Due Diligence: NFA Search for IB's, FCM's, CTA's, etc... - futures io
futures io futures trading



Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...


Discussion in Brokers

Updated
      Top Posters
    1. looks_one Big Mike with 4 posts (5 thanks)
    2. looks_two westmalle with 3 posts (2 thanks)
    3. looks_3 sysot1t with 2 posts (2 thanks)
    4. looks_4 jaytrades with 2 posts (3 thanks)
      Best Posters
    1. looks_one bluemele with 16.0 thanks per post
    2. looks_two jaytrades with 1.5 thanks per post
    3. looks_3 Big Mike with 1.3 thanks per post
    4. looks_4 sysot1t with 1.0 thanks per post
    1. trending_up 15,811 views
    2. thumb_up 30 thanks given
    3. group 16 followers
    1. forum 17 posts
    2. attach_file 1 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...

(login for full post details)
  #1 (permalink)
Honolulu, Hawaii
 
Experience: Intermediate
Platform: NinjaTrader
Broker: ATC/TT, AMP/Zen-Fire, AMP/CQG
Trading: TF
 
bluemele's Avatar
 
Posts: 2,547 since Jun 2010
Thanks: 3,803 given, 2,835 received

Hi all,

I always see a lot of comments about this forex company, that FCM, IB or whatever and who plays by the rules.

So, I got my Series 3 certification about a year ago and I learned a lot about the whole process. Here is a great link that will help you learn more about those entities to look up what their past records look like:

BASIC Search

Also, here are some top brokers already and I have to say, I haven't looked at this in a while and boy was it shocking to see some of the payouts from some of these companies:

FXCM BASIC Details

Forex.com BASIC Details

Velocity Futures BASIC Details

AMP Futures BASIC Details

Optimus Futures BASIC Details

Mirus BASIC Details

Interactive Brokers BASIC Details

Open E Cry BASIC Details

Dorman BASIC Details

Look at all 3, regulatory actions, arbitration awards & reparations cases.

I was very very suprised to take some time. I think my biggest surprise was AMP & Velocity.

Visit my futures io Trade Journal Reply With Quote
The following 16 users say Thank You to bluemele for this post:

Can you help answer these questions
from other members on futures io?
Select custom session template not working
TradeStation
Help get more ThinkOrSwim content on futures io!
ThinkOrSwim
Trying to transform single contracts into a continuous contract from historical data
NinjaTrader
Moores Research vs spread software SeasonAlgo
Trading Reviews and Vendors
Locate candles 15 cent
ThinkOrSwim
 
Best Threads (Most Thanked)
in the last 7 days on futures io
The Small Exchange (www.smallexchange.com)
106 thanks
Big Mike in Ecuador
83 thanks
How did you learn to trade?
58 thanks
Whos afraid of the big bad Glitch
51 thanks
Spoo-nalysis ES e-mini futures S&P 500
37 thanks
 
(login for full post details)
  #3 (permalink)
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 49,387 since Jun 2009
Thanks: 32,059 given, 96,665 received


Stickied in the Brokers section.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following user says Thank You to Big Mike for this post:
 
(login for full post details)
  #4 (permalink)
 
 
Posts: 1,176 since Nov 2009


bluemele View Post
So, I got my Series 3 certification about a year ago .... .

how come you got the series 3? was it just for kicks? and how did it impacted your account registration with your broker?


bluemele View Post
I think my biggest surprise was AMP & Velocity.

what exactly was surprising? you leave it a bit in suspense..

Reply With Quote
 
(login for full post details)
  #5 (permalink)
 
 
Posts: 1,176 since Nov 2009

I always use basic to research everyone.. here are some more..

Crossland, LLC... BASIC Details
Advantage Futures, LLC.. BASIC Details
MBFCC ... BASIC Details

Reply With Quote
 
(login for full post details)
  #6 (permalink)
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 49,387 since Jun 2009
Thanks: 32,059 given, 96,665 received

Also the CFTC list (shows customer funds size, etc):

Financial Data for FCMs - CFTC

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #7 (permalink)
zurich
 
Experience: Advanced
Platform: Sierra ahRrrr CQG ...
Trading: Bund, ES, ...
 
puma's Avatar
 
Posts: 964 since Aug 2010
Thanks: 7,272 given, 1,499 received

I think the CFTC list is discontinued, but is now available on the NFA site.

