newbie needs help

Quote from con2rol:

I CAN'T THANK YOU ENOUGH OSORICO, for your help.. and i hope u help me a little more..

the dorman llc which is the FCM for Mirus futures has a customer seg (38 million) and the net excess capital is (10 million).. that more than 5 %... the net capital requirment is only (500000)..is that good.

i wish you could help me determing the risks of putting my money with a small private firm like mirus as IB and Dorman as FCM..beacuse they offer NJ with zen fire which i want to use..

what happens if both the IB and FCM goes insolvent and has it happened before.

thanks again for all your help
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Quickly...
Dorman financials look fine. Plus you should consider Dorman has been around for a long time. fwiw; I have past experience with Dorman, and had no problems. I just couldn't get rates I wanted using the Dorman platform.

Mirus, being an IB, is fine too. I have no experience with them but have read good remarks here on ET. In a quick NFA lookup of Mirus, they have a clean record and at least one of the principals has been a NFA member for over 10 yrs. As an IB, a slight, although minimal layer of "safety" exists, in the event something happens to Dorman.

Good trading and glad I could help
Osorico :)
 
again thanks very much osorico for your follow up and support

i checked on the NFA site and found that RCG has bad legal histoty while dorman isnt as much..OTOH, RCG is more experienced and longer in the bus and has ALOT more customer seg # ...if it was you whom will u choose

do i need to have some hard documentation of Mirus SIGNED for their responsibilty in covering me if FCM goes insolvent..that slight extra layer of safety

what does the term "uninsured future houses" mean

thanks
 
Quote from con2rol:

again thanks very much osorico for your follow up and support

i checked on the NFA site and found that RCG has bad legal histoty while dorman isnt as much..OTOH, RCG is more experienced and longer in the bus and has ALOT more customer seg # ...if it was you whom will u choose

do i need to have some hard documentation of Mirus SIGNED for their responsibilty in covering me if FCM goes insolvent..that slight extra layer of safety

what does the term "uninsured future houses" mean

thanks
More...

You have to decide which provides the services you want/need at prices that are conducive to your style of trading.

And good luck having Mirus, OR ANY IB, put anything in writing other than the official account forms and specific fees associated with your account.

Uninsured future houses... all futures "houses" are uninsured as far as clients are concerned. A silly term designed to confuse or sway noobees perhaps?

Osorico :)
 
so just simply ask the IB (mirus) to write a seperate document from the offical ones and have some one from their part sign it physically and fax it back...is that a normal thing to ask a broker

what other things that i NEED to talk about with the broker in order to put them in writing in a seperate documents

should i negotiate these things with the IB or the FCM since all the offical documents are from the FCM


thanks osorico
 
The IB doesn't hold your money, so if the clearing firm goes insolvent, the IB doesn't insure your money. Both FCM's that Mirus works with have been around for a long time, so it's not a big concern.
 
I have had the opportunity to work in the futures' brokerage business as well as trade futures for some top-notch trading firms. I can honestly say that the folks at Mirus offer an outstanding product and are committed to giving the trader all the tools they need to succeed. Best retail brokerage firm out there if you want quality tools to succeed. Trust me...I know.
 
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