Elon, So what are your real commission rates??? The problem with all you futures people is you come across so crooked. Try and get rates from a futures broker is impossible. I remember contacting PMB - I have 3 or 4 e-mails with them - I get their company information, their account forms but do I get their commission rates? NO....the furthest I got was " tell me how many contracts you do and I'll tell you how much we charge" Well SORRY..I am the client here..you quote me. The sooner the futures guys wake up and be transparent then the better. I realise that most of the futures guys are used to the pit trading where they can make a couple of points off their clients here and there...but welcome to the 21st century...the pits WILL die, OVER, finished, KAPUT. in fact thats a good idea for a forum - please can everyone post what futures commissions you pay? It seems interactive broker are the only company that tell us their rates. Dear Futures Brokers and FCMs Please can we have some transparency and honesty. Post your rates here... rgds a disgruntled futures trader looking for an honest futures broker with global access and a good platform.
Actually our commissions are posted black and white on the website and there is room for discount commissions. I would love for all contracts to be electronic, this way the floor brokers will not charge us extra... PS Interactive does not disclose different set up fees, BIG EXTRA for phone orders etc., Here are our commission table: http://www.e-futures.com/trade_futures.html
thanks elon, congrats for the transparency.. q's: -please confirm "other contracts" does that include overseas markets? -can you tell us what contracts come under "other". -also I presume these cover exchange fees. -if the system goes down can we call a broker - is there an extra charge - - can you combine foreign and US futures in one account? Your fees seem much higher than interactive (like 5x as high) - there are no set up fees at interactive - atleast I havent paid any - however, my pet peeves with interactive is 1.if you want to trade global futures you need many different accounts and fund in many currencies. 2. they dont offer any daytrading margin. I was going to ask these q's by personal mail, however as the futures biz is so cloak and dagger I think it'd be good for everyone to see. rgds/
my commission is $5 rt at http://www.futurewisetrading.com/serv02.htm Thats for online trading and/or through a trading desk, they assign you a trading "team" of 3-4 guys. Great service - pick up the phone in 2-3 rings. I hear they can offer cheap rates because the President of this IB also is a principal of the FCM they clear through. They do charge a $25 a month accounting fee but if you do more than a few trades a month its well worth it. In a few months there suppose to come out with some new software that they say takes all the good things from other platforms and leaves out all the crap. My impression is it could be a better j-trader, don't know anything for sure. We shall see....
E-Mini.com says: >PS >Interactive does not disclose different >set up fees, BIG EXTRA for phone orders etc. I've never been charged ANY "different set up fees" at IB and their phone charges are disclosed several obvious places on their web site. I've only used their phone service once when they had tech difficulties. My call was taken and handled quickly and they waived the charge without me even mentioning it. Since I don't intend to use the phone except in these sort of cirmcumstances, there really isn't much chance of a phone charge as it relates to me. Others needs may vary, but they DO disclose those charges. Could you please tell me what these undisclosed "different set up fees" are that I can expect to be hit with at IB? If they are hiding something from us I want to know. Thanks JB
Hi there again, While there is no catch and commissions INCLUDE fees, no extra for cancel/replace or phone orders and we offer 50% for DT margin, there are different set ups for different accounts according to their style, markets traded and account size. MOSt of the time commissions will be lower than posted for active traders, but atleast by posting these commissions we know the client will not be charged more. For clients who trade global markets frequently (I assume global electronic market) we offer a certain software, under the same account # but you will see a seperation between US positions in USA $ and overseas positions. My job as a broker will BE much easier if everything was more similiar to stocks, but because of the different exchanges, FCM's etc Cannon actually HAS an edge over most IBs out there becuase we can customize your set up with DIFFERENT clearing firms according to your needs. When a client approaches us, we will ask him/her: whjat are the main contracts traded? daytrade?position? futures?options? overnight trading? overseas trading? approx. acct size? and other questions that help the broker recommend the best service. regards, Ilan
Futurewisetrading.com says "somewhere" between 5 and 10 per r/t. The website is just downright scary.
$10 is if you've never traded a contract before and need your hand held. A really good way to see what a company is up to or has been up to is look at there history & regulatory actions against them. http://www.nfa.futures.org/basic/search.asp Almost 3 years in business and no Regulatory Actions http://www.nfa.futures.org/basic/details.asp?nfaid=0292458&name=FUTUREWISE+TRADING+GROUP+INC I agree there website is crap. e-futures or Cannon that elon is with also looks good, been around for awhile (1988) and only 1 CFTC reparations case.
Hi, Can anybody tell me, out of experiance, difference between J-Trader and BestDirect. Which one is more reliable? Thanks