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NT brokerage which to use: Dorman Trading or Phillip Capital
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NT brokerage which to use: Dorman Trading or Phillip Capital

  #1 (permalink)
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NT brokerage which to use: Dorman Trading or Phillip Capital

Hi,

Can anyone give me some information on their experience using Dorman Trading or Phillip Capital on NT brokerage?
I am going to open an account with NT and am looking for some traders that have some experience with either Dorman or Phillip's.

You can just send me a PM, to Rachel, here on Futures.io

Thank you,

Rachel

 
  #2 (permalink)
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  #3 (permalink)
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I was wondering that myself. Somebody told me that one had ACH transfer where you could transfer directly from checking. If one does, that's who I would go with if they are both just as good as the other.

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  #4 (permalink)
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Some of my concerns

1. how are fills?
2. Is it all electronic like IB? Some trades are passed through people and they won't have as good a fill as electronic execution.
3. How safe are my funds, how do they hold my money.

If anyone, has had any experience, please PM me.

Thank you,

Rachel

 
  #5 (permalink)
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Rachel View Post
1. how are fills?
2. Is it all electronic like IB? Some trades are passed through people and they won't have as good a fill as electronic execution.
3. How safe are my funds, how do they hold my money.

If anyone, has had any experience, please PM me.

Thank you,

Rachel

Why ask for a PM when we're all here asking questions trying to find out? You don't want us to have that information too? : )

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I use Dorman. I don't have any experience with Phillip Capital but Dorman has been fine for me. They've been just fine for me for about a full year now. I withdraw from my account about once a month and the transfers are timely and I haven't ever had an issue with them. I've never experienced an issue with a fill. As a general rule, limits will get filled at the price specified. Market orders to buy will get filled at the ask and orders to sell will get filled at the bid. Order fills will be more dependent on the market which you're trading (i.e. Ag markets are less liquid than indices) and I would be surprised if any brokerage was still in business if it didn't get its clients favorable fills.

I don't know how Dorman holds its client money. However, I've never had an issue with waiting for funds to be removed from any Money Market account that it might be held in over there. Just a clarification--I don't know if Dorman does anything with client money at all.

If you have any other questions, feel free to ask. My guess is that the clearing firms are functionally identical for futures trading. If you're looking to clear equity or options trades through either firm, you should look into that specifically.

Best,

Lax99

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20160430 Who did you go with? Dorman or Phillip Capital?

Rachel,

The thread went dormant. Which brokerage did you end up opening an account with Dorman or Phillip Capital? Or did you go with another [i.e. S5 Trading or AMP Futures (SaaS/PaaS) or Topstep (SaaS/Paas)]. I see that Software as a Service is the new web enable trading platform. Also I see others are offering it for FREE (thats suspect since there is no free lunch). Is that true? I am a newbie as well and would welcome the community input. If you could do it all over again and had the technology and experience you now have how would you take your 1st steps into Trading futures. (Platform, education, Prop firm (funded); indicators, services, live trading room, MultiCharts or NinjaTrader, etc. ) Also did anyone every answer as to the status of electronic fills? What offers ACH? Your help is appreciated.



Last edited by 10kTrader; April 30th, 2016 at 02:32 PM.
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  #8 (permalink)
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emini2000 View Post
Why ask for a PM when we're all here asking questions trying to find out? You don't want us to have that information too? : )

Check out the CFTC reports for the financial standing of the respective firms you are inquiring about.

Financial Data for FCMs - CFTC

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Market Wizard
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I have used Dorman for over a year and I have found no issues with them. The statements are accurate to the cent.

As for the fills, limit orders by definition are guaranteed in terms of price so if you put in a limit order and you get filled, you will get filled at the price of your limit order (or better). This does not change according to the FCM.

As for market orders, it really depends on a number of factors, e.g. volatility of the instrument, how many contracts you're trading, internet speed, etc. but I have had only a few ticks slippage overall in over a year, so I can consider myself reasonably satisfied with them.

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Do either of these FCMs offer a client portal with real-time clearing info, or do you have to wait until the end of the day to receive an emailed statement?


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