Should I be concerned about my trading account?
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Should I be concerned about my trading account?


Reviews of Brokers and Data Feeds

Created March 20th 2020 by ralett
Updated March 20th 2020 by Blash
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Should I be concerned about my trading account?

  #1 (permalink)
Thousand Oaks, Calfornia
 
Trading Experience: Intermediate
Platform: NinjaTrader 8
Broker/Data: Ninja with Rithmic
Favorite Futures: CL NQ RTY
 
Posts: 28 since Mar 2018
Thanks: 14 given, 42 received

Should I be concerned about my trading account?

I'm fairly new to trading and I'm wondering if I should be concerned about the financial stability of my broker?

I use Ninja Brokerage who is just the introducing broker; the money is held by another entity. I won't name names, but this is not one of the "too big to fail" banks. Relative to the size of the financial industry, this is a small player with finite resources. My guess is most futures brokers fit this description.

Now, I understand the concept of not trading with money that you can't afford to lose However, I would hate to lose my $50K account just because the broker gets hit with some unforeseen situation and goes belly up.

So, in these times of uncertainty, I'm interested in hearing from the veteran traders on this board.

Is anyone concerned about the financial viability of these relatively small futures brokerages?

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  #2 (permalink)
Market Wizard
Boca Raton
 
Trading Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,447 since Sep 2010
Thanks: 2,368 given, 3,643 received

The account should be segregated.
You can always ask your broker to switch you to a larger FCM if you are concerned.
However, it's the segregation that counts, not the size necessarily.
IBs don't hold your funds, only the FCMs.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

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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  #3 (permalink)
Legendary Market Chamois
Chicago, IL
 
Trading Experience: None
Platform: NT8,NT7,TWS
Broker/Data: InteractiveBrokers, S5T, IQFeed
Favorite Futures: The one I'm creating in the present....Index Futures mini/micro, ZF
 
Blash's Avatar
 
Posts: 2,123 since Nov 2011
Thanks: 6,616 given, 3,949 received


I use Interactive Brokers (IB for short), basically, for this exact reason. I say basically because the other huge part for me is the account security IB offers and not many others. Talking two factor authentication.

I have had many other accounts over the years and everyone else I been with are just Intro brokers and you fill out paperwork with someone else.

I have a S5T acct and it's the same as I just described. I'm really with Dorman and they have screwed things up for me. Once I was removing funds and Dorman took it from the wrong acct. I have an acct and sub acct. Amateur hour.

IB's acct security, as I said, is second to none plus my money is actually with IB and I make a ton of interest (north of $100/mo) on funds I'm not currently using and I day trade so I'm in for a few hours....it amounts to a rebate. You get what you pay for.

I suggest switching to Interactive Brokers......You will Love it....you are in total control of your acct with them and they are very helpful if you need them.

Ron


ralett View Post
I'm fairly new to trading and I'm wondering if I should be concerned about the financial stability of my broker?

I use Ninja Brokerage who is just the introducing broker; the money is held by another entity. I won't name names, but this is not one of the "too big to fail" banks. Relative to the size of the financial industry, this is a small player with finite resources. My guess is most futures brokers fit this description.

Now, I understand the concept of not trading with money that you can't afford to lose However, I would hate to lose my $50K account just because the broker gets hit with some unforeseen situation and goes belly up.

So, in these times of uncertainty, I'm interested in hearing from the veteran traders on this board.

Is anyone concerned about the financial viability of these relatively small futures brokerages?


...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote
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  #4 (permalink)
Prague, Czechia
 
Trading Experience: Intermediate
Platform: Sierra Chart
Broker/Data: Sierra Data
Favorite Futures: GBL
 
Posts: 10 since Jan 2019
Thanks: 0 given, 6 received

I'm also using IB.

They are not perfect, like problematic connection with Sierrachart or heavy TWS, but other factors won the battle. For me as European investor they are the best:

1. I can hold multi currencies and withdraw them for free*.
2. 2fa login.
3. Everything what you need for investing.
4. Cheap
5. Plenty of reports inside
6. TWS is really good platform for trading options and stocks if you are not using DOM. For futures I suggest IB + some other charting platform.
7. Very secured account.

This is not broker for people who want very low margins or free trading. Nothing is for free is you are professional you should now about it, Robinhood did not know . IB needs to offer also free trading, but you can choose.

For me biggest disadvantage is that they are not supporting Trading Technologies IF it will change I will switch to this platform.


I like the attitude of CEO IB. Take a look how they survive 2008

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  #5 (permalink)
Thousand Oaks, Calfornia
 
Trading Experience: Intermediate
Platform: NinjaTrader 8
Broker/Data: Ninja with Rithmic
Favorite Futures: CL NQ RTY
 
Posts: 28 since Mar 2018
Thanks: 14 given, 42 received

BLASH,

Thanks for the reply.

I noticed in your post that you use Ninja Trader. Are you able to initiate trades with Ninja and use IB as your broker?
When I made the switch to Ninja in 2018 (I have a lifetime license of NT8) they left me with the impression that my only choice was to use Ninja Brokerage, which really means using Dorman or Phillip as the FCM.

I'm also curious about your data feed. I switched to Rithmic for their full market depth feed and it's been rock solid. Light years better than when I was using TOS or TradeStation.

Thanks again.

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The following user says Thank You to ralett for this post:
 
  #6 (permalink)
Legendary Market Chamois
Chicago, IL
 
Trading Experience: None
Platform: NT8,NT7,TWS
Broker/Data: InteractiveBrokers, S5T, IQFeed
Favorite Futures: The one I'm creating in the present....Index Futures mini/micro, ZF
 
Blash's Avatar
 
Posts: 2,123 since Nov 2011
Thanks: 6,616 given, 3,949 received

@ralett

Yes I trade through NT8 https://ninjatrader.com/ConnectionGuides/Interactive-Brokers-Connection-Guide.

I use IQFEED for my data. You can use Kinetick that Ninja sells....it's IQFEED white labeled as Kinetick.

IB does not have good data. They use snapshot data. It is not their thang. Their data is grouped together in small bundles.

I here good things about Rithmic. Just know that IQFEED/Kinetick has an ocean of Calculated Indicator/stats (click here and look for Indices) I take advantage of and I love it.

Anyway I'm off to bed... we can talk later.... Take Care

Ron





ralett View Post
BLASH,

Thanks for the reply.

I noticed in your post that you use Ninja Trader. Are you able to initiate trades with Ninja and use IB as your broker?
When I made the switch to Ninja in 2018 (I have a lifetime license of NT8) they left me with the impression that my only choice was to use Ninja Brokerage, which really means using Dorman or Phillip as the FCM.

I'm also curious about your data feed. I switched to Rithmic for their full market depth feed and it's been rock solid. Light years better than when I was using TOS or TradeStation.

Thanks again.


...My calamity is My providence, outwardly it is fire and vengeance, but inwardly it is light and mercy...
The steed of this Valley is pain; and if there be no pain this journey will never end.
Buy Low And Sell High (read left to right or right to left....lol)
Follow me on Twitter Visit my futures io Trade Journal Reply With Quote

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