Customer Account Protection - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Customer Account Protection
Updated: Views / Replies:4,873 / 38
Created: by Malvolio Attachments:1

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 1  
 
Thread Tools Search this Thread
 

Customer Account Protection

  #31 (permalink)
Market Wizard
Boca Raton
 
Futures Experience: Advanced
Platform: Variety
Broker/Data: Optimus Futures, LLC
Favorite Futures: Futures
 
mattz's Avatar
 
Posts: 2,059 since Sep 2010
Thanks: 1,933 given, 2,786 received
Forum Reputation: Legendary


LukeGeniol View Post
Maybe @mattz could spend some words on this subject.
Thanks.

I have seen this now, so I apologize for the late response.
Just like you guys, I also seek comfort knowing that the FCM is stable.
As a matter of law, FCMs must maintain a minimum adjusted net capital as required by regulators.
Vision, my FCM, has maintained capital in excess of the requirements as long as I can remember.
The owners and management have been always responsible financially towards their community of clients.

I think that when Refco collapsed, and again I am not 100% sure, the customers who didn't received their funds back where the ones who held their account at RefcoFX. From vague memory I think their FX division was outside the US. This was close to 5 years ago, but I do remembering receiving many futures customers who moved from IBs who cleared through Refco, so the futures guys were ok.

Refco was publicly traded, and had a good reputation as a worldwide clearing, well...size does not always matter.

Other Things discussed:

Some feel comfortable with trading directly with FCMs as oppose to an IB, but in reality the FCM's IB deposits the check directly to the FCM anyway. Some have addressed the cost where you think it's cheaper to go through an FCM, and I assure you it's not the case. Some FCMs compete with their IB, and see the IB as an added revenue source not as it's core business. Vision has always made IB's their priority, and they provide me with cheap rates, good support and good technology. So far I remained competitive even against the largest of institutions.

What I have learned that there is a clientele that seeks "no service", some want to know that there is a guy that they can talk to and know them personally, and some just indifferent.

The FCMs that were mentioned in this thread are solid to the best of my knowledge.

PM with any questions about optimusfutures (800) 771-6748 (561) 367 8686. THERE IS A SUBSTANTIAL RISK OF LOSS IN FUTURES TRADING.
Reply With Quote
The following 2 users say Thank You to mattz for this post:
 
  #32 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received

I love TOS... and what I love about the most is that tradeaccountantpro takes their transactons and it makes my trade reporting for the IRA so much easier, unlike with IBKR or any other broker...

I am still waiting to see what AMTD will do with it.. and waiting for them to implement changes they said they would 6 months ago... once AMTD took over, development kind of slowed down a bit for their platform.. actually, a lot, not a bit... so that is a shame..


Michael.H View Post
If it came down to it, i would rather use thinkorswim instead... Get all the same benefits, ACH transfers, yet more stable platform.
However, ever since TD ameritrade bought them out, their data has become sub par quality..


Reply With Quote
 
  #33 (permalink)
Membership Revoked
 
Futures Experience: Beginner
 
Posts: 1,081 since May 2010
Thanks: 2,092 given, 595 received



sysot1t View Post
see my prior posts about what segregation means.. your funds are at risk still if their risk management fails to protect you against customers (aka other account holders) failure... all the funds are pooled.. that just means that they cant use your funds, in theory, for operational needs (payroll, etc.)

They gave me a separate sub account only for me, does that mean I'm still at risk if some other account holder messes up ?

Reply With Quote
 
  #34 (permalink)
Elite Member
Frankfurt, Germany
 
Futures Experience: Advanced
Platform: TT
Broker/Data: Advantage Futures
Favorite Futures: Futures
 
Malvolio's Avatar
 
Posts: 141 since Nov 2010
Thanks: 93 given, 82 received


mattz View Post
I have seen this now, so I apologize for the late response.
Just like you guys, I also seek comfort knowing that the FCM is stable.
As a matter of law, FCMs must maintain a minimum adjusted net capital as required by regulators.
Vision, my FCM, has maintained capital in excess of the requirements as long as I can remember.
The owners and management have been always responsible financially towards their community of clients.

Thank you for your post. In addition Vision is member of the SIPC:
"Vision Financial Markets LLC is a member of the Securities Investor Protection Corporation (SIPC) which protects customer accounts for up to $500,000 (of which up to $250,000 may be for cash). This protection does not safeguard against a decline or loss in market value of the securities in your account."

