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Recommend futures, options Broker?
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Recommend futures, options Broker?

  #11 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
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not 100% clear if you want to trade futures options only ... but you should look at optionsxpress and trademonster... you can also look at schwab... they bought optionsxpress btw... and then do options on the ETFs vs. futures... your choice..

also, on my TT feeds I see options on futures... that is the crossland feed... so you can trade them with crossland for sure.

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  #12 (permalink)
Market Wizard
Cleveland, OH
 
Futures Experience: Advanced
Platform: QST
Broker/Data: QST, DeCarley Trading, Gain
Favorite Futures: Options on Futures
 
Posts: 2,727 since Jul 2011
Thanks: 794 given, 4,777 received

I trade options on futures at optionsXpress (OX). 2.5 years. I am extremely pleased with them. Customer service is the best.

I checked into IB and ran as fast as I could away from them. They drastically over charge for margin on options. Far above SPAN minimum.

I also have a Open E Cry (OEC) account. They have a few things that OX doesn't. And OX has some things OEC doesn't. The OEC risk managers are a little more picky and harder to deal with is the main difference. OX owns OEC.

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  #13 (permalink)
Trading Apprentice
Denver, Co
 
Futures Experience: Advanced
Platform: MT4
Favorite Futures: spot FX
 
Posts: 5 since Oct 2011
Thanks: 7 given, 1 received


Funny. I was going to tell you IB.

If you do HFT, check out MB Trading

For Futures, Mirus

For Spot FX, IBFX

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  #14 (permalink)
Elite Member
Spokane, WA
 
Futures Experience: Intermediate
Platform: ninjatrader, tradestation, esignal
Favorite Futures: Futures, Futures Options
 
cashinvestor's Avatar
 
Posts: 13 since Jul 2009
Thanks: 0 given, 10 received

You might want to think about splitting your decision up between data feed provider and trade broker.

Zen is fast clean data. But it isn't associated with a broker. You choose Mirus broker, you get zen.

You might also want to split between options and everything else. I'm going through that now. I'm testing PFG. They have options, but you need to use their platform which is so-so. Their futures platform support is huge, so you have a big choice in platforms. But their data feed doesn't seem great and their margins seem a little high.

Its becoming a real mix and match world. You seem to get a lot with one config but miss out on some stuff, then alot with other configs and miss out on some stuff.

I have chosen ninja as my primary platform. That gives me a big choice of data feeds, like esignal or iqfeed or zen-fire or pfg. As long as it talks to the broker trade desk, then i don't care too much about the broker.

But if I have to use their platform, like Best Direct or Options Express, then other considerations come in like support, upgrades, performance, etc.

I've had bad experiences with AMP. They don't do what they say they are going to do and often have negligent customer service.

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  #15 (permalink)
Trading Apprentice
New York, NY USA
 
Futures Experience: Advanced
Platform: R-Trader
Favorite Futures: Currency - EUR
 
Posts: 11 since Mar 2012
Thanks: 4 given, 6 received

Must Read - Zenfire is not even direct exchange connection

@cashinvestor

You really should read this previous post of mine when you are talking about clean data:

Zenfire is not listed as exchange certified data. It is running off on rithmic, so it will never be as clean as direct exchange certified connection, such as rithmic, TT, Cunningham (CT4)and CQG.

See the list here: Choosing a Trading Application

I do not see PFG on the list either, so they are piggy backing on another data feed too.

And for sure you can not say Mirus is not Zenifre. See NFA registration: (same owners)

Mirus: BASIC Details

Zenfire: BASIC Details

Mirus/Zenfire is just a connect the dots firm. If you want direct connect, clean data you have to go to the source. My personal choice: Go to optimus and use rithmic, go to velocity and use TT or go to AMP and use CQG or Cunningham and use (CT4).

I read some where a while ago, that a trader called the mirus trade desk during the european hours and he could not even talk to the guy because a baby was crying in the back ground.

My advice, go directly to the source and read around...mirus/zenfire is the most expensive and is just a middle man with a fancy name

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  #16 (permalink)
Elite Member
Spokane, WA
 
Futures Experience: Intermediate
Platform: ninjatrader, tradestation, esignal
Favorite Futures: Futures, Futures Options
 
cashinvestor's Avatar
 
Posts: 13 since Jul 2009
Thanks: 0 given, 10 received

Nice. Thank you for clarification. This definitely takes work to figure out the right/best solution. The people who know (like the brokers) are not going to say, the rest of us hack around to try and figure it out.

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  #17 (permalink)
Trading Apprentice
Chicago, IL/USA
 
Futures Experience: Advanced
Platform: RJOVantage
Favorite Futures: futures
 
JMarsh's Avatar
 
Posts: 15 since Feb 2013
Thanks: 1 given, 6 received

It's less about the brokerage and more about the futures clearing merchant they work with. Ask anybody whose brokerage used to clear with MF Global or PFG Best!

An Introducing Broker has to maintain minimum net capital on account with each IB they work with and they're responsible for managing their own compliance. Personally, I'm more comfortable going with a Guaranteed IB. They work closely with their FCM and their compliance is managed directly.

I think the best FCMs in Chicago are RJ O'Brien and Rosenthal Collins. They're both still closely managed. Full disclosure---I'm with RJO. I can't post links yet. They're each easy to find online.

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  #18 (permalink)
Trading's simple not easy
Adelaide Australia
 
Futures Experience: Intermediate
Platform: Ninja > MC
Broker/Data: AMPs
Favorite Futures: ES
 
Angelo1's Avatar
 
Posts: 99 since May 2011
Thanks: 1,425 given, 53 received


JMarsh View Post
It's less about the brokerage and more about the futures clearing merchant they work with. Ask anybody whose brokerage used to clear with MF Global or PFG Best!

An Introducing Broker has to maintain minimum net capital on account with each IB they work with and they're responsible for managing their own compliance. Personally, I'm more comfortable going with a Guaranteed IB. They work closely with their FCM and their compliance is managed directly.

I think the best FCMs in Chicago are RJ O'Brien and Rosenthal Collins. They're both still closely managed. Full disclosure---I'm with RJO. I can't post links yet. They're each easy to find online.

Hi Jmarsh
care to share a "brief" outline of fair option pricing (round trip) and with what broker you are currently using, I'm actually with Rosenthal Collins but via MF trading futures, i guess what you call an introducing broker, is that correct,
i didn't know they did Options nor did i know you could sign up with them direct, are u able to place the credit strategies directly on line, presuming yr in credit
am i on the right path?

Angelo

"If you believe you CAN, or, you believe you CAN'T, you're RIGHT!"
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