Hi every one I'm UK based and trade the Eurex exchange, I have used the Ninja Trader on a lifetime licence since 2007. Anyway on the 16th November I lost the Eurex feed on my Ninja Trader Platform. So I contacted my broker IT department to be told they were no longer providing access to the Eurex exchange via the Ninja Trader Platform. They said I should have received an email to that fact a couple of weeks ago, but I didn't receive one.
Anyway scrolling to the bottom of my daily invoice [which I normally don't need to do] I saw this message. It appeared on daily invoices from the 9th November.
ATTENTION EUREX TRADERS!!
On November 15, 2010, EUREX's current API will no longer be supported
Anyway they did offer me other platforms that I could subscribe to, but having a lifetime licence for NT, and likening the simplicity of the Dom I opted to change brokers.
Well I short listed Mirus and Amp as possible brokers to migrate my account to. So decided to Google reviews of both brokers. And as a result I tipped up here on futures.io (formerly BMT)F, reading this very thread.
I contacted Amp on Tues 17th as unlike Mirus they do not show their commission fees on their website. Initially in my mind at the time, they had the march on Mirus simply because they were their own clearing broker, as against Mirus being an introductory broker. Now I've no evidence to support the theory that FCB's give better service than IB's. But that was my level of thinking at the time.
Anyway I'll fill you in regards my experience of both brokers from an account enquiry point of view, and how the account sign up process went in my next post. Of course it will not be a guide to wither one broker is better than the other. I would have to have opened an account and traded with both brokers to be able to hold an opinion in that regard.
All I will say account enquiry wise is this, it was like comparing chalk with cheese.
The stage I'm at now is the new account is open, and awaiting funding. To that end I've just been informed by my old broker that today 24th November they have closed my account and transferred the funds.......so just waiting for them to show up in my account.
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As stated above, Wednesday I short listed both Amp and Mirus, already knowing Mirus commissions as it's on their website. I decided to first make initial contacted with Amp via their “contact us” link [not phone contact]on their website. Broadly outlining why I was looking to open an account with a new broker. And asking them to quote me the commissions for the FESX on the Eurex exchange.
I received a template auto reply back asking me to go to another link and fill in a Trader Profile Form, this I dully did..
Thursday I receive another template reply entitled “Introduction to your new contact at Ampfutures” this time with my name and a broker name inserted [here to answer my questions] and again asking me to take the time to fill out a Trader Profile Form........Hello is there anybody there!
Followed immediately by another email extolling the virtues of Ninja Trader, and offering a Free
Ninja Trader “Futures” Demo.....but I've already told you I've been using Ninja Trader since 2007
Again followed immediately by another email starting Hello ...my name..with a list of commissions for various instruments, and the margin requirement for the ES.......remember my enquiry was for the FESX, unfortunately I was still non the wiser. Anyway followed a minute later with another email starting Hello ….my name......and a link to an “Online Account Application”
One hour forty six minutes later I receive another template email from my dedicated broker
entitled “Free Paper Trading Demo Follow up” again starting Hello ….my name...asking me to fill out a ..yes you've guessed it a Trader Profile Form.
Now at this point I thought, though I'm not in receipt of the info I want from AMP. I'll make a preliminary enquiry to Mirus in regard to possibly opening an account. To this end in the early evening [UK time] I emailed their “New Accounts- Application Inquiries” contact, Cara.
Again outlining why I'm considering changing brokers, the fact I have traded with the Ninja Platform since 2007 and hold a lifetime licence for same. In short all the info I gave to AMP.
Two hours later I receive an email, with my original email attached
Hello ...my name,
My name is Brian Dolly and I am a broker here at Mirus Futures. Your email has been forwarded to me. I would like to discuss the possibility of you opening an account with Mirus. It seems like you are already pretty familiar with Ninja. Did you have any specific questions that I could answer for you?
Here is a guy who has actually read my email....how refreshing is that?
But as it's late in the day this side of the pond, I decide to reply to him tomorrow.
So Friday I have a couple of questions that I put to him via email. I also told him I was awaiting some information from another broker so it was only right that I gave them time to come back with it before I make a final decision as to who I go with. But I confided having read this thread on futures.io (formerly BMT)F, I said Mirus were now in poll position.
Anyway that said, and giving the benefit of the doubt to my contact at AMP. In that I thought, hey the guy obviously has only been passed a name and email address. Having had no sight of my initial enquiry, and obviously there is a glitch in him being aware that I have already filled out a Trader Profile Form two days previous. So I email him personally, explaining where we are at, but also assuring him that it is not my intention to come over as being bollshi, but for now I just want to be told the commissions rate for the FESX.
Four hours later I receive another email from my contact at AMP entitled “Free Pivot Point Calculator” and link to download same.
He finishes off his email with the usual “If you have any questions or need any other trading information, just drop me a line and I will get back to you very quickly.”
