I wrote to Amp after signing up for their paper trading demo and asked them what their rate was for a round trip for the ES. They replied today and attached a schedule which indicated that the round trip was $3.32. That amount included all exchange, clearing and NFA fees. I think the number I got from IB was over $4. Is this right? I always thought that IB was the cheapest no matter what?
I suggest you avoid them if you dont want headaches. The salesman at amp promise you almost anything to get you to open an account. I negotiated a great rate with one of the reps. Once my account was funded, they didnt honor the terms we agreed to. Then he got hostile when I demanded they honor the rate or return my funds immediately. Nevertheless,I did get my deposite back.
IB has NEVER been the cheapest retail for FUTURES. For FUTURES, IMO, the only reason to go through IB is if they offer an instrument not available for trading somewhere else. Otherwise, for FUTUREs you will do better and be happier elsewhere.
What is the instrument that IB offers that is not available elsewhere? I agree about the customer service though. I called them to ask a question and like I had heard on this forum, they answered the phone like they just woke up or they answered the phone from home. Not professional at all. At the same time, I don't care how they sound on the phone. I am just wanting to know if it's a good company and how the rates are. I am using their demo and if I am not mistaken, their data is provided or included? Not sure by it was fast and it was tick data which was good.
If I'm doing the math correctly, you are being offered around $1.09 commission per side plus fees. The commission is the only part you can shop for. What type of monthly volume are you expecting? If your doing any volume at all, I think you can do better. However, FCMs that charge less will also charge you for the platform like CQG. If your doing VERY little volume, you are better off with a free platform and higher fees. With moderate volume, your better off with a better platform, paying for it and getting less expensive commission.
I've paid ES $3.95 rt using the NinjaTrader with CQG feed believe commission is lower with other charting programs had a problem with the rt for the M6E, but got it sorted, however suggest you ask for written confirmation when asking for quotations NB: you have 24hrs only in which to question any errors regarding your daily statement