Advantage futures

TraDaToR · May 8, 2017

Do you examples of such brokers?

ballsofgold · May 8, 2017

Fonz said:
In the US, all deep discount brokers that I know will charge an overnight fee for an overnight open position.
Usually, the charge is about an annualized rate of 4 to 12% depending of the broker, multiplied by the total exchange minimum maintenance margin requirement (do the maths!).
Tradestation would charge a "fixed overnight fee" of $0.10 per contract.
I think NFA charge all Future brokers $0.01 overnight fee, except for exchange members.

If you don't want that kind of fees, you need to find a "fixed pricing" Broker.

wait, so if you have 500k on account and have overnight margins of 100k, even though you have cash excess, they still charge you interest?

Fonz · May 8, 2017

Everything is negotiable, depending on the volume traded.
Since the past few years I just use Tradestation and IB. IB has 2 different price structures. The "non fixed" can be interesting, but has overnight fees. Tradestation overnight fee is $0.10

Autospreader · May 8, 2017

Check out Dorman I've been happy there

TraDaToR · May 9, 2017

Actually Advantage accepted to skip the overnight fee but gave me their regular commission schedule( which is still OK in my book ). I guess they are able to make money on cash again. We are not at 0% interest rates anymore...

guasconti · May 24, 2017

sellindexvol66 said:
They are great as long as you do not carry futures overnight. I was with them for years, but I swing futures positions and they put in an overnight charge. I had over seven figures with them and it became prohibitive. Had to go. Had no problem wiring money out. Other than that overnight deal breaker,I liked them very much.

From Advantage, where did you switch to?

sellindexvol66 · May 24, 2017

guasconti said:
From Advantage, where did you switch to?

Lightspeed/wedbush

Lower commission and much larger firm

I would check on that waiving overnight interest at advantage. It seemed pretty solid just a few months ago when they chased me and another bigger player than myself.

TraDaToR · May 25, 2017

sellindexvol66 said:
I would check on that waiving overnight interest at advantage. It seemed pretty solid just a few months ago when they chased me and another bigger player than myself.

The broker asked his boss and the boss said for the size of the account( 250K$) and given I usually only use 1/2( max 2/3) of the account in overnight margin, they could waive it. I am in Europe and they are pretty aggressive at chasing clients here as they are creating an office in Dublin.