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Zenfire no more?
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Zenfire no more?

  #831 (permalink)
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new york, new york / usa
 
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Big Mike View Post
Ray, can you tell us who's decision it was to exclude Dorman?

Mike

I wondered about that myself. Seems odd that only one firm would have such a requirement. Does anyone have any insight into this?

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  #832 (permalink)
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JustinIsHere View Post
Yesterday, Mirus Futures' CEO announced that they are entering an exclusive partnership with Dorman Trading as a Guaranteed Introducing Broker. (See https://www.mirusfutures.com/emails/Client_Update_CEO_1.9.14.htm)
...
the Introducing Broker is relieved from the necessity of raising its own capital to satisfy minimum financial requirements. In contrast, an independent Introducing Broker must raise its own capital to meet minimum financial requirements.

Any opinions on why they would drop RCG and RJO overnight?

Edit: @Big Mike, I didn't want to post this here because I didn't think it was related to ZenFire.

My reading of this is that there were not going to meet the minimum financial requirements anymore, and asked Dorman to "rescue" them?

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  #833 (permalink)
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Clerkenwell, London
 
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Broker/Data: Mirus Futures/Zen-Fire
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JustinIsHere View Post
Any opinions on why they would drop RCG and RJO overnight?

cos they're in a spot of bother.

with NTv20/Continuum it sounds like there's no need for a middleman?

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  #834 (permalink)
 Vendor: futurepathtrading.com 
Chicago, IL
 
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I am guessing that the reason you are at RCG is because of Mirus, and that if it weren't for Mirus's reco to open your account at RCG you may very well be elsewhere. To that point, Mirus was your front-line support and the company that you researched and chose as the best at the time, and you went with their reco. Do the same now ... don't feel like you have to stay at RCG just because its easiest -- there are other FCMs and Introducing Brokers (Guaranteed and Independent) that can provide you with the technology and service you require.

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  #835 (permalink)
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Berlin Germany /Alicante Spain
 
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TradeHugger View Post
I am guessing that the reason you are at RCG is because of Mirus, and that if it weren't for Mirus's reco to open your account at RCG you may very well be elsewhere. To that point, Mirus was your front-line support and the company that you researched and chose as the best at the time, and you went with their reco. Do the same now ... don't feel like you have to stay at RCG just because its easiest -- there are other FCMs and Introducing Brokers (Guaranteed and Independent) that can provide you with the technology and service you require.

Wrong. I have an account at Dorman AND RCG (AND Crossland too) to minimize risks - and I moved years ago from another German IB to Mirus with my already established RCG account. They asked me to open a Dorman account, also. In my little reminder I went to Mirus because they offered Ninjatrader in 2006. This was the reason. And I moved my RCG account there, too.

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  #836 (permalink)
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Clerkenwell, London
 
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Broker/Data: Mirus Futures/Zen-Fire
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TradeHugger View Post
I am guessing that the reason you are at RCG is because of Mirus, and that if it weren't for Mirus's reco to open your account at RCG you may very well be elsewhere. To that point, Mirus was your front-line support and the company that you researched and chose as the best at the time, and you went with their reco. Do the same now ... don't feel like you have to stay at RCG just because its easiest -- there are other FCMs and Introducing Brokers (Guaranteed and Independent) that can provide you with the technology and service you require.

yes you're right that's why I'm with RCG atm (and because they allow funding in GBP unlike Dorman from whom I switched). I chose Mirus because they published their commissions on the site and seemed upfront and open (and because Zen-Fire was free). my experience of IBs in general is negative - it surprised me that the world of futures is so full of sharks.

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  #837 (permalink)
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martifc View Post
...my experience of IBs in general is negative - it surprised me that the world of futures is so full of sharks.

Well, in a world with so much 'easy money' involved, the presence of sharks would be the last thing that would surprise me...

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn

Last edited by Daytrader999; January 10th, 2014 at 05:08 PM.
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  #838 (permalink)
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TradeHugger View Post
I am guessing that the reason you are at RCG is because of Mirus, and that if it weren't for Mirus's reco to open your account at RCG you may very well be elsewhere. To that point, Mirus was your front-line support and the company that you researched and chose as the best at the time, and you went with their reco. Do the same now ... don't feel like you have to stay at RCG just because its easiest -- there are other FCMs and Introducing Brokers (Guaranteed and Independent) that can provide you with the technology and service you require.

That's a pretty pompous statement, considering your firm does so little to put itself under a light that would even appeal to new clients. Namely by the lack of information you provide on your website.

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  #839 (permalink)
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Searching for new Broker...

Now that its pretty clear that Zenfire is no more I am starting to look for alternatives as the Mirus offering will not do. Its clear this is going to be very frustrating. I visited quite a few IB and FCM sites and most all of them are brimming with marketing BS and fluff with little or no real useful information to help me decide.

I am not one to look for the lowest price but I do expect to know what the commissions, fees and minimums I am going to pay are before I open an account. This apparently will require a call/email request and the resulting constant salesman hounding. That was one of the reasons I chose Mirus, they were up front with costs information.

Is there anywhere here on futures.io (formerly BMT) or elsewhere comparative cost information on popular brokers.

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  #840 (permalink)
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Broker/Data: Mirus Futures/Zen-Fire
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Daytrader999 View Post
Well, in a world with so much 'easy money' involved, the presence of sharks would be the last that would surprise me...

good point. but the only easy money that exists, courtesy of central banks, is for the asset rich, for now...

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