deep discount trading. Probably open to lower rates if you trade good size.
Advantage futures. you have to contact them for a quote, but they beat velocity when I called them easily.
Openecry. Again, you have to call up. These guys were the cheapest, but I hear the inhouse platform isnt so stable.
The first 2 offer TT on a license basis. The Velocity TT offering (I used the free and licensed versions) is an utter con. They only publish 5 levels of pricing, where as all the others offer the full 10 exchanges now publish. The data feed is also slower as I mentioned than at Advantage.
I spoke to Velocity on one occasion about the free TT offer. They said (this was a Velocity director - cant remember his name) that they pay for a full TT license for you and hope to make the money back on the higher commission they charge. This is bulls***t. It's a lie. If that were a viable economic model, everyone would do it. Secondly, I met a TT rep at a party in Chicago. We were talking FCM's. I asked about the Velocity thing and why others dont offer this. He said TT gave them a special deal to see if the model worked for TT. They regret it.
If you cant justify a TT license for the volume you trade, then I'd recommend CTS T4 at either of these 1st 2 brokers. It keeps up with the TT feed easy. It doesnt have the EPIQ data, but if you're not doing much size, then that may not make such a difference. Naturally T4 has other stuff TT doesnt too.
I hope that helps.
I cant stress enough how bad Velocity are.
Heres another example - I trade spreads quite a bit. I had call the desk to get out of a trade a few times. It took them 7 minutes (yes I timed them) to get the spread up, another 2 minutes to understand my position and what I needed to do (a simple calendar spread isnt rocket science folks). When I was with Refco (back in the day )all the common spreads would be on the brokers screen as a matter of course, and he'd understand spreads. It would take them 30 seconds tops to do the same trade!!
The following 3 users say Thank You to TheDude for this post:
One thing T4 has which I dont use but think is quite neat is the mini market feature. If you have an outright contract in the ladder, the mini market shows all the other contracts in the curve in a reduced format in mini ladders (same length, reduced width) along side - thus increasing the width of the ladder dramatically. This allows you to identify potential mispricings in the curve very quickly. I imagine for someone who day trades spreads for a few ticks, this would be invaluable. I trade spreads on a swing trading basis though - days to weeks.
T4 also has a spread matrix like TT as well if thats your thing.
You can trade any exchange strategy in T4 from a quote board or Matrix. Cals, Fly, Condor, etc.
TT is more configurable than T4 and a bit 'neater' I admit. However for the odd spread when opportunity knocks, T4 is fine. For day trading/scalping, the T4 ladder is more than adequate. It also as the static price ladder after settling wit TT. The only thing I miss is EPIQ in TT.
They only published 5 prices in TT (although from the posters screen shot above, maybe Velocity are actually delivering what you pay exchange fees for now!!).
The price changes were slower than I could see on my IQ Feed T&S. The difference wasnt that noticeable, but it was there. The lag was only now and then, not all the time. It was fairly minor, but given the price you pay for TT, Velocity should have delivered a better feed. I imagine Velocity put way too many users on a TT server to cut costs given they arent really a quality outfit. You're only supposed to have 10-12 traders connected per TT gateway. Velocity probably put all their customers on 1 or 2 servers to save money.
The TT feed kept up with IQ feed no probs at the other places I mentioned earlier.
I should point out in fairness, I've got a 8MB line over ADSL+. It's a business ISP, not a retail home ISP service. I dont have a dedicated leased line.
As for the errors in position reporting, this is what happened on SEVERAL occasions. The first was the worst which I describe:
So I've finished trading for the day. I shut down my platform. I make sure I dont have any working orders.
Next day, I dont have time to trade, but I log into the Velocity portal. It shows me as being long a bunch of ES. WTF!!!!! Maybe I did have working orders left? But TT warns you of such when you log out. WTF!!! My equity is down 25%. WTF!!!!! I speed dial the desk. Like 8 rings later someone answers, then passes me to a desk. WTF!!!! Im now down 27% as the market is tanking. I ask to clarify my position. Im told Im long. I request a sell at market. Im told Im filled. I clarify I have no other working orders. He confirms. I hang up. I go out and take a walk, upset, angry and confused at how this could have happened. It will take me a month + to make that back. I log back into my portal to see what the real damage is in actual dollars. WTF!!!!! WTF!!!!! WTF!!!!! The portal now says Im SHORT A BUNCH!!! WTF!!!!!!!!!! WTF!!!!! Im a bit calmer at this point as I know the prior conversation would have been taped, so I shouldnt be short. I phone up and ask WTF is happening and why Im short. I wasnt given an explanation. I wasnt given an apology. Im just told my account position and balance would be restored to what it was the previous night. The whole incident kinda ruined my day!
Like I say, it happened a few more times, but I was less stressed as I realised it was yet another Velocity screw up. I just closed the account and moved on....
The following user says Thank You to TheDude for this post: