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Choosing Dorman or IB
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Choosing Dorman or IB

  #1 (permalink)
Trading Apprentice
Prague, Czech Republic
 
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Choosing Dorman or IB

I was thinking of opening a small account ~10-15k with either Dorman or Interactive Brokers. There's been many discussions for IB here and I have some kind of idea about them. Dorman I also liked because they are a direct clearing house and they seem to be quite reliable. I am making some points for clarification below, but point #3 is actually a question, and then I would be glad to hear anybody's opinion on the subject.

1) I believe at the moment I would be using Sierra charts. Both Dorman and IB seem to support it.

2) I would be using the Sierra exchange feed for futures which is at the extra, so no IB data or Dorman data.

3) While creating an account with Dorman, all the agreements I had to sign told me that basically my money is not kept in a segregated account and not secure. Is this the same with IB? And also with other brokers? I mean is it a common practice? I chose to open an account with Dorman because they seem to be reliable and also according to the CFTC website had huge amounts of customer funds in segregated accounts. But in the agreement it's pretty clear your money is not safe at all. Could someone please clarify this for me?

However I'm realistic and know that no broker can be perfect. If this the common practice with CFMs, then so be it.

4) Has anyone tried the built in platforms of Dorman? I tried the IB TWS and it seemed to be a little underwhelming, but maybe it can be good if you want to get information for stocks. This is not so relevant since I will probably be using Sierra, but anyone having experience with this would help.

5) Also with Dorman I think you can only trade futures, while with IB you can trade stocks as well, so one can diversify. Of course you can't do that with 10-15k.

Another interesting piece of information: I also called ADM investor services looking for a futures trading account, and they told me that I could open a spot foreign exchange account with 50k minimum deposit. But ADM doesn't look to be a foreign exchange broker at all, and also doesn't seem to have any forex obligations on the CFTC website. Hmm, what gives?

Anyway, I'll be glad to have a conversation with anyone who has something to say for all this.

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  #2 (permalink)
Market Wizard
Boca Raton
 
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Pulse View Post

Another interesting piece of information: I also called ADM investor services looking for a futures trading account, and they told me that I could open a spot foreign exchange account with 50k minimum deposit. But ADM doesn't look to be a foreign exchange broker at all, and also doesn't seem to have any forex obligations on the CFTC website. Hmm, what gives?

........

I clear via ADM, and they are one of the largest FCMs in the USA. They are CFTC registered, and at the same time have over $4.5B in customer seg funds. ADM in the USA does business with retail customers, and holds funds seg accounts.

ADM Derivatives does FX in the USA BUT not with retail customers only prime brokers, institutional and QEP.
So I assume you did not talk to anyone here in the USA.

There is a retail FX operation out of London (admisi) with $50K FX minimums, but they are FCA regulated and members of the London Stock exchange as indicated on their site.

Thank you,
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)
Trading Apprentice
Prague, Czech Republic
 
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mattz View Post
I clear via ADM, and they are one of the largest FCMs in the USA. They are CFTC registered, and at the same time have over $4.5B in customer seg funds. ADM in the USA does business with retail customers, and holds funds seg accounts.

ADM Derivatives does FX in the USA BUT not with retail customers only prime brokers, institutional and QEP.
So I assume you did not talk to anyone here in the USA.

There is a retail FX operation out of London (admisi) with $50K FX minimums, but they are FCA regulated and members of the London Stock exchange as indicated on their site.

Thank you,
Matt Z
Optimus Futures

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

Hi mattz,

thanks for the info. I talked to the London branch that's correct. I want to trade futures though, so maybe I should come in contact with the US branch. Do you know if they open small accounts of 10-15k?

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  #4 (permalink)
Market Wizard
Boca Raton
 
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Pulse View Post
Hi mattz,

thanks for the info. I talked to the London branch that's correct. I want to trade futures though, so maybe I should come in contact with the US branch. Do you know if they open small accounts of 10-15k?

Yes, we can help you open an account via ADM in the USA if you qualify, or recommend any other FCM we work with depending on your requirements. You can email me directly. I will PM you my email.

Thank you,
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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  #5 (permalink)
Trading Apprentice
Prague, Czech Republic
 
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Thank you mattz, I'll be expecting it. I still want to hear other people's experiences. Is point #3 of the OP common practice for example?

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  #6 (permalink)
Market Wizard
Boca Raton
 
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Pulse View Post
Thank you mattz, I'll be expecting it. I still want to hear other people's experiences. Is point #3 of the OP common practice for example?

You are welcome and yes please ahead and do your research for comparison basis. I do not think you are correct on #3.

Thank you,

Matt Zimberg
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.

Last edited by mattz; November 24th, 2016 at 12:56 PM.
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  #7 (permalink)
Elite Member
Omer עומר / Israel י
 
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I have a Dorman account and I am happy with it.
It is basic, it works and it is correct.

I am thinking of opening an IB account, because i like their API's that would allow for
my trading application to transaction (no i need to shoot the orders through NT, which
is a bit quirky from time to time.

I think IB also offers/allows much more sophistication and they are present in more
geographies (local).

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  #8 (permalink)
Elite Member
boston
 
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Is IB Clearing based in Europe or the US?

Is IB Clearing based in Europe or the US?

Thanks in advance.

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  #9 (permalink)
Elite Member
Omer עומר / Israel י
 
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Platform: NinjaTrader, Proprietary,
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ziggy123 View Post
Is IB Clearing based in Europe or the US?

Thanks in advance.

To my knowledge they are on global with local subsidiaries

Look at market participation:
https://www.interactivebrokers.com/en/index.php?f=1323

Look at their history :
https://www.interactivebrokers.com/en/index.php?f=564

Personally I like very much the technology (API's / Tools) they offer...

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  #10 (permalink)
Trading Apprentice
Prague, Czech Republic
 
Futures Experience: Beginner
Platform: Still looking
Favorite Futures: YM
 
Posts: 5 since Nov 2016
Thanks: 1 given, 0 received



rleplae View Post
I have a Dorman account and I am happy with it.
It is basic, it works and it is correct.

I am thinking of opening an IB account, because i like their API's that would allow for
my trading application to transaction (no i need to shoot the orders through NT, which
is a bit quirky from time to time.

I think IB also offers/allows much more sophistication and they are present in more
geographies (local).

Thanks for the input. What do you exactly mean by sophistication?

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