Hi, Has anyone had some experience with Xpresstrade for futures ? are they a direct access broker ? Good execution ? I would appreciate any info since I am considering them for a new Futures account. Thanks.
I've had an account with Xpresstrade for the past two years and I have nothing but good things to say. Fast execution, for electronic I won't use pit brokers, and above all the best customer service I've seen out of the commodity shops out there. Its not direct access, but for electronic markets its not an issue.
JPG, thanks for your input I will check them out, do you know if you can use another platform like jtrader etc... or just there own platform ? thanks again.
I use XpressTrade, too. They are very good and am very hesitant to try someone else. The have a very diverse selection of products to trade. What's even better. I can access their site from my Treo Phone and make trades if I need to. (when i really need to make a move) They are good for swing trading and options trading. Probably not good for day trading due to higher commission and it's not direct access.
You can only use their internet based screen. They are an internet broker and you can only place trades through their website, or by phone. They don't yet have order execution through another software. They are continuously growing and improving their service so I suspect they will have something like that one day.
I also have heard a lot of good things about them. I also know one of the brokers there, Michael Cavanaugh who trades a lot of otpions and futures. If you are interested in them, call and ask for him and say it was a referral, this way you have a specific person you can call for trades or questions or problems. Always helps to have someone who knows you when you call in.
I used them specifically for pit traded options and they were horrendous. I had to phone in repeatedly to verify the prices I was filled at. Even after those corrections they found at my urging, I'd find adjustments retroactively applied to my account, well after the transactions took place. Also, the listed option prices are stale, end-of-yesterday at best. I'd have to phone in constantly to know where a position really stood. After a while, their phone reps began to sound irritated. I'd have been happy not to have to call in, but their system generates false margin call warnings based on the stale prices! On straddles, no less, whose margin requirements are fixed! If you're looking for an electronic markets broker, there are cheaper ones available. XT's only draw for me was their access to pit traded markets, but I found the poor service and executions invalidated any advantage.
thanks for the warning, was this experience with there latest platform ? and is it the same plateform for option and futures ?