Trading futures with Tradovate "no commissions" broker?
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- They do offer Jigsaw. Not sure what you mean by standalone. No other platforms.
- My understanding is the data is CQG.
- I am in the process of opening an account.
The following user says Thank You to Laconic for this post:
What do you mean by "They do offer Jigsaw"?
I mean the Jigsaw DOM and that is what I need to be able
to use for the broker to be useful to me.
Currently Jigsaw is available as an add-on to various trading platforms
(but you say "no other platforms") and in the future Jigsaw will have
it's own standalone version (Not ready yet).
So I am a bit confused right now. Can I use the Jigsaw tools with this broker?
- First off, I think Jigsaw at Tradovate may only be in beta testing at the moment. But the release should be soon.
- The setup is that you access the Jigsaw tools through the Tradovate platform, which I would guess is the same way you would do it through Ninja, Multicharts, etc. So you do have to have the Tradovate platform running but Jigsaw looks and runs the way you expect.
Hmmmm what is the actual cost of a round trip on the SandP/Bund/Dax futures contract? Or any others?
On their fees section, it is not clear if the figures posted are per side or round trip.
Symbol Market Exchange Group Exchange Fee NFA Fee Transaction Fee
NQ E-Mini NASDAQ 100 CME E-Mini Indices $1.17 $0.01 $0.09
TF Russell 2000 Index Mini ICE Futures US E-Mini Indices $1.30 $0.01 $0.09
ES E-Mini S&P 500 CME E-Mini Indices $1.17 $0.01 $0.09
YM E-Mini Dow ($5) CBOT E-Mini Indices $1.16 $0.01 $0.09
FDXM Mini-DAX EUREX Indices 0.38 EUR $0.01 $0.09
NKD Nikkei 225 (USD) CME Indices $2.10 $0.01 $0.09
FDAX DAX Index EUREX Indices 0.67 EUR $0.01 $0.09
FESX Euro Stoxx 50 EUREX Indices 0.47 EUR $0.01 $0.09
So looking at popular markets: Bund/SandP/Dow Jones, you can see that there are transaction costs per trade:
SandP $1.27
DOw $1.26
Bund 0.45 euros
If it's per side, then the savings are not so clear cut. I can see exchanges are included on the higher priced options which is pretty good. But if the platform is limited then you would need your own data feed and charting package on top, pretty much like everyone else.
Would be curious to see if I have got the wrong end of the stick on this-seems like it's ok but the savings are not huge if you can get a prop firm rate with your own cash?
On the fees question: the fees you listed are per side (not round turn), the 0.09 cents is the standard order routing fee passed through from CQG. The fees listed are fixed costs (per contract traded) outside the control of any individual broker. Instead of adding on a broker commission per contract to the fixed fees, you would be paying a low fixed monthly subscription. So the more contracts you trade in a month, the greater the cost benefit of the subscription. Combine this with Jigsaw and you start to get a synergy, I would suspect DOM execution order flow traders that don't need a lot of advanced charting bells and whistles are going to take a look at this for the immediate cost advantage.
Be Patient and Trade Smart
The following 5 users say Thank You to trendwaves for this post:
So to clarify, it seems like dubious advertising. My understanding is that for the fixed monthly fee, you can trade futures for just that fixed monthly fee and that's the cost.
EXCEPT for the cost per contract for the ES which works out to $2.54 per r/t etcetc. Which means that you're paying fees per contract just like if using a broker! Yay?
The following user says Thank You to Keab for this post:
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