Transcend

[Gambit]

Gotta give these guys "mad props" They are a futures, options and stock firm. This is just an initial review but their service has been excellent. They've helped me out on commissions, got me a great rate and answered all my questions, within minutes in some cases. They also got me access to some trading software which is typically only offered to pro or semi pro traders.

I'm going to trade with them soon so I'll put up a more thorough review detailing their executions. But I think executions and latency will be great since I will use Obsidian's API.

They aren't perfect. They do pass through fees on options so CBOE products like OEX, SPX, VIX indexes are pricier. They aren't a prop firm so it is harder to get cut rate equities commissions. I doubt you'll get 0.50 per thousand shares but they are not bad. I will trade options and I prefer having SIPC so it doesn't bother me.

All in all, a damn good firm so far. I'll update later. Btw, I put this in the prop firm section because I think they cater more to the pro or semi pro crowd. They're kind of a prop with sipc.

 

[hitnrun]

if there retail . they are not prop

you say rebates on options or futures? no such thing

what are you talking about?

 

[Emilio_Lizardo]

Yes Gambit, Transcend is a good firm.

Last I checked though, they didn't offer portfolio margin. Has that changed?

Are they still clearing through Penson?

 

[Gambit]

Quote from Emilio_Lizardo:

Yes Gambit, Transcend is a good firm.

Last I checked though, they didn't offer portfolio margin. Has that changed?

Are they still clearing through Penson?

They still clear Penson. That is a problem for some people. However, it gets really hard to find self clearing brokers that take smaller accounts, around 50K, that offer great commissions, execution and good front ends. Most of the brokers that offer that seem to clear Penson.

I found alternative clearing firms. Vision Financial is a good choice if you are worried about Penson's bond issues. However Vision is not as cheap as Transcend on the equity options or the stock commissions. They seem to be a good fit for futures traders.

But if anything goes wrong, I trust that I will be made whole by SIPC. It's just a risk I take in order to run the strategy I want. So taking SIPC into consideration, I think I definitely got what I wanted out of this deal.

 

[Gambit]

Quote from hitnrun:

if there retail . they are not prop

you say rebates on options or futures? no such thing

what are you talking about?

I wasn't clear in my post. Transcend's equity commissions are decent but they are not low enough to engage in rebate trading. That's all I meant to say.

 

[hitnrun]

ok. that makes sense.

rebate trading you need a very low rate to make that work.
usually at 20 cents per thousand commission

prop is the way to go for rebate trading for those that like that style

 

[FixedGrin]

Quote from Gambit:


I'm going to trade with them soon so I'll put up a more thorough review detailing their executions. But I think executions and latency will be great since I will use Obsidian's API.

obsidian is not at any co-lo, so you will experience some latency issues

 

[jumper]

I would avoid them. Their customer service is going downhill fast. They jacked up my commissions twice in the past two months without notifying me and it's not a trivial amount.

They overcharged me MONTHS ago and has yet to credit me back. I used to be a fan of them but I'm about to give up.

Penson is awful. My positions haven't been correct in a couple weeks. Transcend's ETB list is awful.

And they don't offer PM.

Not sure why anyone would want to use them at this point.