What Futures Broker to use...

Discussion in 'Retail Brokers' started by FCXoptions, Jul 16, 2012.

  1. Apex Futures, Velocity Futures, or just go for Interactive Brokers? I use OptionsHouse currently and love their prices on options and stock trades, BUT they don't offer anything else. So trying to figure out what would be best and safest for futures?

    I just opened a Demo account with Apex to try it out.

    Thanks for any input. I am not planning on trading for a little while I will be sticking to paper, but I would like to figure out which broker to go with beforehand so I can get used to their platform preferably
  2. TheBlackHand

    TheBlackHand Guest

    Id go with one of the larger general clearing members. You may pay a bit more, but you get service.

    I moved from a major FCM to velocity, and despite what people may say here, I have found velocity to be lacking on several fronts - and Im talking about basics like staff talking over you etc, incorrect positions showing on the portal (several times in one day) etc. I could go on. Yikes!
  3. Bigger is "Not" better. Fraud can be commited from any size Clearing Firm. The Regulators have to create new policies & procedures to protect the public.
  4. Thanks for the responses. One other detail I forgot about, do any of these brokers offer mobile trading? I wasn't having much luck finding one that did.
  5. RobertG


  6. TheBlackHand

    TheBlackHand Guest

    I agree - but I dont think regulation is the answer. I do like the CME's idea that customer funds are kept at the clearing house, not the broker. But of course the brokers (used to) make money on the interest deposited with them - so I cant see them supporting the idea without a hefty increase in commissions and clearing fees.

    I would say though that some of these smaller firms like Velocity leave one wondering.....

    Velocity gives me the impression that they are a 3 person operation - one of whom answers the phone. I found the whole experience with velocity deeply unprofessional.

    I'd openly challenge Velocity to prove the size of the firm is adequate, and they adhere to industry standard 'best practice' guidelines. It would also be nice if they can PROVE that customer funds are SAFE and that issues we have seen at MFG and PFG will not occur at Velocity. What steps are Velocity taking to ensure funds are safe - given the segregation idea seems to be flawed - as people can and do ignore it. What extra steps are they taking?

    With the many unfortunate experiences I had there in the past, and given what an unprofessional outfit they run, I wouldnt be at all surprised if they were the next blow-up firm.
  7. gnova


  8. march12


    You should check out Advantage Futures. They're a top notch firm and smaller in size, which leads to a focus on great customer service: http://advantagefutures.com/