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CQG FCM commissions and fees
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CQG FCM commissions and fees

  #1 (permalink)
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CQG FCM commissions and fees

CQG has a page full of FCMs. I called a few only to find excessive fees.
Has anyone contacted many of those to get an idea how their commissions and fees compare to, for example, Interactive Brokers, especially at the 1000 - 5000 contract/month level?
CQG Integrated client has the potential to save thousands, but not if the FCM is way more expensive than IB.


Last edited by oceanbreeze; September 5th, 2014 at 04:00 PM.
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  #3 (permalink)
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oceanbreeze View Post
CQG has a page full of FCMs. I called a few only to find excessive fees.
Has anyone contacted many of those to get an idea how their commissions and fees compare to, for example, Interactive Brokers, especially at the 1000 - 10000 contract/month level?
CQG Integrated client has the potential to save thousands, but not if the FCM is way more expensive than IB.

Using NinjaTrader Brokerage through Dorman Trading as the FCM: the all-in cost for ES is as low as $3.38 per round turn.

Our commission schedule is publicly posted here - NinjaTrader Futures Broker Commissions: Discount All In Rates.

Risk Disclosure: Futures and forex trading involves significant risk of loss and is not appropriate for everyone.
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  #4 (permalink)
Trading for Fun
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Platform: Abacus
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Trade with FCM Partners

To my knowledge, all of these will serve retail (non-exchange member) accounts either directly or through introducing brokers (IB). Sometimes you can get a better deal through the IB.
  • ADM Investors / large, sound. They do a lot of commercial business. Their IBs might handle individual trader accounts.
  • Advantage / definitely check here. Known for low rates, good service for higher volume accounts.
  • AMP
  • Crossland / look up Deep Discount Brokerage, an IB. I think there's a recent acquisition (Wedbush?) here.
  • Dorman
  • Knight Capital
  • Phillip Futures
  • Rosenthal Collins / look up Cannon Trading, an IB (Cannon has a representative that posts to this site)
  • RJ O'Brien / largest independent, non-bank FCM

Most of the ones I've listed are large, but you should check out NFA BASIC and/or the CFTC site just to be sure they are well capitalized.

Velocity and Vision: I think Velocity was acquired. Vision had some recent regulatory issues and may no longer be taking new accounts.


Last edited by CafeGrande; September 4th, 2014 at 07:50 PM.
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  #5 (permalink)
Market Wizard
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CafeGrande View Post
Trade with FCM Partners

To my knowledge, all of these will serve retail (non-exchange member) accounts either directly or through introducing brokers (IB). Sometimes you can get a better deal through the IB.
  • ADM Investors / large, sound. They do a lot of commercial business. Their IBs might handle individual trader accounts.
  • Advantage / definitely check here. Known for low rates, good service for higher volume accounts.
  • AMP
  • Crossland / look up Deep Discount Brokerage, an IB. I think there's a recent acquisition (Wedbush?) here.
  • Dorman
  • Knight Capital
  • Phillip Futures
  • Rosenthal Collins / look up Cannon Trading, an IB (Cannon has a representative that posts to this site)
  • RJ O'Brien / largest independent, non-bank FCM

Most of the ones I've listed are large, but you should check out NFA BASIC and/or the CFTC site just to be sure they are well capitalized.

Velocity and Vision: I think Velocity was acquired. Vision had some recent regulatory issues and may no longer be taking new accounts.

Vision is still opening accounts. Where did you get your facts that Vision does not open accounts?
Some of the FCMs above had regulatory issues at some point as well.
We can offer CQG Q Trader without any problems.

Matt

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
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  #6 (permalink)
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mattz View Post
Vision is still opening accounts. Where did you get your facts that Vision does not open accounts?
Some of the FCMs above had regulatory issues at some point as well.
We can offer CQG Q Trader without any problems.

Matt

Please note the use of "I think" and the use of "may."

The Vision issue was discussed a couple of months ago on this site. At that time, they were going to "close" and then rename themselves or something like that. I'm not in the brokerage business so I don't know how it turned out or is turning out.

The advice stands: People should check out NFA BASIC as well as the FCM capital reports/excess capital ratios and decide for themselves if they want to do business with firm XYZ.

