Mirus futures/forex questions:

Discussion in 'Index Futures' started by occidental, Jan 18, 2010.

  1. Hello I'm completely new to futures trading and I was thinking of going with Mirus futures. Does anyone know how long it takes to receive a check that was requested? Is there a cut-off time when you should request a check in order to have them mail it that same day? Basically what I really want to know is how long it takes to receive it? I used Scottrade for years and when I requested a check before 1 p.m. EST I would receive the check in my mailbox next day by 1 p.m. so it was quite speedy.
    Is there any settlement period I have to wait in order to have them send me my money?

    1 more question:

    Does Mirus also offer a good Forex trading experience? Will I have to open a separate account for Forex or can I add Forex trading to my account with Mirus? What are their commissions like? I know they say no commission and it's actually earned on the spread but how do they move the bid/ask spreads? Do they abuse it? I was trying out the MBtrading forex demo and buying 2 standard lots ($200k worth) of the EUR/USD the commission was $8.4x per side! I don't know if that's standard but paying $17/RT in Forex commission seemed a little steep when futures only charges about $4.xx/RT in comm.

    Thanks for any insight as I'm looking forward to starting my trading in futures/possibly forex!
  2. Pippi436


    You are doing this wrong. You need to compare commission of 125K eur/usd trade to the future, not 200K. That would be 2.95 * 1,25 * 1,4300(or whatever eur/usd quote is at the moment). That works out to $5,27 - but yes, its more expensive than what most firms charge for futures.

    Mirus is an IB for Gain capital if memory servers right, so 2 different accounts for futures and fx.
  3. They are an IB for Global Forex Trading (GFT).
  4. Pippi436


    Right, confused that with OEC, which shills for Gain (iirc).