Currently using IB and do like them for the most part. Would like to hear about costs with other brokers for the e mini's etc... I do like that I can trade stocks and futures from IB but I am finding that the futures side offers me more opportunity. I have read about some futures brokers charging a monthly fee and a much lower trade fee. As I am paying $4.8 per turn it would not take many turns per day to pay a monthly fee. Thanks
Advanced Futures charges $4.90 per round turn. There is a charge for the platform you choose. Go to the website to view the options on the 2 platfroms. www.advancedfutures.com
The only way to really pay less is to become a memeber trader for about $3,000 a month. That's probably worth 80 cents off each side or so. Those other firms give you 50 cents off each side but then you are charged $500 to $700 a month for the platform and/or you have a volume quota. IB prices are rock bottom. There really isn't much left to take off since the exchange clearing house charges IB $1.10 a side to clear the trade. You have to be doing MAJOR volume for any of this to matter.
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For a small to medium trader no-one cheaper then IB. And in that price range no-one is as reputable and solvent as IB either.
How many contracts a month are considered medium , how many are considered large? Just curious about accurate info.
I think it would be tough for anyone trading less then a few thousand contracts a month to beat IB. I'd consider 250 sides a day to be a medium guy. Keep in mind that there are true scalpers in ES. These are guys who are going direct to Globex and trading a thousand a day. But for the average index trader who makes a few trades an hour I think IB is the ticket.
I average 15 round trips NQ's on ave.12 contracts daily = 1800 sides a week=7560 sides a mo. I'm wondering if it would make sense to lease a seat. Never really thought about it before but you guys are comming up with some interesting info.
the co-owner of e-local told me on the phone that once I start doing about 4000 sides a month or more, it makes economic sense to lease a seat. currently I probably do 2000-3000 a month I guess, and am being charged $3 per side. yes, I know others are a bit cheaper, but not eveyone accepts canadian accounts, and elocal did at the time I joined.
>"The only way to really pay less is to become a memeber trader >for about $3,000 a month. That's probably worth 80 cents off >each side or so. Those other firms give you 50 cents off each >side but then you are charged $500 to $700 a month for the >platform and/or you have a volume quota. " Dear All, As far as I could understand, becoming a member (paying U$3.000 a month), is the cheapest way for those who trade high volumes, correct? Even so, what would be the costs per side, considering that you are a member? And, Does lease a seat mean the same as become a member? Also, as far as I could find, this /www.advancedfutures.com is the cheapest available, isnt? Or is there any other one besides IB? Thank you. Regards Raphael