NFA bars Connecticut futures commission merchant Vision Financial Markets LLC, Virginia commodity trading advisor Ace Investment Strategists LLC and its principal, Yu-Dee Chang from membership

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  #7 (permalink)
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CafeGrande View Post
Please note the use of "I think" and the use of "may."

The Vision issue was discussed a couple of months ago on this site. At that time, they were going to "close" and then rename themselves or something like that. I'm not in the brokerage business so I don't know how it turned out or is turning out.

The advice stands: People should check out NFA BASIC as well as the FCM capital reports/excess capital ratios and decide for themselves if they want to do business with firm XYZ.

Yes, they should. But in my humble opinion stating that they no longer accept accounts using "may" and "I think" does "excuse" you. You made statement and instead you could have simply asked

In the next few days, I will publish here the current status.

I assure you that we open accounts as usual for all trading platforms.

Matt

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  #8 (permalink)
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mattz View Post
Yes, they should. But in my humble opinion stating that they no longer accept accounts using "may" and "I think" does "excuse" you. You made statement and instead you could have simply asked

In the next few days, I will publish here the current status.

I assure you that we open accounts as usual for all trading platforms.

Matt

I'm not doing a deep-dive research project for the guy. He asked if someone had a way to whittle down the list and I provided some names that serve independent traders. I made sure to use qualifiers when I wasn't sure about something.

You seem like a hard-working, customer-focused entrepreneur. I don't think I've ever read anything but praise about your business on this site. But the fact is that Vision had a serious oversight issue (so have others), and I don't envy your having to explain the situation to customers and prospects.

So, please don't shoot the messenger.

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  #9 (permalink)
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CafeGrande View Post
I'm not doing a deep-dive research project for the guy. He asked if someone had a way to whittle down the list and I provided some names that serve independent traders. I made sure to use qualifiers when I wasn't sure about something.

You seem like a hard-working, customer-focused entrepreneur. I don't think I've ever read anything but praise about your business on this site. But the fact is that Vision had a serious oversight issue (so have others), and I don't envy your having to explain the situation to customers and prospects.

So, please don't shoot the messenger.

Agreed.

I appreciate the kind words about our work ethic.
It had nothing with us, and indeed it affected us tremendously.
Matt

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  #10 (permalink)
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CafeGrande View Post
Trade with FCM Partners

To my knowledge, all of these will serve retail (non-exchange member) accounts either directly or through introducing brokers (IB). Sometimes you can get a better deal through the IB.
  • ADM Investors / large, sound. They do a lot of commercial business. Their IBs might handle individual trader accounts.
  • Advantage / definitely check here. Known for low rates, good service for higher volume accounts.
  • AMP
  • Crossland / look up Deep Discount Brokerage, an IB. I think there's a recent acquisition (Wedbush?) here.
  • Dorman
  • Knight Capital
  • Phillip Futures
  • Rosenthal Collins / look up Cannon Trading, an IB (Cannon has a representative that posts to this site)
  • RJ O'Brien / largest independent, non-bank FCM

Most of the ones I've listed are large, but you should check out NFA BASIC and/or the CFTC site just to be sure they are well capitalized.

Velocity and Vision: I think Velocity was acquired. Vision had some recent regulatory issues and may no longer be taking new accounts.

@oceanbreeze

From the tone of your post, you're probably already aware, but just sharing so others know because there are other numbers being advertised and I want to be fair to the users and other FCMs/IBs. The marginal cost for your FCM to execute a retail order is zero above some very small threshold. After all, how many hours do you actually spend talking to your reps at the FCM/IB and how much counterparty risk are they taking up especially if you're executing via a tried-and-tested software provider, e.g. CQG, TT etc.? This threshold is very small. So you have every right to shop around and not get fleeced.

As a non-member, I'd say you should expect no more than $2.82 per ES round trip all-in (including exchange, FCM commission and NFA fee) i.e. $0.25 FCM commission up to 10,000 contracts per month. Let me know if you need specific names.

It's only when you shift from a retail account to a bulge-bracket bank's FCM group within that ($0, $0.25] interval when it gets expensive and the fees take longer to go down, because the multiple reps (credit/risk, onboarding, sales) assigned to you and the 2-4 people monitoring your positions actually each earn $250k to $1.2m all-in compensation per year, and you're actually, truly, not worth their business if you're not paying certain fees at minimum.

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