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CQG has a page full of FCMs. I called a few only to find excessive fees.
Has anyone contacted many of those to get an idea how their commissions and fees compare to, for example, Interactive Brokers, especially at the 1000 - 5000 contract/month level?
CQG Integrated client has the potential to save thousands, but not if the FCM is way more expensive than IB.
To my knowledge, all of these will serve retail (non-exchange member) accounts either directly or through introducing brokers (IB). Sometimes you can get a better deal through the IB.
ADM Investors / large, sound. They do a lot of commercial business. Their IBs might handle individual trader accounts.
Advantage / definitely check here. Known for low rates, good service for higher volume accounts.
AMP
Crossland / look up Deep Discount Brokerage, an IB. I think there's a recent acquisition (Wedbush?) here.
Dorman
Knight Capital
Phillip Futures
Rosenthal Collins / look up Cannon Trading, an IB (Cannon has a representative that posts to this site)
Vision is still opening accounts. Where did you get your facts that Vision does not open accounts?
Some of the FCMs above had regulatory issues at some point as well.
We can offer CQG Q Trader without any problems.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
Please note the use of "I think" and the use of "may."
The Vision issue was discussed a couple of months ago on this site. At that time, they were going to "close" and then rename themselves or something like that. I'm not in the brokerage business so I don't know how it turned out or is turning out.
The advice stands: People should check out NFA BASIC as well as the FCM capital reports/excess capital ratios and decide for themselves if they want to do business with firm XYZ.
Yes, they should. But in my humble opinion stating that they no longer accept accounts using "may" and "I think" does "excuse" you. You made statement and instead you could have simply asked
In the next few days, I will publish here the current status.
I assure you that we open accounts as usual for all trading platforms.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
I'm not doing a deep-dive research project for the guy. He asked if someone had a way to whittle down the list and I provided some names that serve independent traders. I made sure to use qualifiers when I wasn't sure about something.
You seem like a hard-working, customer-focused entrepreneur. I don't think I've ever read anything but praise about your business on this site. But the fact is that Vision had a serious oversight issue (so have others), and I don't envy your having to explain the situation to customers and prospects.
I appreciate the kind words about our work ethic.
It had nothing with us, and indeed it affected us tremendously.
Matt
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
From the tone of your post, you're probably already aware, but just sharing so others know because there are other numbers being advertised and I want to be fair to the users and other FCMs/IBs. The marginal cost for your FCM to execute a retail order is zero above some very small threshold. After all, how many hours do you actually spend talking to your reps at the FCM/IB and how much counterparty risk are they taking up especially if you're executing via a tried-and-tested software provider, e.g. CQG, TT etc.? This threshold is very small. So you have every right to shop around and not get fleeced.
As a non-member, I'd say you should expect no more than $2.82 per ES round trip all-in (including exchange, FCM commission and NFA fee) i.e. $0.25 FCM commission up to 10,000 contracts per month. Let me know if you need specific names.
It's only when you shift from a retail account to a bulge-bracket bank's FCM group within that ($0, $0.25] interval when it gets expensive and the fees take longer to go down, because the multiple reps (credit/risk, onboarding, sales) assigned to you and the 2-4 people monitoring your positions actually each earn $250k to $1.2m all-in compensation per year, and you're actually, truly, not worth their business if you're not paying certain fees at minimum.
