Taken out from query e-mail response ---- NO SPAM !!!! I have looked at their JTrader demo - it's very nice ! More markets to trade than IB and the platform is very profesional - DOES ANYONE HERE USE THEM ?????? NO SPAM !!! INFO ONLY !!!!! "At eLocal we treat you, the electronic trader, with the same service, access and pricing structure as our more than 70 Chicago Board of Trade member floor traders. The futures world is changing. You are an equal and active participant in the electronic markets and, in essence, you are âmembersâ. At your convenience please visit us at our website, http://www.elocaltrading.com. Here, you will find information on J-Trader, our all-new internet futures trading platform, developed by Pats Trading Systems. J-Trader allows you, the trader, total control over your futures executions and positions. J-Trader gives you fast access to the worldâs four largest futures exchanges, CHICAGO BOARD OF TRADE, CHICAGO MERCANTILE EXCHANGE, EUREX, and LIFFE. J-Trader gives you the flexibility to access your account from any computer, anywhere in the world. eLocal was established to provide you, the futures trader, with a cost effective way to access the global markets. Our current commission structure starts at $1.50 per contract plus exchange fees. Commissions will be reduced as your monthly volume increases. We have a $500 monthly commission minimum. If you generate less than $500 in monthly commissions, your account will be charged the difference. For example: You generate $450 in commissions for a particular month, your account would be charged the difference between $450 and $500, or $50. There is no commission minimum for your first full month of trading. The J-TRADER electronic trading software is free. eLocal is constantly working to provide you with the best clearing rates and software fees in the industry. Margin requirements are $2500.00 per 1 contract in the E-Mini. A minimum amount of $7500.00 is needed to open an account.
Is there any value left in using Introducing Brokers like Elocal? The same platform with one less middle man is available from many FCM's including: Man Financial (Patsystems JTrader) http://www.manfutures.com/ PMB (Patsystems JTrader) http://www.pmbinc.com/ Refco (Patsystems JTrader) http://hya.com/about/electronictradingaides.html
andrasnm, I've been using ELocal for about three months now. I can say without reservation that they have been excellent to deal with. The phone support is excellent, and I can't argue with the commission structure. As a staff of people, ELocal has been outstanding in all my dealings with them. (Of course, they don't know me from anyone else--especially starting out--trying them out with the acct minimums and low trading volume.) I'm getting the $1.50 per side rate mentioned in your post. JTrader has been a real treat. I'm especially impressed with the flexibility of it. My trading style dictates about 5 trades/hour on either the ES or NQ, so you can imagine that a RT rate such as $1.50 makes a huge difference in my bottom line. I figure it's the stock equivalent of about 2/10ths of a cent per share. I was formerly with Interactive Brokers (one of the early retail accounts), and while I really liked the TWS and the rates, I missed the phone support.
I am trying to find an FCM with no trade quotas, and free JTrader, so far I am just scratching the surface. I think some FCM's have higher cost + software fee hence you either pay for the software or cost of trades or deal with elocal. I will post what I find there.
I think the game has just begun on deals from these FCM's. They must be watching the success of Interactive Brokers and shaking their heads. I suspect we see alot more disclosure and transparency in the future from these firms. With the coming hype surrounding single stock futures they can't fool around with their little commission games much longer.
What about Netfutures? I agree this lack of transparency regarding commissions is really aggravating. elocaltrading will charge a min. of $500 per month, is that the only plan they have? Sorry but it's not $1.50 per side then its $500/number of trades you make. About the Jtrader platform it seems like it's the Realtick of Futures trading, does it have charts (on its basic version) ?
Kicking, I guess this netfutures thing does not include the exchange fees. Otherwise they have to loose money somehow with high volume traders.
I called Netfutures... for emini accounts with Jtrader, comm. is $5.6/RT, no monthly minimum. Requirement is $10k initial deposit, and W2K operating system.