Which is bizarre, since NFa was the body, that f++ked up with PFG.

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #8 (permalink)
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 49,387 since Jun 2009
Thanks: 32,059 given, 96,665 received


Big Mike View Post
Also the CFTC list (shows customer funds size, etc):

Financial Data for FCMs - CFTC

Mike

The CFTC stopped this reporting in November, and NFA took over:
NFA's BASIC System - Public Display of FCM Financial Information

NFA Manual / Rules

I'm actually having trouble finding a similarly formatted report from the NFA. Does anyone have a link for that?

NFA FCM reporting requirements:
https://www.nfa.futures.org/NFA-compliance/NFA-futures-commission-merchants/fcm-reporting.pdf

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
 
(login for full post details)
  #9 (permalink)
Eindhoven The Netherlands
 
Experience: Intermediate
Platform: Sierra, NinjaTrader
Trading: TF NQ YM 6E ES
 
Posts: 50 since Mar 2013
Thanks: 54 given, 36 received

Suggestion to Big Mike to organize a webinar so I (and no doubt many others!) better understand crucial basics like:
- What is an IB?
- What is the difference between an IB and FCM? Where to look at as a retailer trader?
- Where can I see who is a FCM and who is an IB? Is it good to have an IB and FCM combined - or not?
- Where to look for at an IB and FCM in terms of business sustainability ( so not the level of commissions).
- Is there a way I can trade so I am not responsible in case an IB or FCM cause me damage if their system malfunctions?
- What is a seggregated account? Is my money save or not? Are there ways to better secure my funds?
- How important is it to check the background of the bank the IB/FCM is using?
- How can I read the NFA website? Whcih other websites are there that help me better understadn the entities I deal with?
- Which components comprise the fee I pay to the IB/FCM?

I notice that in the current Mirus/Zenfire messages many traders have no clue how the above works - or even that it exists (I even read that someone assumed JP Morgan was the FCM). I myself also have no clear picture.

The above information may be scettered around at threads and websites. But it would be nice if someone can give a webinar covering the above topics (and other related requirements I do not mention or do not know it exists) and also an all you want to ask thread on Big Mike. There is more in trading than just the trade itself or your charts, indicators or methods.

Reply With Quote
The following 2 users say Thank You to westmalle for this post:
 
(login for full post details)
  #10 (permalink)
New York, USA
 
 
Posts: 80 since Jun 2011
Thanks: 22 given, 81 received



westmalle View Post
Suggestion to Big Mike to organize a webinar so I (and no doubt many others!) better understand crucial basics like:
- What is an IB?
- What is the difference between an IB and FCM? Where to look at as a retailer trader?
- Where can I see who is a FCM and who is an IB? Is it good to have an IB and FCM combined - or not?
- Where to look for at an IB and FCM in terms of business sustainability ( so not the level of commissions).
- Is there a way I can trade so I am not responsible in case an IB or FCM cause me damage if their system malfunctions?
- What is a seggregated account? Is my money save or not? Are there ways to better secure my funds?
- How important is it to check the background of the bank the IB/FCM is using?
- How can I read the NFA website? Whcih other websites are there that help me better understadn the entities I deal with?
- Which components comprise the fee I pay to the IB/FCM?

Good list, I'd add more:

-What are the requirements for a data feed business to be formed?
-What are the internals for the business formation of IB, FCM, Data Feed co, clearing, and other related entities?
-What is the break down for all fees for a transaction?
-What business entities can be combined into one and which can or should not be?
-What is the electronic infrastructure of the exchange, their data, their order execution, etc? Is there one data pipe that comes from one exchange entity?
-Why is there data and fills with the original physical futures exchanges names like comex, nymex, etc., when they are all now owned by CME and why is there some orders and data coming from the exchange names vs globex?
-If there are still pit trades, how are they entered into the electronic exchange?
-Is the way the exchanges funtion on these basic levels, proprietary?

There's probably a book on this, but I can't imagine it's very popular.

