Anyone has experience with DeepDiscountTrading.com ?

[Swan Noir]

chartman,

You are correct ... your information is quite outdated. Segregation is required (although that does not mean it always is properly done or done at all) and regulated.

And I believe (but do not know as fact) firms like IB sweep money at days end that is not posted to their exchange account as margin to their securities account so it is covered by SIPC. Since what's at the CME, as an example, is relatively safe and the balance is SIPC protected a firm like IB provides a high level of comfort.

Quote from chartman:

Unless the CFTC or NFA have changed the rules since years ago when I was involved in the commodity futures business, there is NO protection for customer funds being held by Future Commission Merchants (FCM) regardless of the financial size of the firm.

For those firms that are securities and futures brokers, customer funds being used for futures margin are not covered by SIPC.

 

[dandxg]

For Canadians they have protection on futures account, courtesy of their higher taxes and regulations per the Canadian government, CIPF. http://webcache.googleusercontent.c...nts&cd=1&hl=en&ct=clnk&gl=us&client=firefox-a

 

[joe4422]

Quote from chartman:

It is obvious you have never open an account with an introducing broker. An IB never handles your funds.
All checks are made payable to the clearing brokerage.
Please explain how someone who has never had your
funds or access to your money can 'fraud you out of your money'?
I was an IB for several years and never directly handled one penny of any customer funds. It is illegal for an IB to have procession of customer funds.

Fraudsters can be very clever people.

 

[TradeMetal]

Why go with deepdiscounttrading.com instead of dealing directly with crossland ?

He gives top service, takes care of you, and his rates are lower than if you would go directly to crossland.

Calling it a scam means that you are probably in this business and you can't compete with him, how sad....

 

[TickSlicer]

DeepDiscountTrading is the most HONEST website I have ever seen within the Futures Industry.

 

[jrlvnv]

Howard was my broker when he was at Alaron and I traded the emini's. I referred several people on this site to him when he was at Alaron. He is the nicest guy I have ever done business with in the industry. He answered all my questions right away. I don't know anything about his new company but I wish him the greatest success.

 

[TradeMetal]

I would like to see somebody who got cheated or scammed by Howard who posted here, otherwise you need to shut up and go back to your more expensive lousy service broker and paper trade a little bit more !!

 

[automated]

Why not open an account directly with an FCM? RCG or PFG. Both large FCMs. I am right now negotiatin to open account with them, same commissions and free Onyx platform

 

[TickSlicer]

DeepDiscountTrading is a Registered IB but they are also the Deep Discount Division of the FCM. So you have to choose who you feel is going to offer you the Best Service. To Each His Own...

 

[TradeMetal]

Quote from automated:

Why not open an account directly with an FCM? RCG or PFG. Both large FCMs. I am right now negotiatin to open account with them, same commissions and free Onyx platform

I was with PFG and closed my account. Their ordering data feed was way out of line with the market. I missed many orders were I simply could not get filled because their datafeed was lagging 5 or more seconds. It was impossible to day trade for me at PFG.

At deepdiscounttrading I'm on TT ordering datafeed which is great for placing my orders on.