Well that was it for me, I finally gave up on AMP. So I again contacted Brian at Mirus, and told him the answers given were satisfactory. And as such would sign up with them, but as it was early evening my side of the pond I would do the online application over the weekend. He emailed me back some time later stating if I sent him copies of ID and proof of address he would forward them along with my application [which Mirus would receive Monday morning] and then send on to RCG.
This I did Sunday evening, Monday 4.00pm US time I receive from Brian my RCG account number. And as it's a template open account confirmation it includes funding your account instructions. Once funds are in place your receive your Mirus username and password.
Now funding my old broker account via a wire transfer to their UK bank account. If I wire today before 2.30pm, it shows up on my broker statement which I receive early the next morning. And with RCG the clearing broker, they also have a London branch. So you could say it can be a two day process signing up with Mirus if you hit the bank at the right time ready to trade on day three.
Me I'm awaiting a Funds Transfer from my old broker to RCG.
Tuesday I receive login instructions from RSG, no money there yet but I login to take a look . Looks the dogs dodars account and trades information wise.
Oh and late that day I also receive another email from my contact at AMP subject line “Free Futures Trading Course” with that all to familiar line “ If you have any questions or need any other trading information, just drop me a line and I will get back to you very quickly”
I did email him, informing him I had signed up with another broker. Also thanking him
for the eight emails I had received. Because they had possibly stopped me making a mistake in the choice of broker.
Will he read it? Well if I was a betting man......... By the way I have omitted the AMP contacts name throughout because there may well be a valid reason why he failed so badly to impress me.
Think on I ain’t saying Mirus is a better broker than Amp. All I'm saying is AMP have ensured by their lack of response to my enquiries, that I'll never put myself in the position to make that particular comparison.
This morning Thursday the 25th my daily account statement from my old broker shows a balance of Zero. So just waiting for it to turn up in the RCG account, no doubt it being Thanksgiving today will make it latter rather than sooner.
OK I admit the above doesn't answer the Opening Posters question, but then I dare say there is something to be gleaned from it.
Last edited by LukeGeniol; November 25th, 2010 at 10:52 AM.
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I had similar experiences with AMP, and not so similar with Mirus... having had an account with Mirus previously I will say the experience truly depends on the sales rep, not the brokerage firm itself, and your expectations as to what service means...
As an example... most people tend to shy away from IBKR because of their "alledge" lack of customer service (aka. hand holding) given they tailor to active traders (which are supposed to know what they are doing); but not all users complain about it as their expectation criteria would be based on execution and price... IBKR product platform is superior to most brokers and FCM's out there, with the exception of what I would call the majors... their universal account is just common sense to me.
Mirus/RCG is a good combo given the RCG platform..and the fact that you were assigned a good sales rep that was able to meet your expectations is a good thing... so congratulations on finding a new home, just keep in mind a brokerage is only as good as its sales rep..
sysot1t I wholeheartedly agree with every thing you said. You definitely can hit on a decent firm, but be assigned a less than satisfactory broker, or have to higher expectation of them. End of the day you want your trades executed, and possibly IT back up on occasion, and hardly ever needing the attention of your assigned broker. And I dare say that's how they like it, as their prime concern is getting new business in.
lukegeniol I'm sorry it was unreadable, I first wrote it in MS Word, as I wanted to place all the emails in the right time sequence, then copy pasted on the forum. Well it presented as a "Shout Fest " so I chose font size one, and moved the gaps up. I thought I had sorted it sorry, it still looks large to me though
@SimpleSimon thanks for sharing your experiences! Sorry things didn't work out with Amp, but glad they are with Mirus
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After doing alot of tests, even after the new api connection, the zenfire feed still isn't reliable. I don't see why i would pay 4.30 r/t when i can pay much less, around 3.8 with TT, and even less with other brokers.. Assuming you do only 100 trades a month, you can put that money towards a quality feed and use kinetick( which is essentially dtn) all for the same price.
This way, you can have a backup feed as well even if you don't do bid/ask studies... It comes out to be the same price.
Your saying that TT doesn't offer eurex, you can get rithmic with mattz at optimus, he offers i think around $4 r/t, still cheaper.
I talked to matt a couple of times, he's truly a good guy.
Ninja and zenfire truly messed up after this whole thing about their ,"oops, our feed was dropping data all this time, we fixed it now."
The whole point of paying a premium was that zenfire offered unfiltered data, and thats not what their providing. So every time you trade, your paying for a service your not receiving.
The following 3 users say Thank You to Michael.H for this post:
"this the fourth email to AMP, its the third one sent directly to you. You never answered my questions in those first two. And it's the second email to you, telling you I've gone with a broker that listens and actually answers questions.
SO in answer to your question
have a nice day,
On 03/12/2010 08:46, Jeff Rice wrote:
Do you have any further questions regarding opening a live account?
I've decided to add AMP and Jeff in particular to my Junk Mail List, so definitely my last post on the issue. And as for my experience....well others can take from it what they will.