Help with New Broker!

Discussion in 'Index Futures' started by epurmals, Dec 28, 2009.

  1. epurmals



    I'm looking to start trading eminis and my present Canadian Broker doesn't do futures. I'm a well experiences equities trader but new to futures.
    Can anyone help me to decide on a good emini broker to go with seeing there are too many choices out there.

    I appreciate your help.


  2. IB, OEC,

    Did you try the broker section above, and check reviews?

  3. OEC does not accept Canadian customers.

    Options are IB (good), PFG Canada, MFC Canada (good).
  4. the1


    I think the platform you select is more important than the broker you choose. Research the various platforms, find the one you like, then shop for a broker.
  5. epurmals


    - As the other posts mention, some don't take Canadian customers.

    - most of the reviews in the brokers section are from U.S. traders

    - I was thinking of IB but I've heard they are notorious for not much support, and new to futures tradering I would like to be able to call my broker and ask questions until I can fly on my own. As I mentioned before I'm a well experienced equities trader with 5 years and approx. 3,000 trades a year and looking for a Futures Broker that takes Canadian clients

    - I appreciate the last post but it takes a lot of time to get to know a platform well with it's strengths and weaknesses, so my approach is to try and decide from experienced traders and then learn the platform



    p.s. Happy New Year and Happy Trading to All!!
  6. seadog


    Look at Zumo. They take Canadian accounts.
  7. FredBloggs

    FredBloggs Guest

    no specific recommendations from me as i dont know enough about your needs, but consider the following:

    1/ go with a broker who has either execution and/or clearing memberships at the exchange. this is often overlooked among the arm chair millionaire traders here at et. stay away from those who dont (most introducing brokers). this is because if you have an issue with a trade, an ib will have another set of people to deal with at their fcm taking your problem longer to resolve. this can be very expensive. dont take any shill from an intro broker saying they have 1st class relationship with their fcm. fcms tend to treat their own business first before an intro brokers biz - cos they tend to be small retail biz which isnt so profitable to them.

    2/ dont be afraid to haggle for commissions. costs are a major reason most lose. you need them low. this relates to point 1. an fcm will have more freedom to bargin.

    3/ dont worry about the platforms as most today are pretty much the same. go for well known providers if possible rather than ones the broker developed. look at cqg integrated client, x-trader. stay away from pats.

    4/ support. often hard to judge before you use firm. goes without saying that this needs to be top notch.

    despite point 2, id rather have great service and pay a small amount more on a r/t. believe me, you can lose a lot more on a trade from bad support than you will save on cheaper commission/clearing fees. wait until you see price go through your order and you dont get a fill back from the platform (shitty pats platform). are you filled or not? major panic with 50 es lots before fomc. a good broker will be able to tell you pretty much immediately from their internal platforms. intro broker has to call them (for you) so doesnt really add anything and wastes time (do you need to cover or not? you get this wrong and youre offside....)

    to find a good fcm, go to the exchage(s) web site where they will list member firms. visit their web sites, you know the rest....

  8. Why is that ?
  9. FredBloggs

    FredBloggs Guest

    cos i had way too many problems. unreliable. looked good when i started using it, but its full of bugs.