Anyone has experience with DeepDiscountTrading.com ?

Quote from TradeMetal:

All rates are negotiable with any broker :-) Even with Howard from Deepdiscounttrading.com
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Then why don't you just happily trade with him, suck him off, and give it a rest. If someone wants to trust their money with a company that can't afford to spend more than 9.99 a month for their website, then good luck to them. I would never be so foolish as to send this guy money.
 
Hey Joe cocksucker, this thread is about deepdiscounttrading.com, why don't you just stop clicking on threads you don't like. It works like this : You see something you want to discuss: You click on it.

You see something you don't want to read or discuss, you don't click on it. Glad I could help, you idiot.
 
Quote from joe4422:

Then why don't you just happily trade with him, suck him off, and give it a rest. If someone wants to trust their money with a company that can't afford to spend more than 9.99 a month for their website, then good luck to them. I would never be so foolish as to send this guy money.
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If you don't like their website, then that is your personal opinion. I personally think that it is very Unique & Honest. Also, you are not sending your money to that "guy". You are sending your money to a Customer Segregated Bank Account separate from the Clearing Firm required by Regulations. DDT & their FCM are totally reputable.
 
So, you're saying I'm better off just to trust this guy because it would be quite hard to fraud me out of my money anyway, than I would be at IB? Come on, commissions are not that high at IB anyway. But, I'll repeat this again. If you have a small account and are just trying this trading thing out, you don't have much to worry about, and you wouldn't have enough for the minimum for IB anyway. But if you have a large amount of money, you'd be insane to use this guy.
 
Quote from joe4422:

But if you have a large amount of money, you'd be insane to use this guy.
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Seriously? You have no clue how the CFTC/NFA are setup. Money here is as safe as it is with any company since they are all insured.

DDT is awesome if you ask me. Nobody beats Howard, nobody.
 
Quote from kentraderstar:

I called them and the owner name is howard lender. He started his brokerage last year. It's brand new. In my opinion, it is very risky to open an account with a brand new brokerage. The odds are higher howard lender may go bankrupt especially offering dirt cheap commission. I don't know how howard will make money. As i looked at his website, it looks horrible. Obviously, he doesn't have money to put up a Professional website.

All in all, i would stay away.
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I presented Howard with the same comments as yours, and this was his response :

We decided to keep our informational website simple for Compatibility reasons. Since we are doing business Worldwide, alot of Traders are using a combination of different computer operating systems along with different browsers which can create many complications when viewing our website. So by maintaining a simple website, we were able to achieve viewing compatibility for all Traders worldwide. Also, we fully state our commission rates, platform fees, & margin amounts which most brokerages are not willing to do.

Please click on the following link & scroll down to learn about the safety of your money :
http://www.deepdiscounttrading.com/TradingFirm.html
 
When dealing with an introducing broker your counter party is always the clearing firm behind him ... in this case Crossland. That is where your funds are wired and that is the firm responsible for segregation -- a more complicated issue than it appears on first glance -- and that is where your investigation of solvency should begin and end.

That said, Howard is a good guy and the firms service -- DeepDiscount/Crossland -- is superb. Try 'em ... you'll like 'em.

BTW ... I spent many years in the direct marketing business and, with a partner owned three brokerage firms (US, UK & Switzerland). I never confuse presentation with substance. Howard is a helpful guy who is for real backed up by a small but competent clearer.
 
Quote from joe4422:

Well you seem to love them, trade metal. You probably have a small account? I don't mean that to offend, but I think you mentioned you liked the low minimum to open. If you only have a few thousand bucks, then it wouldn't be such a big deal if you had all your money stolen anyway. All of the futures brokers, such as AMP, Infinity, etc.... trade against your account. They're just higher class bucket shops. This guy too. I'm not sure how he exactly does it, but he cannot make his living off of those commissions. He benefits from your money, and he benefits from your account heading to zero.


For any one with a large account, I would stick with a big brokerage like IB. I have 25 million dollars insured through Lloyd of London. All the big brokers have that extra insurance on the cash. So you would be insane to park a million bucks with this deepdiscounttrading guy. But for the newbie with a few hundred bucks who wants to play around a bit, it might be all right to check out.
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hey, don't IB (interactive brokers i assume) trade against their clients' positions? also don't they hold stop orders on their server in Chicago, which makes for bad stop fills?
 
I also use IB and, on my cash balance (not futures margin), I have the comfort of the sweep to an SIPC insured account. There is clearly value in that. I also use DeepDiscount/Crossland where I keep much smaller balances, have very low margin requirements and get great personal service from Howard.

Twenty years ago I negotiated an excess line insurance policy for a very substantial individual trader who was moving thirty million dollars to a major brokerage firm. I insisted that the broker pay the premium, that the policy be limited to my client's account and that he be named as additionally insured.

While I have not looked into it (I have less than the SIPC max at IB) I am reasonably certain that their $25,000,000 policy if it covers segregated futures funds at all is for the entire segregated account, is not specific to your funds and you are not named as additionally insured.

In a nutshell that blanket policy might (and I stress MIGHT) net you ten, twenty or fifty thousand dollars (or less) if you are forced to rely on its coverage. If you are counting on that policy you need to educate yourself on the details (and I mean every last detail) of the coverage they have purchased. You might be shocked as to its actual value to you!!

Quote from joe4422:

For any one with a large account, I would stick with a big brokerage like IB. I have 25 million dollars insured through Lloyd of London. All the big brokers have that extra insurance on the cash.
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