Repute of Global Futures?

Discussion in 'Retail Brokers' started by usman88, Jan 5, 2009.

  1. usman88


    I am seriously thinking about opening a futures trading account with Global Futures(with RCG clearing firm) for daytrading crude oil.

    Funds security is quite important for me and the broker must be good and quick ant technical support(problems with software, feed or internet connection problems) and customer service. I am from Pakistan therefore that is also another issue(I guess i wont be covered in any insurance).

    Minor difference in commissions do not carry any value for me. I would rather prefer a $6 RT broker who provides me excellent support and service rather than a $2 RT broker who doesn't even replies to my emails or over picks up my calls.

    Please advise me on the repute of Global Futures and am I making a right choice?
  2. what is the margin requirements ?
  3. usman88


    $3300 day trading margins for crude
  4. If the funds are domiciled with RCG I would not be worried, they are in the top 25 largest FCM's.

    Global is only the IB to RCG.
  5. You can go to RCG direct. Cut out the middle man.
  6. I'm quite skeptical of ANY broker that permits amateur traders (Reads: Knuckleheads who WILL Lose their money) to day trade full futures contracts "with as little as $300."

    Hey Guy, here's my advice:

    Don't be cheap.

    If you really think paying $6 r/t v. $15 r/t will affect your trading of the Mini-crude, think again.

    RCG is decent. I can name five firms that are better, however.

    Trade directly with the FCM. That's what I do.
  7. usman88


    and which FCM firms are better than RCG?
  8. If you trade 1 lots, maybe not....but trading 500 or 1000 contracts in a day, and it's a big difference.

    For most professional traders, commissions are the single biggest expense, and those savings tend to flow directly to the bottom line.
  9. Are you asking bigger or better, the real big FCM's are not going to talk to you without an IB.

    RCG does retail as well as institutional.

    If you are concerned about the safety of your cash, RCG is quite solvent.

    This is 2 years old, but fairly accurate, well maybe remove Bear!

  10. BULL$$*T, mschey:

    LOSSES are a professional trader's biggest expense. Commission are a pittance.

    On a good trade I'm looking for 20 pts. ES; $2.50 - $3 CL; $10 GC

    Commissions?!?! Is there an emoticon for CONSTERNATION - TERRIFIED AMAZEMENT - ABHORRENCE?!

    Let's be clear; not imbecilic or WRONG:

    Commissions are the single biggest expense for SCALPERS specifically, next of course to....their LOSSES!
    #10     Jan 6, 2009