Is FuturesBroker.com legitimate?

You wire them money THEN fill out the paperwork???

 

This is what they told me:

you actually need to fund the account first in order for us to process the account
we cannot start the process without the funds in the account, the system is automated set like that
this way, we set up the active traders first so we can get them going asap

 

This iss fishy.

What is normal is that you only get login etc. AFTER funding. But you first submit your paperwork, get the account approoved, get an account number.

THEN you fund.

THEN you get login information etc.

 

Yes, futuresbroker.com is a legitimate futures broker. It is run by and a twin of Velocity Futures.

As long as the funds are being wired to "Clear Chicago Group" it is legitimate.

They appear to have an express procedure to open an account:

"We can have your account open 30 minutes after we receive your wire or cashiers check."

"If you open your account with the online application, an account number will be assigned to you automatically that will allow you to wire funds immediately without talking first with a broker. Your account can be setup and operational once we receive your funds and compliance documentation."

It is usually the compliance documentation that slows down opening a futures account.

 

Same office as Velocity ?

 

It has been a long time since I opened a new account, but I had an account number from both IB and Infinity before sending in the dough. I was a commodity futures broker back in the 90's, and we always issued and account number first, then arranged funding. One of the posters above seems to have quoted this broker's website as saying that you will be issued an account number automatically when you fill out the on-line application. So, fill out the on-line application, and see if an account number is generated for you without having to first wire funds.

 

We got lianjieman's account set up and running with no problems.

 

Yes, that's right!
I am pretty happy to pay $0.75/contract commissions (exclude fees) rather than 1.25/contract most people are paying here. This cost saving would be significant when it accumulates over time.

 

Glad to hear that you are now happy with an open account.

Just curious, which platform did you decide to use?

 

I picked Strategy Runner. I found out their system maitenance hours are from 5-6pm EST. So you will miss a half hour trading time for Globex future. So I am looking into NinjarTrader now.