Futures brokers are greedy bastards
- Thread starter kxvid
- Start date
I know that Global Futures offers '$0.35 per side + exchange fees' for their X_Trader clients. There is a monthly fee for X_Trader though so it only makes sense if you're trading enough contracts. Still, I agree with you, that's pretty damn low. I'm not sure how that makes any sense to the broker.
Pick up the phone and call some brokers. There are some that are quite a bit cheaper with service. Some do it in tiers for the guys that call and say they are doing 1000 r/ts a month when in reality they do maybe 100. They pay a higher rate and then it drops after x# of trades and drops again after another x # of trades. Again, you have to pick up the phone, it really is easy. I shop around for most everything I pay for to look for the best deal, why wouldn't you do the same with your business?
Quote from GCSICLRBC:
Who's the one bitching over pennies? Sounds like you're the greedy one.
BTW, short-term interest rates are near zero, so many brokerages aren't making much "on the float."
Why are you so cheap, anyway?
Are you one of these guys who "Scalps" 7 points on YM? That's sad.
How much did you make last month trading? Unless you're a local who does 1,000+ R/T monthly, your parsimony is pathetic.
I'm happy to pay $9 R/T for service; then again I'll trade CL & ES doing day & position trading.
If commission matter that much to you, you probably shouldn't even be trading. Get a better edge.
Not cheap, good business sense. Professional traders know that they have to control the costs of their business. No different than any other business person.
Why pay $9 RT when you can easily pay under $4 RT? Let's say I do 1000 RT a month - $9 RT costs me $9000 and $3.50 RT costs me $3500. I can't see any reason to throw away $5500 a month or $66,000 a year that belongs in my pocket.
Local don't do 1000 RTs a month, they do 1000 RTs or more a day. Traders doing big volume become exchange members to save a small fortune on commissions and exchange fees every year.
Bottom line is that professional traders wouldn't even consider paying a rate close to $9 RT.
Not looking for free, just looking for the low costs of electronic trading to be fully passed along down to the customer level.
Would be very nice if the CME cut their $1.14 a side fee for Globex trading. We need some real exchange vs exchange competition to make exchange fee cuts possible.
and why does my real estate agent charge me 18,000 to sell a 300,000 house when i can sell 300,000 worth of stock for under 10 bucks?