Backup brokers to IB?

Hi, all

Looking for a backup broker to IB. Currently checking out DeepDiscountTrading and Advantage Futures. Discretionary trading. Typically do 500 DJ Euro Stoxx 50 RTs a month.

I understand that DDT is an ib to Crossland, whilst AF is self-clearing.

Not looking to save commissions, but value reliability and financial soundness.

Not decided on frontend yet. Possibly CQG Simple Trader. No particular charting needs.

Would appreciate your feedback to these two choices. Other broker suggestions are also welcome.

Thanks in advance!

 

Crossland is now part of Wedbush.

 

I had an extremely bad experience with Advantage Futures. I highly recommend you stay away from them.

I use IB and TD Ameritrade currently.

 

If you're looking for a backup broker for IB, I assume the reason would be that IB is unavailable either due to servers being down in their datacenters or a network outage in their area. In this case, the most reliable backup broker would be one that is geographically distant from IB, relying on different data centers and network. I haven't done the research to figure out which brokers are in this category, but at least this is a rationale for selecting one.

 

Would you elaborate on this, please?

 

You are able to use NinjaTrader trading platform and connect simultaneously to both your Interactive Brokers account and NinjaTrader Brokerage for back up. You can choose to use the real-time data from your NinjaTrader Brokerage (not filtered like IB's data) account but send trades to your Interactive Brokers account.

http://ninjatrader.com/Trade

 

What was the issue with Advantage Futures?

 

I opened a small account with Advantage to try them out (under 15K) because they quoted my lower fees than my current broker.
I had numerous issue trading options on the provided platform. I spent numerous nights with the tech support until they admitted the problem was on their end. I decided I no longer wished to risk my money on a shaky platform.
I sent a request to close my account in full. They only refunded 11K. I sent numerous emails which did not get responded to. When I called the person on the phone had no idea what was wrong or how to fix it. They then sent me a an email saying I would be refunded but then only sent about 2.5K of it.
I was absolutely furious. I told them I was reporting them to the NFA. Then they paid the final amount owed to me.
I am not sure what kind of broker can't come up with 15K or their accounting is that bad.

I have all this in emails from them.

I would rather pay higher fees than have this type of stress.

 

Wow. That's important information about Advantage Futures. Thanks for letting us know.