If they would offer Eurex through Ninja I would go with them.
In another thread I readed that they offer Eurex through CQG? Do you have additional information about that Mattz?

Thanks!

Malvolio

Reply With Quote
 
  #35 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received

doubt they actually gave you a separate subaccount at the bank... they give subaccounts (I would say virtual) on their side.. meaning they track it, nothing more...

how about this... in theory, if you have a separate bank account, they should be able to request prove from the bank... they might be doing something different from others (given all pool the customer funds and usually keep separate large acccounts at multiple banks and use a main one a a counduit with funds from which redemptions come from) ... so ask them to get you the bank letter stating you are on your own account... if that is true, I would use them as well given that is an added measure of protection...

when there are pooled funds, which is what normally happens; any customer losses forces the total amount to net up.. meaning, the losses are distributed across the customer accounts oveall as all funds are pooled... that has been the practice for ever... for non-clearning FCMs... the funds are at clearning FCM's and exposed to the same risk..

I have only seen subaccounts on the FCM internal ledger... not at the bank... but then again, they might be doing something different and and creating independent accounts at the bank... I guess I could read their daily compliance reports and see how often their segregated balance has been off and under review by SRO..



MetalTrade View Post
They gave me a separate sub account only for me, does that mean I'm still at risk if some other account holder messes up ?


Reply With Quote
The following user says Thank You to sysot1t for this post:
 
  #36 (permalink)
Elite Member
Frankfurt, Germany
 
Futures Experience: Advanced
Platform: TT
Broker/Data: Advantage Futures
Favorite Futures: Futures
 
Malvolio's Avatar
 
Posts: 141 since Nov 2010
Thanks: 93 given, 82 received

Merry Christmas @ all futures.io (formerly BMT) Members!

Malvolio

Reply With Quote
 
  #37 (permalink)
Elite Member
CA
 
Futures Experience: Master
Platform: Marketdelta and Ninja
Broker/Data: Velocity
Favorite Futures: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 521 received

Someone mentioned IB as a broker, there's a whole slew of problems poeple are having right now with ninja. IMO they really don't work well together.

Reply With Quote
 
  #38 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received


Michael.H View Post
Someone mentioned IB as a broker, there's a whole slew of problems poeple are having right now with ninja. IMO they really don't work well together.

that could be due to both sides.. and by that I mean...

NinjaTrader Team having no expertise with the IBKR API given they are supporting so many products and as such their expertise and efforts are extremely fragmented, combined with a long history of not following proper SDLC processes....

and IBKR changing their API and not publishing the right changes so they could be implemented, etc.

A good software vendor will be able to stay ahead of changes within a provider API if they remain in contact and have a good relationship. My point: ButtonTrader; dedicated to IBKR... broker makes any changes, choi implements them within a day because he's team has expertise (in depth) of the API itself to the point they breathe it..

Is specialization good? only if your customer base is broad, and let's face it.. there are 10's of thousand of IBKR users...

with NinjaTrader team trying to increase their user base and therefore their revenue stream, they dont specialize on a single broker and as such their own efforts are fragmented... they have a new website, "pretty", but I have not yet seen a roadmap for their product. (If anyone knows of one, please share it.)

Reply With Quote
 
  #39 (permalink)
Elite Member
CA
 
Futures Experience: Master
Platform: Marketdelta and Ninja
Broker/Data: Velocity
Favorite Futures: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 521 received

I agree with you, but i think its more likely ninja.... but don't want to get off topic. Just wanted to make that point so people are aware that they have issues, so they should be careful when using ninja to trade IB account.

Ninja actually constantly has issues when connecting to IB, this is not a one time thing.

Reply With Quote

Reply



futures io > > > > Customer Account Protection

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Trading Futures with options as protection Gooffy2010 Commodities Futures Trading 7 November 7th, 2017 12:06 PM
paper account real account interactive brokers Mehdi IB Trader Workstation 15 January 6th, 2012 12:16 PM
time limit NinjaScript protection SARdynamite NinjaTrader Programming 13 August 18th, 2010 01:17 PM
A great way to create customer Alert.wav HJay Traders Hideout 0 August 29th, 2009 08:57 AM


All times are GMT -4. The time now is 09:33 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.17 seconds with 20 queries on phoenix via your IP 54.82.56.95