Looking for good futures day trading broker (considering Cannon)

[Scataphagos]

Cannon is solid, so is Ironbeam.

Please explain how Ironbeam is "solid".

I have an account at Wedubsh that is being pending being transferred to Ironbeam soon, and I don't have the option of staying with Wedbush.

I looked up the FCM financial data as of 6/31/2016, and Ironbeam has the lowest "Excess Capital" of any of the list @ <$1Million and their ratio of Net Capital/Required Net Capital is only 56%. I didn't calculate every company on the list, but most have 2:1, 4:1, or more. Besides of being one of the smallest firms on the list it seems like Ironbeam doesn't have much of a "shock" cushion.

What say you, please?

 

[Scataphagos]

Look into AMP Futures

What I said about Ironbeam appears to be equally true of AMP Global.... or is that different from AMP Futures (which was not listed)?

"...I looked up the FCM financial data as of 6/31/2016, and Ironbeam has the lowest "Excess Capital" of any of the list @ <$1Million and their ratio of Net Capital/Required Net Capital is only 56%. I didn't calculate every company on the list, but most have 2:1, 4:1, or more. Besides of being one of the smallest firms on the list it seems like Ironbeam doesn't have much of a "shock" cushion..."

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

 

[MattZ]

@Scataphagos If you want to stay at Wedbush, I can help. We clear through them and can keep your account there with the current set up you have. PM or call me if interested.

 

[Scataphagos]

@Scataphagos If you want to stay at Wedbush, I can help. We clear through them and can keep your account there with the current set up you have. PM or call me if interested.

I talked to one of the guys at Wedbush and he said they didn't want to "step on anyone's toes" while maintaining their clearing relationship with Ironbeam... therefore, I don't have the option of staying.

I appreciate your offer, but rather than dance around somebody's feelings, I'm going to check into other FCMs.

I once heard good things about Dorman Trading. Do you have any comment on them or clear through them? Besides they have R Trader platform with which I'm familiar.

 

[MattZ]

I talked to one of the guys at Wedbush.....

I believe that this relates to the current IB you have, but you have the right to switch to a different IB that clears WB as well.

We clear via AMP,TradeStation,ADM, Gain and WedBush.
I know R Trader, Rithmic and have worked with the Rithmic crew for many years.
This is in terms of connecting it to 3rd party platforms and/or as an API to custom built solutions. If you PM me, I will be more than happy to walk you objectively which FCM offers the best solution for your trading in terms of margin and cost. Then, I will leave up to you to decide. No pressure. I will leave it on this good gesture.

 

[Scataphagos]

I believe that this relates to the current IB you have, but you have the right to switch to a different IB that clears WB as well.

We clear via AMP,TradeStation,ADM, Gain and WedBush.
I know R Trader, Rithmic and have worked with the Rithmic crew for many years.
This is in terms of connecting it to 3rd party platforms and/or as an API to custom built solutions. If you PM me, I will be more than happy to walk you objectively which FCM offers the best solution for your trading in terms of margin and cost. Then, I will leave up to you to decide. No pressure. I will leave it on this good gesture.

It's not just a matter of "clearing" through Wedbush. It's more a matter of financial wherewithal. Ironbeam is very low on the "financial strength to withstand some degree of adversity" scale. Webush, is of course, much stronger.

 

[MattZ]

It's not just a matter of "clearing" through Wedbush. It's more a matter of financial wherewithal. Ironbeam is very low on the "financial strength to withstand some degree of adversity". Webush, is of course, much stronger.

I understand. I chose to reply to you based on this concern and giving you the option to stay.

 

[Money Trust]

What I said about Ironbeam appears to be equally true of AMP Global.... or is that different from AMP Futures (which was not listed)?

"...I looked up the FCM financial data as of 6/31/2016, and Ironbeam has the lowest "Excess Capital" of any of the list @ <$1Million and their ratio of Net Capital/Required Net Capital is only 56%. I didn't calculate every company on the list, but most have 2:1, 4:1, or more. Besides of being one of the smallest firms on the list it seems like Ironbeam doesn't have much of a "shock" cushion..."

http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

I've never looked into that, I'm embarassed to say. However, I've never had an issue with them. Maybe it's because my account may be considered small. I do have an account with Dorman as well and have never had an issue with them, either. Based on what I've seen, they have plenty of Excess Capital for "oh shit" events.

 

[DirectMarketAccess]

Please explain how Ironbeam is "solid".

I have an account at Wedubsh that is being pending being transferred to Ironbeam soon, and I don't have the option of staying with Wedbush.

I looked up the FCM financial data as of 6/31/2016, and Ironbeam has the lowest "Excess Capital" of any of the list @ <$1Million and their ratio of Net Capital/Required Net Capital is only 56%. I didn't calculate every company on the list, but most have 2:1, 4:1, or more. Besides of being one of the smallest firms on the list it seems like Ironbeam doesn't have much of a "shock" cushion.

What say you, please?

Ironbeam has a bigger cust set account than AMP, look at the PDF.

 

[DirectMarketAccess]

Please explain how Ironbeam is "solid".

I have an account at Wedubsh that is being pending being transferred to Ironbeam soon, and I don't have the option of staying with Wedbush.

I looked up the FCM financial data as of 6/31/2016, and Ironbeam has the lowest "Excess Capital" of any of the list @ <$1Million and their ratio of Net Capital/Required Net Capital is only 56%. I didn't calculate every company on the list, but most have 2:1, 4:1, or more. Besides of being one of the smallest firms on the list it seems like Ironbeam doesn't have much of a "shock" cushion.

What say you, please?

By "solid" I mean I've had a great experience with them. They are a non-clearing FCM, they actually clear through Wedbush. The don't have a huge customer segregated account because they focus on high-end retail business. They know how to cater to retail traders very well. And you're doing your math wrong on the financial data. Amp has 57M, Ironbeam 63. Also, their net capital requirement is $1,480,000, and they are holding $2,303,000 in capital, leaving 800k in EXCESS capital. Your math was backwards.