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How safe the futures IBs are?
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How safe the futures IBs are?

  #1 (permalink)
Elite Member
Rio de Janeiro - Brazil
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: Stage5/IQFeed
Favorite Futures: ES
 
GentleTrader's Avatar
 
Posts: 85 since Jun 2009
Thanks: 6 given, 47 received

How safe the futures IBs are?

Hi. I'm used to be a futures trader in Brazil, and this year I sent a little money to USA to trade ES. I'm really enjoying trading ES, but I always think by myself how safe the IBs are. Most of them were created after 2000s. Very new companies. Some of them don't even ask you for documents. In 10 minutes you got you account opened and it's ready to receive you money. Some of them appears to be like amateurs conducting a company, not experts with market experience.

I'm asking so because I think about sending more money to trade a little bigger than I'm trading now, but I'm really afraid.

Have you guys knew about any IBs bankruptcy? Have you ever lost money because of this?

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  #2 (permalink)
Elite Member
Frankfurt
 
Futures Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: FGBL 6E B4
 
max-td's Avatar
 
Posts: 1,754 since Jun 2009
Thanks: 2,309 given, 917 received

hi,
i think there is not really a probleme with small Initial Brokers - they do not even have your money and can do nothing with your account ! They just make the connections + organisations+end-user-stuff.
ie i am with mirus-futures but my money "has" RCG (via accont at the Bank of America) - both huge companies.
so if the "small+new IB" goes down it has nothing to do with my account.

btw - after the Lehmann-crash i was thinking about what would happen if the Bank of Amerika also .... -- but then nothing is save anymore -- and then some guys came +saved the world

max-td
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,172 received


Agreed.

I am with Amp, they use Dorman. I feel perfectly safe.

Mike

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Need help?
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  #4 (permalink)
Elite Member
Rio de Janeiro - Brazil
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: Stage5/IQFeed
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GentleTrader's Avatar
 
Posts: 85 since Jun 2009
Thanks: 6 given, 47 received

Thank you, guys. I'm now deciding between Mirus/Zen-Fire and Velocity/TT. Both have similar prices for E-minis. My big question now is which of the routing technologies is better, ZenFire or TT. I'm also considering the availability of an API to remote access it. Zenfire has the API for free, but TT requires you to subscribe to X_Trader Pro (more than $1,000) to have access to the API.

But these questions may be discussed in another thread.

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  #5 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,172 received


6qat View Post
Thank you, guys. I'm now deciding between Mirus/Zen-Fire and Velocity/TT. Both have similar prices for E-minis. My big question now is which of the routing technologies is better, ZenFire or TT. I'm also considering the availability of an API to remote access it. Zenfire has the API for free, but TT requires you to subscribe to X_Trader Pro (more than $1,000) to have access to the API.

But these questions may be discussed in another thread.

From what I have heard, you will prefer Zen Fire over TT if you deal with tick data (volume, range, renko, tick) because their data is all unfiltered.

Ask your broker their opinion. Dan @ Amp Futures was a strong believer in the above. I've been extremely happy with Zen, so would recommend it. Can't comment about XTrader however.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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