CME and CBOT will reduce their exchange fees effective January 2004. That´s why AF offer their $4.80 ("all inclusive") commission right now. Probably already factored in those lower exchange fees.
Fohat, Customers can deposit/withdraw funds from AF by electronic ACH tranfer. Fees for outgoing wires are $20 US and $50 International. There are no fees charged by our clearing firm for incoming wires. Our rates will continue to stay competitive compared to any futures broker in the industry. There are no surcharges for using the order desk for exiting positions or system failures. You can trade Single Stock Futures on the J-Trader Advanced Futures commission for Elite Traders is $1.00 contract
Hi Ray, 1. The Clearing Firm(GHCO) will pay interest on accounts over $100,000 2. Funds on deposit are held in segregated accounts. Funds held by the FCM are not insured. There is no such thing as SIPC or FDIC coverage or the equivalent for customer funds held by an FCM for the purposes of futures trading. However, customer funds are required to be segregated. This means that all funds of customers held by an FCM for trading in the U.S. are required to be held in an account that is designated as a "customer segregated account". Each depository, such as a bank, is required to acknowledge in writing that they are aware that the funds in such account constitute the funds of customers rather than funds of the FCM. This is important since the funds are thus segregated from the assets of the FCM and as such, in the unlikely event that an FCM were to become insolvent, no creditor could attach said funds. 3. There are no inactivity fees. 4. You are correct as there are no other fees
Mark, you sold me.. Transferring half my money out of IB. Will see which one is better. Thanks for stepping up and competing.
A new trading platform wont make you a better trader, neither will more analysis, Its all about attitude, and money management.
fwiw I've been using AF for about 6 months now with the same setup being described here, clearing thru ghco with jtrader and have no complaints.
Is there an API usable by VB.Net? I like my own interface to TWS, but am considering a different broker.
Mark: It was just a matter of time before someone took the leap and offered the deep discount comm to traders with no volume requirement. How many brokers in your location support intraday platform issues? As anyone on Jtrader would know, the streaming feed causes alot of initial headaches with traders' stations etc....so alot of hand holding is required to begin.... I think it is a good move to introduce a fully automated firm and low ball everybody to bring in equity before Eurex low balls the CBOT and CME. This is the beauty of competition. This will certainly squeeze several firms and many traders into looking for another business model. I have already developed my business with a similar model, but can not handle new traders who require alot of time over the first month and then trade 5 times a month. I salute you for the measure you have taken and will pass this offer to the traders I know who trade minimally but want a $5 rate and backup one on one service. I thought IB was offering a good product but was irresponsible in terms of providing traders an adequate backup for system failures. I assume you have backup people. If you are in Vegas later this month, look for us in booth 132 & 134 JGil
Another catch for those few people with accounts below $100K. In English, if you don't have $100K, you get no credit interest? Well, if you're with IB, you can get ~$300 odd a month in credit interest, given you have an account of 100K or a little below. The great thing is that if you have multiple accounts with IB and maybe not 100K in one, you don't lose all your interest. So there's another up to $300 a month going to play flutes. Catch 9-11. Scientist.