What broker do you suggest ?

Discussion in 'Index Futures' started by guy990opl, Feb 27, 2008.

  1. To trade index futures ?

    I am going to open a new account soon.

    I am looking at Etrade, IB, Optionsxpress ( I was told they have a brand new platform ) and ThinkorSwim...any advice ?
  2. I would add openecry to the mix as well.

    Great platform that is FREE and gets better with each release.

  3. rickf


    I have been with OXPS for a year and while their equity/options platform is outstanding (in my view) their futures platform leaves MUCH to be desired.

    Short list of problems since December (when I think they incorporated the BrokerXpress customers) include:

    - Flex Charts that don't provide reliable realtime data
    - Flex Charts that don't provide reliable price action (ie candles) displays
    - Cumbersome order entry for futures -- definately NOT for scalpers/daytraders!
    - Slow website/webpage refreshes -- ie, 2 mins to get from previewing-to-placing an order page

    ...and perhaps most of all....

    HORRIBLE fills on the ES. I've had market orders take over an hour to get filled -- during which time I had no idea what my entry/exit point was. The problem, from what I have seen and read, isn't with the CME or RJO (their clearing house) but rather somewhere within the OXPS futures environment.

    I would avoid OXPS for daytrading futures, but highly recommend them for options and equities. Also, I will say for the most part OXPS customer service is first-rate and has been very responsive in dealing with my issues over recent months. It's just that for FUTURES they're not designed, I don't think, to be a daytrading environment.

    ETA: I am moving my futures trading to Open Ecry. Very impressive stuff there!
  4. I think it depends on your trading style. If you're talking about swing trading the indexes then I think just about anything would work as long as it has the tools you are looking for. But if you're talking about daytrading or scalping the indexes then you would want a broker that offers a quick entry like one click entry. Something with a DOM would be preferable for one click entry and makes it nice to bracket orders easily. If that's the case then you would probably want an actual futures broker, OpenECry is nice.

    However, if you're asking this question, my guess is you're not ready to jump in live scalping futures. Just my opinion.

  5. I appreciate all replies, thank you very much !

    I'll keep coming back in case someone wants to leave more opinions/advices.

    Just for the record, Etrade offers a free platform to trade futures.

    I am not looking to daytrade index futures, however I am looking to place a few trades each month to sell naked puts and do some calendars on futures.

    I am also looking for something that has option quotes for emini like http://eminioptionsrdc.cme.com:443/index_ES.html
  6. Aok


    mirus with Ninja/Zenfire


    Interactive Brokers with Buttontrader

    Velocityfutures with Ninja or TT/xtrader

    All good.

    Disclaimer: I have accounts with each. But no major complaints and few minor headaches.
  7. Then honestly I would go with one of the options you listed that offers multiple products because you don't need speed. It would be overkill for you to go with Mirus, Advantage, OpenECry or any other futures broker. If you like Esignal then go with them. Not sure what they're fees are though. I know TOS offers everything for free, minus your commissions however they may not have the options on futures you want right now.

  8. You are probably right but it is not an easy choice.

    It seems that there is no futures broker is really standing out, they are all extremely competitive with each other.
  9. just stay away from TradeStation.
    NO Demo, NO Simulator and very Obsolete!
  10. TraderZone

    TraderZone Guest

    click the Brokers link above. That will give you a lot more than a few responses to a single post.
    #10     Feb 27, 2008