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Battle of brokers: Velocity vs OEC! Which one to choose?
As long as you actually trade, there are no fees. But yes if you are just storing your money there, then they do have maintenance fees for inactive accounts.
OK Mikey, would you happen to know how much they charge? I do not intend just to store my money there, but would be good to get the overall picture, just in case
Jan,
You need to consider the distance - you are based in UK you will have problems in fast markets using OEC.
Do not use OEC s/w as it is a joke of a platform. Sierra is a good and reliable platform that does work well with TT. Check though that Velocity does not charge you for an inactive account and that you can become its customer!! I was not able to join Velocity since I am in Australia and they offer their product to mainly US based traders.
I would try to use CQG, for new traders, there is a cheaper version from AMP, and it is most reliable connection for non-residents in US. This however does not connect to sierracharts
BTW - not sure if looking at websites should be enough to judge the quality of any brokers' offer.
Good Luck
David
So I guess I just might alter the question to:"What would the 'best' broker be for a UK based trader"?
I know there is IB, but they don't provide tick data as far as I know and the account minimum is $10k, I have $5k...so that's at least two obstacles in the way I know of...
PS: I know, although, looking at brokers websites is one of the criterions, not the only one I've seen a couple of websites that looked like they jumped out of 1990 and didn't belong to the 21st century, especially when you want to manage your account online as well
I value your opinion Mike as it's your experience talking, and you're most probably right, although,
I know it's risky, I base my decision on my past results. I also have some rules in place and I know I have to start some day. I've been patient for about a year now and I think it will be right time to finally get on with it. I also intend to open an account in the first quarter of 2013, so I've started doing a deeper broker research now. Moreover, by then I may have $10k ready
OK, I get what you mean Mike, initially I thought you meant the amount of $ to start with...
Although I am still a beginner, I have had positive results in an account I've been paper trading; 1 losing month out of 11 so far, so I simply think it's time to give it a real go...
I'm creating this thread with the purpose of a 'catch all' for any trading related question that futures.io (formerly BMT) members want to ask, but don't want to create a new thread for -- or find an existing thread to reply to.
But yes if you are just storing your money there, then they do have maintenance fees for inactive accounts.
I've seen a couple of websites that looked like they jumped out of 1990 and didn't belong to the 21st century, especially when you want to manage your account online as well