Futures accounts are always segregated. In Refco's case the OTC accounts were the ones to get hit not futures! The futures were bought out a few days after the fall.
I suggest you go somewhere else, maybe IB or Etrade, where the client is bound to published rates with no chance of lower regardless of account value or trade volume. Good luck with your trading.
yea they told me my rate is different because im in asia what the fuck different country,different rate thanks and good lux to you too
I would recommened Open ECry as an option in your broker search. The platform is fine in my opinion (a recent upgrade helped) and with charts and more data than you will probably ever use, it's a good combination. And you can plug the OEC data into other charting platforms as well if need be.
Why would you recommend that?!?!? If you can get lower rates, then get them. What's the problem here? Negotiation is a part of just about any business out there, trading included. OEC has their standard rates for the 1 lot pikers out there and you can negotiate down from there if you trade more. Seems easy to understand to me. There SHOULD be different pricing based on how much you trade. There's no reason for a 1 lotter to pay what I pay and there's no reason for me to pay what a guy that trades double what I trade.
Please wait for an Open E Cry site operator to respond. You are now chatting with 'Chi' Chi: Hello, how are you today? mat: hello mat: i would like to know the commission for emini is it 2.31 or 2.81 ? Chi: 2.31 mat: i am from asia mat: is it still 2.31? Chi: Let me double check mat: i am seeing 2.81 where else someone else is seeing 2.31 ~_~ mat: ok thanks Chi: Please go to: Chi: http://www.openecry.com/rates/rates.cfm mat: yes can you please go here http://i3.tinypic.com/67d0isz.png this is what i see on my screen when i click that link Chi: It is actually 2.81 mat: ? mat: i am confuse please explain sorry mat: while someone else sees this http://www.elitetrader.com/vb/attachment.php?s=&postid=1588232 mat: 2.31 Chi: Rates are different because you are in asia mat: why? mat: ~_~ mat: interactive brokers and other brokerage has the same rate for all nationality can you explain? Chi: Please hold one moment Please wait while I transfer the chat to 'Daniel'. You are now chatting with 'Chi' mat: i am waiting... Please wait while I transfer the chat to 'Daniel'. You are now chatting with 'Daniel' Daniel: Hello mat: yes hello Daniel: How are you mat: not happy Daniel: I understand you are interested in our rates? Daniel: Have i been in contact with you via email? mat: im confuse why the rate differes becase i am in asia mat: yes Daniel: Due to some regulations and other expenses there is a higher rate Daniel: However i would be willing to work with you mat: it does work like that with other brokers -_-" mat: they are also US based Daniel: there are different relationships that require more in house expenses...But this need not be an issue Daniel: I will be more then happy to provide you a standard rate of 2.31 Daniel: for the eminis mat: is OEC only for US citizens? if so i'll look for other brokers Daniel: by no means is it ONLY for US clients Daniel: We are a global FCM.... Daniel: we are currently working closely with our counterparts to negate unnecessary expense such as...the ones we have run into today mat: then...what am i getting different rates,wherelse with other brokers the rate is standard Daniel: But, as i said, would be happy to lower your commission to the rate of 2.31 Daniel: we are working to negate the expenses on our end Daniel: its not an issue... Daniel: we are giving you the rate you asked for mat: i feel cheated somehow... Daniel: 2.31 per side Daniel: your not Daniel: your receive a rate just like everyone else Daniel: the same rate at that Daniel: you should not feel cheated mat: Daniel: your receive a rate just like everyone else <--- yea but why am i seeing 2.81 all rates plus 50 cents mat: that is a lot! mat: it surprise me because i read on your website OEC will b providing SFE ââ¬â Sydney futures soon... mat: and now your telling my rate is higher because im from asia -_-" mat: im here because i like OEC Trader mat: damn... mat: ~_~ Daniel: We are going to be offering asia...however your rates as we are discussing right now will be 2.31 Daniel: I would be happy to send you an email where i will lay out the rates for your account Daniel: this way you can have the rates in writting mat: just send it to me...let me cool down and ithink about it...damn...is this how you do business? Daniel: what is your email? mat: tell me why should i join OEC besides the platform? ~_~ Daniel: well for one you will be recieve very agressive rates, secondly there are no additional fees, thrid we do have a far superior trading platform and lastly we have client services that are the best in the industry mat: i think you have my email address Daniel: please provide your email address mat: Daniel: I would be happy to send you an email where i will lay out the rates for your account <----- what rates? standard or for foreigners? Daniel: i will send you the email with the rates you will be receiving Daniel: please provide your email....we do not have anyone in our database with the alias mat... mat: XXXXXXXXXXXX@gmail.com mat: thank you...will wait for your email... mat: have a nice day Daniel: Due to some regulations and other expenses there is a higher rate True? why does TS,IB,GF,MB dont have this problem any idea?
Mirus Futures offers NinjaTrader with Advanced Strategy Management features, as well as the Zen-Fire data feed connection, which is extremely fast and reliable. Commissions are competitive while service and support are superb. In addition, there are no extra charges from Mirus for foreign accounts.
OP showed dislike or naivety regarding rate negotiations. But now some light has been shed on a more important issue. In the early posts of this thread, OP was not identified as located in Asia. And it should/does not matter anyway. I am astonished that OEC verified different rates based on geography. Although OEC will equalize the issue if asked, the fact the difference exists places me squarely on the side of the OP in principal.
hanz - WHAT IS THE PROBLEM? YOU GOT THE LOWER RATE YOU WANTED! You got what you wanted from OEC, yet you still are not happy. It took a whole 5 minutes of online chat to lower your rate. I think your time was well spent, now open your account and start trading. Geeze. What else do you want by posting here? You received the explanation (costs are in fact higher at some firms depending on client location), you received what OEC is doing (working to lower these for everyone) and you got the normal rate other people received. PROBLEM SOLVED. A great example of why working with OEC is a good option for futures traders. I'm not suggesting they are the be all, end all, but this example is why I chose to do business there.
There's no issue here, the fact is that OEC and other brokers, do in fact pay more for clients that are outside the US. But, as the OEC rep explained, they are actively working to eliminate these extra costs. For now, they are there, but easily removed by simply asking. I'm amazed that there are futures traders here that do not understand that you need to at least ask for a lower rate through an online chat. It's not hard or intimidating, you just click the chat thing and explain your concerns about their commissions. Yes, there are brokers that will not budge, but for the ones like OEC, you can easily get your rate below the stated rate w/in about 5 minutes of online chat.