What would you professional traders doing size (250 RT and above) think about a FCM that wanted to charge an exchange seat lessee an "account charge" of say $2000/month in addition to FCM clearing fees, just in case you don't do the volume you say your going to do (so they can make a minimum profit on account) ie just to make it worth their while to mess with a new (to them) unknown professional trader?
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Any Futures Prop Traders/CME Seat Lessees
- Thread starter NetProfit
- Start date
Originally posted by NetProfit
What would you professional traders doing size (250 RT and above) think about a FCM that wanted to charge an exchange seat lessee an "account charge" of say $2000/month in addition to FCM clearing fees, just in case you don't do the volume you say your going to do (so they can make a minimum profit on account) ie just to make it worth their while to mess with a new (to them) unknown professional trader?
This sounds like Ffasttrade...
Am I missing something here?
I have been shopping for an emini broker for a week and have gotten a huge range between $5.5 to $18 RT -no one even comes close to IB as far as price of $4.8 Rt. Someone here posted about FFastrade. I checked it out and for the remote professional futures trader, they have a system wherein you pay $500/mo and pay $1.5 per side transaction fee, it does'nt include market data and exhcnage fees. I looked at CME and the exchange clearing fee is 30 cents per side and I assume NFa fees are around 5 cents per side which brings the total cost to $1.85 per side coming out to $3.70 RT. Am I missing another component of this pricing structure? Is this too good to be true? What is the catch? Anybody use them? Who do they clear thru?
Thanks
I have been shopping for an emini broker for a week and have gotten a huge range between $5.5 to $18 RT -no one even comes close to IB as far as price of $4.8 Rt. Someone here posted about FFastrade. I checked it out and for the remote professional futures trader, they have a system wherein you pay $500/mo and pay $1.5 per side transaction fee, it does'nt include market data and exhcnage fees. I looked at CME and the exchange clearing fee is 30 cents per side and I assume NFa fees are around 5 cents per side which brings the total cost to $1.85 per side coming out to $3.70 RT. Am I missing another component of this pricing structure? Is this too good to be true? What is the catch? Anybody use them? Who do they clear thru?
Thanks
Originally posted by momentum30
FFastTrade offers the use of a live training product, CQG, JS Services Charts, Off the Charts(in-house Chartist), High Speed Internet, Remote Access from home, FFastFill Execution and Support and a Seat in a prime location in the CME building.
All of this for $2000 a month plus $.50 per lot clearing and execution. Am I missing something or is this the best deal in the marketplace?
I am curious about who you are????
That platform looks very basic/limited compared to JTrader or IB TWS.
I saw the platform , demoed it for a short time and think that its simplity is what would make it enticing-less bells and whistles less bugs. Witness old IB TWS users wo yearn for the old version which is rock stable vs. later releases.
I still don't understand how after 2 weeks of looking for a futures broker, reading elite posts for 8 months and marveling at how no one can even touch IB $4.8 RT rate, this FFastrade comes along and blows IB away by approx $1.15 per RT, of course you have to contend with the $500 lease which is nothing for size traders.
Any thoughs/comments.?
I still don't understand how after 2 weeks of looking for a futures broker, reading elite posts for 8 months and marveling at how no one can even touch IB $4.8 RT rate, this FFastrade comes along and blows IB away by approx $1.15 per RT, of course you have to contend with the $500 lease which is nothing for size traders.
Any thoughs/comments.?
GATrader - I agree with you. I would have thought there would be more interest at those price levels from active traders on this board.
Have you contacted them to confirm that the additional fees for trading a mini-contract matches the 35c/side that you come up with? That is the only thing that I can think of that would make FFastTrade less compelling - if the all in round turn cost were more then the $3.70 that you calculated on an earlier post.
Have you contacted them to confirm that the additional fees for trading a mini-contract matches the 35c/side that you come up with? That is the only thing that I can think of that would make FFastTrade less compelling - if the all in round turn cost were more then the $3.70 that you calculated on an earlier post.
That is right BUT they have a 550 per month where it is a straight 3.32 RT inclusive. Their $500 per month plan is funky ( sorto like $500 pre-paid on the trans fee of $1.5)It is funky coz they rebate you back unused trans fee on the $500
Ex. $500 per month you do 100 RT. Your commish is $532 like you said $5.32 RT)
BUT They rebate back unused trans fee $500-$150 = $350 which 'offsets' the $532 you paid out making your net cost for that month $532- $350.
If you trade 200 RT. The rebate is $1.5 * 200 = 300 cost for month of which you prepaid 500 so rebate is $200 which offsets your 5.32 RT * 200
you "pre-paid $500
I had to call them 3 times to get them to explain it to me.
Ex. $500 per month you do 100 RT. Your commish is $532 like you said $5.32 RT)
BUT They rebate back unused trans fee $500-$150 = $350 which 'offsets' the $532 you paid out making your net cost for that month $532- $350.
If you trade 200 RT. The rebate is $1.5 * 200 = 300 cost for month of which you prepaid 500 so rebate is $200 which offsets your 5.32 RT * 200
you "pre-paid $500
I had to call them 3 times to get them to explain it to me.