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I was leaning towards IB but the platform outage in Jan is rather worrying, plus the fact that there is no one on chat when I've tried to speak to a rep.
I did really like the saxo platform but your right about their fees being very expensive when compared to IB. This is my 1st time trading futures so I won't be trading many contracts. Might just have to bite the bullet for the moment.
I work with IB for a while, and platform outages where no severe problem in the long run.
Still I prefer to work with more than one broker to get live prices in case one platform is not able to show them, and to place trades in case one plateform has an outage. (Plus reducing the third party risk in case a broker has severe problems.)
Do you know if stops are held on the exchange or with IB itself? I don't mind the odd drop if I know my potential losses are limited to a certain extent.
I can see the pros of having accounts with multiple brokers, just more of a pita. Then again I'm sure I would be greatful for the peace of mind if i needed to use it to offset a loosing position.
I do not know where stops are held, but I never had a problem in this regard.
But remember: If you place a stop there is not guarantee that you get filled at this price. A price of a commodity might gap far downwards, and your order is filled at a very different price than you thought it would. This can happen over weekends or after important reports.
Yeah, that's why I wrote " to some extent" as I've heard the horror stories about limit down/up days. Hopefully I never experience one unless I'm trading in that direction .
i experienced a lot of limit up and down days. It is important to keep lot size at a reasonable level, and to avoid holding positions in periods where limit moves can be expected.
And saxobank says that any individual trade has to be a minimum of $10, therefore if i only traded one contract the roundtrip cost would be $20 + 3.04.
Why is there such a large difference between the 2?
There are several reasons for price differences (which can be even larger if you compare to other brokers):
Brokers offer different services regarding their trading tools, placing orders for you, being reachable via phone or via email, providing a more or less competent helpdesk, giving you advice regarding your trades, providing reports on fundamentals, offering Client Statements in your base currency, speaking your language etc. The more service, the higher the price.
Based in the UK I started trading with Saxo Pro a few months ago, as an introduction to micro futures trading the ESH2.
I am a bit disappointed as mid-way through March, even though I had paid my subscription for the Chicago Mercantile Exchange, Saxo removed the instrument !
Every time I have made an enquiry about the removal, on their chat box etc, I am just being ignored. Really strange.
Is this normal practise for a platform or do they remove micro charts as & when necessary?
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