I am looking of a Futures Broker where I can trade Commodity, Finiancal & Metals Futures. I would like one where I get a monthly Profit and Loss statement. Also I would like to send my orders for pit traded commodities like corn and beans on my computer rather than calling them on the phone. I am currently with IB but they do not do any of the pit traded stuff like corn, soybeans and wheat.
www.cbot.com has a link with a listing of all FCMS that trade there, and contact information & specialty (e.g. institutional clearing vs. pit local vs. retail). You might want to rethink the internet order entry, one of the reasons that you pay pit costs is to get the feedback from a good pit broker. They are definitly NOT all equally skilled, and that difference, as well as the information flow from the pit when you want to place an order can make a HUGE difference in your results in pit traded commodities. I am a local in the grains (bean options) at the CBOT part of the year, and the remainder of the year I trade from my home in the S.W., and when I'm off the floor, I wouldn't even consider trying to place an order for more than a one or two lot without calling the floor. Jessie
Michael: Thanks for your input. Are the rates at Xpress flat or all inclusive? You mentioned $14 for CBT and $18 for others per round turn. You also mentioned you are looking for rates under $22 for options. What option rate does Xpress charge? I am confused by your post. I answered the trader looking for low open outcry to call Refco or Man Fin and ask about rates for order desk access. This route usually will find rates in the $10-$15 range flat. Xpress and our firm most likely will charge closer to $20 (all in) per round turn or one time options for discount trading with better service. Our comm is $10 per RT or one time options, but we charge higher fees that range $5 to $9 per RT. I hope this helps the original post member. JG
As the name says it is really 5 per side, fees included. It is even less for GLOBEX (7.04 the last time I traded). Same for options. NYBOT add some 3 $ per side. Service close to nothing... so probably not for the newcomer. alberto
5 per side is over at Man and provides basic order entry screens and a trade desk. You can get these rates on order desks. Just make sure you are very experienced and do not expect much compromise if problems occur.
I like expressfutures http://www.expressfutures.com/ Contact Derek for prices. trader1@mindspring.com Always make sure the quote is "all in, round turn" (rt), as some people quote "per side" or don't mention fees. This will result in you paying more than double what you thought you were going to pay. I see that my previous two posts have been deleted (by the forum moderator?). Perhaps this site is affiliated with brokers charging more than expressfutures? If you are paying more than $14 rt for CBOT or $18 rt for Sugar you are paying too much. Check out Expressfutures and any other broker, comparing all in round turn costs.
Hi Jeff The nice thing about expressfutures (NOT xpress) is that price is "all in, round turn". For example your option price could be anywhere from $10 to $38 and I don't know whether other fees than "your" fees are charged as well. What is your all in price for CBOT and sugar options. michael
Michael: Express is much like us. We clear though several FCMs including RCG. Our rates are not the lowest in the biz, but we are very helpful to traders who need an extra eye watching potential order entry mistakes, etc. Our rates are less than $20 ALL IN but vary among exchanges. I think the original post member gets the picture of both our rates schedules by now... How are things down in Tampa...my partner here went to High School with Gruden...says he is half nuts...workaholic..I think that's pretty well known by now. Good weekend. J Gil