have relationships with both ADMIS and Wedbush, and ADMIS does not charge more, neither do they want larger accounts from Optimus Futures.