Futures Broker Recs

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ChiPitbull06

I've been a trader for the past few years (since college graduation in '05) and I'm currently in a crossroads in my career. I started off in day-trading equities and have moved over to futures in the past 2 years. I've been successful, given the how the markets have operated but I feel like I should get a better idea of what's out there as far as futures brokers and see if I can find a better rate and quality firm. I've been overwhelmed trying to read posts myself and figured I'd just post my own question to get the answers I need. I'd be interested to hear any recs of brokers and/or any good/bad experiences traders have dealt with. I've had my short run-ins with shady firms and just want to eliminate the BS.

Thanks
 
Quote from ChiPitbull06:

I've been a trader for the past few years (since college graduation in '05) and I'm currently in a crossroads in my career. I started off in day-trading equities and have moved over to futures in the past 2 years. I've been successful, given the how the markets have operated but I feel like I should get a better idea of what's out there as far as futures brokers and see if I can find a better rate and quality firm. I've been overwhelmed trying to read posts myself and figured I'd just post my own question to get the answers I need. I'd be interested to hear any recs of brokers and/or any good/bad experiences traders have dealt with. I've had my short run-ins with shady firms and just want to eliminate the BS.

Thanks
More...

Who are the 'shady' firms you have had dealings with? You can post your comments on http://www.elitetrader.com/br and forewarn other traders.
 
Quote from ChiPitbull06:

I've been a trader for the past few years (since college graduation in '05) and I'm currently in a crossroads in my career. I started off in day-trading equities and have moved over to futures in the past 2 years. I've been successful, given the how the markets have operated but I feel like I should get a better idea of what's out there as far as futures brokers and see if I can find a better rate and quality firm. I've been overwhelmed trying to read posts myself and figured I'd just post my own question to get the answers I need. I'd be interested to hear any recs of brokers and/or any good/bad experiences traders have dealt with. I've had my short run-ins with shady firms and just want to eliminate the BS.

Thanks
More...

I have been through a few brokers. I don't want to bad mouth anybody and I don't think you should either. But I will tell you where other brokers have failed:

1) putting me on a platform they know nothing about
2) quoted me commissions and when I received the statement they told me I did not meet the minimum, therefore more "fees"
3) When I had to call support they never knew who I am and waiting time was too long ( these were the big guys).

Not too long I have moved to Optimus Trading Group.
I am only a part time trader and they have been very supportive.
When I called the broker walked me through all the platforms and told me the cost for each one upfront. I have chosen Rithmic with Ninja.
The rate that was promised had an error on the first day, I called, they reimbursed the error within 24 hours and my rate never changed since then regardless of my trading. I am a VERY picky guy.
I risk capital everyday and sadly not much of the brokers understand it. It's nice for a change to speak highly of your broker.

I am NOT telling you to go with them, but I suggest that you use my experience as a guide for choosing the one good for you.
 
Thanks for that reply; it had a lot of useful information for me. I'm also not in the market of bad-mouthing other firms. I probably used the wrong word when I said "shady". What gave me the negative experience was more or less the inconsistencies and a lot of what you mentioned above. Ultimately, I'd like to be taking home a higher % (this is why we're all here, isn't it) and have a consistent platform and firm to support me. I'm certain that brokers are revamping deals and I'm currently at around 50% and was curious of deals others have heard about or other firms are offering without dealing with the sales pitch from a rep.

Thanks again for the advice.
 
Get everything in writing - commission rates, other fees, etc. You want to know exactly what you will be paying for before you start trading.

Demo the platform, make sure you are comfortable with it.

I personally use Open ECry which has met most of my needs as a futures trader. Platform and data are free as well which saves some monthly expenses I use to pay. You can demo their platform at no cost, so worth a shot to take a look at - http://www.openecry.com

There are other names often mentioned here so check the search or reviews area to get some other ideas of names to compare against.

In the end, know your bottom line costs (commissions AND platform/data fees) and whether you like the software or not.
 
Hi, my name is Josh Lampel and I am a futures/forex broker with Global Futures. If there is anything I can do to earn your business please feel free to call or email me anytime. Here is a little more about what we can offer:

· 24 hour Order Desk (Sun 1:00 PM – Fri 3:00 PM PST) – If you need to place a phone order or just need a market quote, our order desk is available to help; there is no additional fee for call in orders.
· Global Futures is a deep discount brokerage firm offering competitive commission rates and low day trading margins for example: $500* Day Trading Margins on E-mini S&P, E-mini NASDAQ, E-mini Russell and E-mini Dow Jones ($5).
· 24 hour Technical Support (Sun 1:00 PM – Fri 3:00 PM PST) - Our tech support is available to assist you with any questions or problems related to your trading platform.
· No minimum to open an account – Simply fund your account with enough to cover your margin and you are ready to start trading.

I am also offering a special for the month of November: 20 commission-free electronic contracts when you open and fund an account by November 30, 2010, ask me for details. Click on the following link to start our online application: http://www.globalfutures.com/accounts/new-futures.asp

Let me know if you have any questions!

Thank you,

Josh Lampel
jlampel@globalfutures.com
877 367 3177
www.globalfutures.com
 
Quote from RobertG:

I have been through a few brokers. I don't want to bad mouth anybody and I don't think you should either. But I will tell you where other brokers have failed:

1) putting me on a platform they know nothing about
2) quoted me commissions and when I received the statement they told me I did not meet the minimum, therefore more "fees"
3) When I had to call support they never knew who I am and waiting time was too long ( these were the big guys).

Not too long I have moved to Optimus Trading Group.
I am only a part time trader and they have been very supportive.
When I called the broker walked me through all the platforms and told me the cost for each one upfront. I have chosen Rithmic with Ninja.
The rate that was promised had an error on the first day, I called, they reimbursed the error within 24 hours and my rate never changed since then regardless of my trading. I am a VERY picky guy.
I risk capital everyday and sadly not much of the brokers understand it. It's nice for a change to speak highly of your broker.

I am NOT telling you to go with them, but I suggest that you use my experience as a guide for choosing the one good for you.
More...

sound like a zen fire brokerage
 
FWIW, the percentage of people (green strip on top of page where it says Brokers) voting for diff brokers indicate far and away Interactive Brokers is the most popular.

But you should do some research, and it is probably wise to use 2 brokers, for various reasons.
 
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