Backup or Replacement Futures Broker to IB

I

InTheZone

Hello,

I'm currently looking for a backup e-mini S&P futures broker to IB, or perhaps even a replacment for IB as my primary futures broker.

Any suggestions?

I've perused the broker ratings on EliteTrader, as well as past threads, but haven't really found a consistently recommended futures broker.

As a backup broker for IB, I am looking for the following:

+ Ability to answer the telephone and execute an order quickly when there may be a system failure, which may cause many customers to call at the same time.

+ Safety of funds on deposit with the futures firm


As a replacement broker to IB, I am looking for:

+ Low commissions. To start I'll be doing about 60 round-turns a month, with each trade consisting of 1 to 4 contracts.

+ Reliable online order execution system.

+ Fast order executions

+ Safety of money deposited at the futures broker.

+ Daily sweep of excess cash into a SIPC protected money market fund, or into the segregated account.


Thanks for your help.

-- ITZ
 
I'm currently with MB Trading. I have both good things and bad things to say, although the good outweighs the bad.

Where IB seems to get negative ratings for customer service, MB does a great job and with a prompt trading desk. In fact, I practically know the desk and reps by their first name now. Which leads to the negative, the reason I know them is that I had to call them so often because the first two weeks I was with them they were upgrading and had a few technical difficulties. Couple trades had to be closed out via phoning the trade desk. I think they are finished troubleshooting and no problems since (knock on wood).

First month of futures is $5/rt (rebate), and then $7/rt thereafter.

They are also down the street from me, although it is a closed office.

Direct access & decent rates if not the very best. Nice front end, execution only platform with real-time position/balance. Only a few e-mini contracts: S&P500, Nas, Russell2000, and Fortune50. Stocks, lvl 2 quote screen, e-mini market depth of 5.

Could easily be a primary or secondary broker with universal account features (online options to be provided soon). Interest account, not MMF (although you might be able to elect checking MMF via their clearing house Penson Financial Services, haven't done that myself).

Um, another negative is that the quote lags sometimes, could be on their end or mine, although I've heard the same thing from others. I have eSignal so I can compare, but sometimes T&S prints lag and other times its the actual lvl2 quotes. Maybe it has to do with my cable connection? but I've heard something similar from other traders. Plenty of order features like trailing stop, TTO (like bracket), limit, market, discretionary, reserve, smart order routing for stocks, etc. but not Market on Open or Market on Close.

Still a work in progress, but almost the exact opposite to IB if judging solely on the basis of customer service.

P.S. Jess is the futures man. Tell him I sent ya :)
 
I can second that. I recently switched from IB to MB. The customer service "attitude" at MB is as good as it is as BAD at IB. I never had any real problems with IB, other than the fact that their customer service attitude was the absolute worst I have ever encounter with any company in any industry. You would think that the IB reps are chained to their desks and beaten. And please, none of that over used crap about, "well if you want your hand held, go someplace else". A pleasant voice on the other end does wonders for PR. That is not very much to ask.
 
How is MB Trading at answering phones when their systems go down and hundreds of their clients are calling at the same time?

Are you able to get through quickly and place the necessary orders?

How has their reliability been lately?

Thanks for your input.

-- ITZ
 
Quote from InTheZone:

How is MB Trading at answering phones when their systems go down and hundreds of their clients are calling at the same time?

Are you able to get through quickly and place the necessary orders?

How has their reliability been lately?

Thanks for your input.

-- ITZ
More...

Seems like very prompt service on the phone. Called when they were having tech difficulties, but didn't seem to be much of a hold. They also have an online chat to speak with reps if need be. Relaibility has been pretty good lately.
 
I have been using PreferredTrade for trading the ES futures. They have been very good so far. Customer service time was good the one time I called.

Preferred is new to futures and only offer ES, NQ, and YM

So far they have been fast and reliable. Seems alright... but I am new to futures too and I have not used anyone else yet.

$12 round trip is not too great! So may be back-up only for active people...

Good luck...

:)
 
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