so as position trader what are their commission rates and is there a website at refco where all commission rates are posted? Also, what products do they actually offer to trade through their Express platform? I am looking for a broker (similar to IB) but also offering US open outcry markets and some Asian futures exchanges (Tokyo, Osaka, HK, Singapore). Refco seems to be suited for this. Anyone who could comment on Refco Express? I am not daytrading, so no need for a fancy platform. All, I am looking at is product breadth, ok commissions, secured funds. Thanks in advance for the tips.
Ok, now it's so obvious that 'Director of Sales' of your firm doesn't know how to behave, and NO, I did not say I wanted a demo because I had enough demo on what kind of people we will have to interact after opening the account.
Jap- I have had similar issues. The web sites at Refco are CRAP. They dont work half the time, the links dont work, and the info is way out of date. I trialed Express, and the contracts available dont even trade anymore! Despite this, people do have good things to say about the service which you will never get with IB. As for commissions, they are negotiatable. Call them up, ask for a quote. They will ask how many lots a month, which markets etc and give you a price. It depends on which markets you trade. eg, e-mini day trader (I know your not) should be able to get $4rt A 200 lot a month position trader sending orders to the pits may pay $12. etc. I take it you've seen www.refcoexpress.com and www.velocitytrader.com Dont bother with www.refco.com. Its a waste of cyberspace
SmoothTraderFX I'm sorry for the levity. I thought that a string discussing Refco's $4 rate would include a place for input from viable alternatives, which we are one. I will not personally bother you anymore. Rich Markowitz
Before I took advantage of the VelocitEtrader rate at $4.00 per RT for the stock-indexes and $5.00 per RT for Bonds, I believe that I was paying somewhere around $10.50 per RT as a position trader. As for the REFCO website being "crappy" . . . I cannot disagree with the previous poster more. Once you open an account with REFCO you are given a "log-in" that will allow you tremendous access to some amazing research that also include intra-day updates via squawk boxes from the pits when things get real active, like recently in the grains. I have found their Daily and Weekly Commodity Reports to be outstanding, and very valuable. They've got a good handle on the markets, and pretty much have to because of the clientel that they have. Best of Luck!
thanks for the info to all!!! I am probably most concerned about the RT commission charges as position trader (having been daytrader for some time). Anyway, thanx for the info I will check things out. Will also check into Rosenthal Collins and their RAN platform (no need for more sophisticated order execution as position trader, web platform fully suffices).
waggie, if you are still around, was that 10.50 you used to get as a position trader in the Emarkets or the pits? If anyone is using refco to trade the pits, what kind of rates are you getting???? Thanks.
I use the Refco Protrader platform for my futures emini trades. Their system is relatively quick and up 99% of the time. The only downside from my experience is that when Protrader goes down and you call in to get out of a trade you find that their system is also down (since you are both using the same platform). At that point they have to get you quotes and execution manually.