Backup or Replacement Futures Broker to IB

gnome · Apr 23, 2003

Quote from InTheZone:

Hello,

I'm currently looking for a backup e-mini S&P futures broker to IB, or perhaps even a replacment for IB as my primary futures broker.

Any suggestions?

I've perused the broker ratings on EliteTrader, as well as past threads, but haven't really found a consistently recommended futures broker.

As a backup broker for IB, I am looking for the following:

+ Ability to answer the telephone and execute an order quickly when there may be a system failure, which may cause many customers to call at the same time.

+ Safety of funds on deposit with the futures firm

As a replacement broker to IB, I am looking for:

+ Low commissions. To start I'll be doing about 60 round-turns a month, with each trade consisting of 1 to 4 contracts.

+ Reliable online order execution system.

+ Fast order executions

+ Safety of money deposited at the futures broker.

+ Daily sweep of excess cash into a SIPC protected money market fund, or into the segregated account.

Thanks for your help.

-- ITZ
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I use eLocal Trading... $5.98/rt, J-Trader, support has been excellent... worth a look.

limitdown · Apr 23, 2003

Quote from high99:

I can second that. I recently switched from IB to MB. The customer service "attitude" at MB is as good as it is as BAD at IB. I never had any real problems with IB, other than the fact that their customer service attitude was the absolute worst I have ever encounter with any company in any industry. You would think that the IB reps are chained to their desks and beaten. And please, none of that over used crap about, "well if you want your hand held, go someplace else". A pleasant voice on the other end does wonders for PR. That is not very much to ask.
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costs more,

"Mash potato(e)s and Cornbread, ain't got no Beans" --- Cafeteria Lady on Cedric The Entertainer

limitdown · Apr 23, 2003

Quote from nitro:

I use IB+Quotetracker+IQFeed (for backfill) to backup TS.

nitro
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uh, who do you use?

(actually) what's their websites?

H2O · Apr 23, 2003

Nitro,

I saw you use IQFeed

Check this out : www.dtniq.com

If you prepay for 1 year you get almost the same price ($45,-)
The feed is the same but it has a lot of additional features (Eurex Feed for example)

(I tried to PM you but box was full)

Site for IQFeed : www.interquote.com

InTheZone · Jun 12, 2003

Hi All,

So far the candidates I have for further research as a backup to IB are:

MB Trading
Preferred Trade
eLocalTrading

Any other suggestions?

Thanks.

-- ITZ

dpanic · Jun 12, 2003

advanced futures is very competitive and support seems good. Jtrader or xtrader platform.

Gene

InTheZone · Jun 18, 2003

I've been looking over MB Trading. I like their fee structure (low costs) and the universal accounts that pays interest on cash held on deposit.

One negative however is the limited range of traded futures products. Through MB Trading you can only trade:

Nasdaq 100 E-mini /NQM3
S&P 500 E-mini /ESM3
Russell 2000 E-mini /ERM3
Fortune E-50 /FEM3

I probably won't open an MB Trading account for that reason, as I may someday trade other types of futures contracts through IB and will need a backup broker that can trade them as well.

-- ITZ

Cdntrader · Jun 18, 2003

TS seems to b a great looking alternative to IB. THey just need a few months to work the problems out.

InTheZone · Jun 18, 2003

TS is nice, but it has the monthly fees which I don't want to pay since this will be a backup account.

Thanks for your suggestion.

nitro · Jun 18, 2003

Quote from limitdown:

uh, who do you use?

(actually) what's their websites?
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Sorry,

I totally missed this reply.

I use IB for spoos.

nitro