who to go with? first timer

Discussion in 'Retail Brokers' started by shahdad, Feb 1, 2006.

  1. shahdad


    I am currently trading futures and options through a friend. He has had an account with a local brokgrage firm and go throuh him to make trades.

    We have done several trades together and we are ready to higher risk opportunities but have realized that in order to make more profitable trades we must decrease our commission.

    We currently pay 70 a trade.

    We want to switch to an online brokrage so we can reduce this.

    My question is, what brokrage should I open an account with? Who are the top firms to open and account with and why?

    I do not know what to look for and therefore all firms look the same to me other than commission charges.

    What should be taken into consideration when it comes to an online brokrage?

    Also, are there any Canadian firms that can be part of the top ones?

    thank you
  2. Velocity Futures has X Trader, an excellent electronic only markets platform with a great dome/ladder. I use them myself.
    They charge $5.75 RT not $70. $70 is ridiculous. They aren't into hand holding though, but will provide some assistance.

    ProActive Futures in NY is supposed to be pretty good from what my buddy tells me. They have both broker assist and deep discount trading.

    Look under brokers on this site and start reading up. Good luck.

  3. If you know what you're doing and are comfortable making online trades without someone holding your hand go with IB.

    If you're looking for pit trading let me know who you choose...I'm looking as well. :D

    MBTrading has similar commissions to IB but offers more access to a broker -- however they don't offer nearly as many markets and they do not trade 24x7.

    Personally I'd avoid small firms that advertise with a 1x1 inch ad in the back of futures magazine.....stick with the bigger ones and you're less likely to watch your firm go under....although after Refco who knows.
  4. Not to hijack the thread -- does anyone know if velocity charges RT data fees with the "free" x-trader option? This is something to watch for -- some firms waive the fees -- others shove them up your @@@.

  5. No we don't.
  6. Cool....from the website it looks like you can only connect to one exchange at a time....that's fine with me....but how complex is it to switch to another exchange?
  7. shahdad


    are there any canadian firms worth considering?

    im located in canada and i would be more comfortable with a canadian broker over an american one just because it anythings happens i know more about canadian laws that american
  8. A Canadian friend of mine did some futures trading through a company called Greenstreet-

  9. ids


  10. My buddy/mentor is a long time pro trader that is Canadian. Canadian laws protect canucks trading even when trading through an American firm so don't worry. You may want to check this yourself since its your money. My buddy uses Velocity in the US and he can use anyone he wants.

    For example, Canadians trading through Refco FX are/were protected, unlike my fellow Americans whom will get screwed.

    Alt Capital in Toronto is a Canadian futures firm.

    Switching from CME to CBOT server on X Trader is easy, it takes about 30 seconds realistically or you can pay extra to have both feeds running.

    I hope I have provided some assistance.

    #10     Feb 2, 2006