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I would like to know whether anybody has any experience with Zumo (zumo.com) and their front-end "Firetip".
It is a java-based application.
Interesting feature: OCO linked orders reside on the broker's server; so when internet connection goes down, the OCO will still be executed correctly.
As far as commissions are concerned, they are probably the cheapest: $ 0.50 per side, no transaction fee or anything.
There is though a monthly platform fee of $ 89 should the balance of one's account drop below $ 15000 (should not be an issue for professional traders).
Would be interesting to hear from you regarding:
- Stability of the platform
- Service of order desk etc. if needed (competent, fast/slow)
Can you help answer these questions from other members on NexusFi?
Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
I've used Zumo in the past because of their commission structure. Firetip is fine, a little quirky but it gets the job done if you're just looking for plain vanilla order types. I only used the DOM and had to shrink the entire window to wrap around the DOM. The system doesn't allow you to pop out the windows (very annoying). I never had a problem with the service and only had a problem with the feed once which was quickly fixed. I stopped using them simply because I wanted to use a more sophisticated order entry set up. Keep in mind most of these brokers are going to have some hung over kid just out of college that will be answering the phones but they seemed fairly knowledgeable. My broker was Arman (he wasn't one of those college kids I was referring to) and he was very knowledgeable and easy going. Not a bad deal just make sure to meet their minimums to avoid that monthly fee. Oh, and make sure you have a separate charting system.
