Does anybody know what REFCO charges "per trade" for ES contracts (like IB is $2.40), just for example? Their rates seem to be a closely guarded secret (I wonder why). I have an account with IB, but I'm thinking of using REFCO for a backup. I'm sure REFCO is higher, but if I don't make that many trades there, no big deal. Also, if anyone has any personal experience with REFCO, please give me a thumbs up of down. I know they are huge ($20 bln in assets). And they offer trading in all futures (including pit-traded contracts). Might make a good combo with IB for once-in-awhile or special situation or backup trading. thanks, sax
Go ask them. That is the only way you can get a definitive answer. Refco commissions are extremely variable depending upon what type of account you are. Refco provides full-service, high rates to retail accounts, institutional rates to institutions, and professional rates to professionals. Within these categories they have flexibility for different trading volumes, styles, etc.
www.custombrokerage.com and www.keystone-web.com are both arms of REFCO, more on the retail side, and they both have their commissions on the web.
All right, let´s build a list of introducing brokers: www.ots.com www.gammafutures.com ... They don´t have any commission schedule on their website either.
My goal was not to advertise: see on the sites I am suggesting, they're no IBs, they are divisions of REFCO. And they do have commissions on their sites.
You're not going to get a decent rate from anybody if you're going to deposit a minimal amount of capital with them, and use them 'once in a while'. Be realistic.
FYI: I received this reply from REFCO. There is not set commission schedule. For new customers we start them at $15 plus fees for open outcry markets and $10 for electronic. After reviewing your accounts monthly statement we see there is sufficient volume we can hopefully lower the rate. sax
Hi.... I don't know what the RTC rates would be at Refco because I have an account with them that is managed by an IB of theirs. I think you are correct though in assuming they are much more expensive than I.B. I.B. is where I trade for myself as well because Refco would be to expensive for the volume and way I trade I think... RUSS.