Reply With Quote
The following 2 users say Thank You to jaytrades for this post:
 
(login for full post details)
  #11 (permalink)
New York, USA
 
 
Posts: 80 since Jun 2011
Thanks: 22 given, 81 received

so i searched on duckduckgo.com this phrase: "how to start a business as an introducing broker for an fcm"

interesting results

one thing I'm starting to read is this pdf from the cme: https://www.cmegroup.com/education/files/IBhandbook.pdf

Reply With Quote
The following user says Thank You to jaytrades for this post:
 
(login for full post details)
  #12 (permalink)
Montreal, Canada
 
Experience: Beginner
Platform: NinjaTrader, Multicharts
Trading: ES
 
Posts: 114 since Dec 2011
Thanks: 55 given, 126 received

Just contacted AMP Futures asking for their NFA ID Number. Received a pdf which contains the following:

AMP Futures: BASIC Details

AMP Trading: BASIC Details

AMP Clearing: BASIC Details

Attached Thumbnails
Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...-amp-operations-details.pdf  
Reply With Quote
The following user says Thank You to JustinIsHere for this post:
 
(login for full post details)
  #13 (permalink)
Cedar Rapids, iowa
 
Experience: Intermediate
Platform: Ninjatrader
Broker: Ninjatrader - Continuum
Trading: 6E, TF, 6J
 
Tasker_182's Avatar
 
Posts: 593 since Aug 2009
Thanks: 430 given, 1,142 received


JustinIsHere View Post
I believe the AMP Clearing (Futures Broker | AMP Futures Trading) page should be this one (BASIC Details) instead of the one in OP's message (BASIC Details).

The OPs links are out of date (2011). They should all be checked, updated and probably a few more added. The intent of the thread is great and wish i had seen it before. I wonder if there is a better way to have this put in front of folks with updated links.

"Money is better than poverty, if only for financial reasons." - Woody Allen
Reply With Quote
 
(login for full post details)
  #14 (permalink)
Site Administrator
Swing Trader
Data Scientist & DevOps
Manta, Ecuador
 
Experience: Advanced
Platform: My own custom solution
Trading: Emini Futures
 
Big Mike's Avatar
 
Posts: 49,387 since Jun 2009
Thanks: 32,059 given, 96,665 received

For making webinar suggestions use this thread:



For the handling of links and such, use Quick Summary post #2. It can be edited by any Elite Member to always contain the most recent and up-to-date info in the entire thread.

Mike

We're here to help -- just ask

For the best trading education, watch our webinars
Searching for trading reviews? Review this list

Follow us on Twitter, YouTube, and Facebook

Support our community as an Elite Member:
https://futures.io/elite/
Follow me on Twitter Visit my Facebook Visit my futures io Trade Journal Reply With Quote
The following 2 users say Thank You to Big Mike for this post:
 
(login for full post details)
  #15 (permalink)
Eindhoven The Netherlands
 
Experience: Intermediate
Platform: Sierra, NinjaTrader
Trading: TF NQ YM 6E ES
 
Posts: 50 since Mar 2013
Thanks: 54 given, 36 received

@ jaytrades
Please put your comments for a webinar request at

By collaborating - and this applies to all who read this - we may get the webinar realised by Big Mike !

Reply With Quote
 
(login for full post details)
  #16 (permalink)
Vendor
 
 
CannonTrading's Avatar
 
Posts: 175 since Mar 2013
Thanks: 51 given, 143 received

Cannon Trading BASIC DETAILS

Follow me on Twitter Visit my Facebook Reply With Quote
 
(login for full post details)
  #17 (permalink)
Belgium
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IB / CQG
Trading: FDAX
 
Posts: 24 since Jan 2014
Thanks: 1 given, 7 received

Is there actually any relationship between CFTC and NFA ?
@bigmike: did you find the NFA financial reports yet ?
ty

Reply With Quote
The following user says Thank You to ChannelTrader for this post:
 
(login for full post details)
  #18 (permalink)
Seattle, WA
 
Experience: Intermediate
Platform: NinjaTrader 8
Broker: AMP/CQG
Trading: Indices
 
stoicbuddha's Avatar
 
Posts: 86 since Feb 2012
Thanks: 595 given, 94 received

I believe the AMP details are changed and can be found here - BASIC Details

Visit my futures io Trade Journal Reply With Quote


futures io Trading Community Trading Reviews and Vendors Brokers > Due Diligence: NFA Search for IB's, FCM's, CTA's, etc...


Last Updated on June 24, 2016


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing
 

Journal Challenge!

February
 

Battlestations!

March
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts