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Is Dorman Out Of Business?


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Is Dorman Out Of Business?
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   #1 (permalink)
garopaba + santa catarina
 
 
Posts: 37 since Aug 2019
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I have contacted Dorman a couple of times in the last 2 or 3 weeks asking about information on opening an account with them, stuff like minimum deposit, day trading margins for each instrument (on their site is only listed overnight margin), commissions, etc. I said I was planning to use Sierra and their Denali data feed and order routing, and using Dorman as a clearing firm.

I got no reply so far. I find it very strange because brokers usually reply in the same day... So I wonder if they just closed down the business and abandoned the website.

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   #2 (permalink)
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Gauer View Post
I have contacted Dorman a couple of times in the last 2 or 3 weeks asking about information on opening an account with them, stuff like minimum deposit, day trading margins for each instrument (on their site is only listed overnight margin), commissions, etc. I said I was planning to use Sierra and their Denali data feed and order routing, and using Dorman as a clearing firm.

I got no reply so far. I find it very strange because brokers usually reply in the same day... So I wonder if they just closed down the business and abandoned the website.

I don't believe FCMs deal directly with clients, especially retail clients.

You should approach an Introducing Broker who has the relationship with Dorman.

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   #3 (permalink)
garopaba + santa catarina
 
 
Posts: 37 since Aug 2019
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xplorer View Post
I don't believe FCMs deal directly with clients, especially retail clients.

You should approach an Introducing Broker who has the relationship with Dorman.


They are in the list of recommended brokers in Sierra Chart page, doesn´t say anything about introducing brokers.


Anyways, a brokerage firm that does not even bother replying inquiries of possible customers is not a good sign, perhaps I should avoid.

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   #4 (permalink)
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Gauer View Post
I have contacted Dorman a couple of times in the last 2 or 3 weeks asking about information on opening an account with them, stuff like minimum deposit, day trading margins for each instrument (on their site is only listed overnight margin), commissions, etc. I said I was planning to use Sierra and their Denali data feed and order routing, and using Dorman as a clearing firm.

I got no reply so far. I find it very strange because brokers usually reply in the same day... So I wonder if they just closed down the business and abandoned the website.


xplorer View Post
I don't believe FCMs deal directly with clients, especially retail clients.

You should approach an Introducing Broker who has the relationship with Dorman.

Many FCM's (e.g. AMP) do open retail accounts directly, and it appears that Dorman does as well. I found this from a quick look at their site: https://www.dormantrading.com/futures-services/online-trading/

(They are one of the two FCM's used by NinjaTraderBrokerage, but I think they will open an account without getting it from NT. They say they will, anyway. )

So does Phillip Capital, the other FCM used by NinjaTraderBrokerage: https://www.phillipcapital.com/Retail_Traders

As to whether they are out of business, I have no information on that, but since they are one of the two FCM's that NinjaTraderBrokerage is an IB for, I'm sure we would have had a lot of posts here from NT traders if they were....

I don't know what the problem is with your queries, however. I assume you used their Contact Us page or the phone number listed, but if you just used info from the SC site, this may help: https://www.dormantrading.com/contact-us/

Bob.

When one door closes, another opens.
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   #5 (permalink)
garopaba + santa catarina
 
 
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@bobwest

Hi Bob, yes I have been trying to contact them via the "contact us" page... No reply.

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   #6 (permalink)
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Gauer View Post
@bobwest

Hi Bob, yes I have been trying to contact them via the "contact us" page... No reply.

Strange you would get that kind of non-response. Did you try using the phone number?

Other than that, no ideas on what to do next, except to move on.

Bob.

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bobwest View Post
Many FCM's (e.g. AMP) do open retail accounts directly, and it appears that Dorman does as well. I found this from a quick look at their site: https://www.dormantrading.com/futures-services/online-trading/

Thx for setting the record straight Bob.

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   #8 (permalink)
garopaba + santa catarina
 
 
Posts: 37 since Aug 2019
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Just an update:

They contacted me and said they were swamped with business, but that soon their inhouse brokers will respond my questions.

Regards

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   #9 (permalink)
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I just setup an account with tradovate been a few weeks since they approved my ACH transfer even see the money taken from my checking account yet nothing in my trading account. The money actually went to Dorman Capital it seems that there is an unprecedented amount of people opening trading account right now and trading. That doesn't surprise me people who were not able to daytrade from work are now able to because they are working from home now. Even TD and Fidelity are 50-75 minutes on hold today I was trying to work out a problem between the two and a paper check from a 401k rollover.

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A Business Wire "news":
Schwab Report: Year-End 2020 Self-Directed 401(k) Balances Up 13% Year-Over-Year Despite Ongoing Volatility and Q1 Market Lows

- When the money flows to the stock market, we should not have to worry to much about our long term investments. -

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No, they are not out of business. I have an account with them and just talked with them yesterday.

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