Discussion in 'Retail Brokers' started by Bullz n Bearz, Aug 5, 2007.
I see the margins set for the e-minis @ $500 .. Are these variable or fixed rates?
They are fixed up to 20 contracts. Beyond 20, margin is $1000 per contract.
Also their commissions:
I've been using this broker since June 1st and like their platform and DOM. I trade ES. It is very similar feel to TT's X-Trader and is just milliseconds slower. Their DOM updates 6 times a second but later this year they are supposed to be releasing "unthrottled" service.
I recommend them.
OEC is a great option for retail traders. Customer service is top notch and they are constantly updating their trading software. Normally when you hear that something is 'free' you think it would be junk, but OEC's software is very nice, esp for being free. Commissions are competitive & negotiable, esp if trading size.
INTRADAY margin requirements (aka performance bond) CAN BE set by each broker and/or clearing firm. Furthermore, INTRADAY margins can be set at ANY value, less or more than exchange overnight minimums, even zero if agreed upon! Caveat: intraday margins can be modified AT ANY TIME, without notice, either by edict of the broker, the clearing firm, exchanges, or governing agencies. Enjoy, at least for the time being. I know I do.
open ecry charge an "overnight fee" on open positions, which on my account was amounting to an annual rate of about 4%
what a rip
I was thinking about switching to Openecry. Never mind now.
Why not talk to them directly instead of taking verbatim some anonymous hearsay?
Your account is clearly based on the "published rate card" (although the link is not available from the site or even the site map. LOL ).
The negotiation goes like this... The MAJORITY of other brokers do not have overnite holding fees. And MANY other brokers will meet, and even BEAT, my RT commissions. Eliminate the overnite fee or reduce my commission by at least equal amount or you lose a client.
You might go for overnite holding fee elimination AND commission reduction, if your account is more than the minimum -OR- you do more than average trading volume, say 10 RT per day.
Just a suggestion
I agree - negotiation is essential in any biz, esp futures trading. If you are paying published rates for ANY broker, you are paying too much. The competition is too fierce for a broker to let a current or potential client walk, unless the demands are just crazy. Make no mistake - once they know you are interested, most will do what they can to get your money!!
so, has anyone negotiated comm with IB?
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