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Recommended discount brokers that don't eat your profits with all the fricken fees!!


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Recommended discount brokers that don't eat your profits with all the fricken fees!!

  #1 (permalink)
 
tracy's Avatar
 tracy 
Pass Christian, MS
 
Experience: Intermediate
Platform: ninjatrader
Trading: Emini Scalper
Posts: 44 since Nov 2012
Thanks Given: 13
Thanks Received: 34

I just went live on ES...saw my nightly statement and I couldnt believe all the fees??? I thought Mirus' commissions include exchange fees. So I had commission, clearing fees and exchange fees that was about 50% of my profit. I suppose I could write these off.

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  #3 (permalink)
 
Daytrader999's Avatar
 Daytrader999 
Ilsede, Germany
Site Moderator
 
Experience: Advanced
Platform: NinjaTrader 8
Broker: Rithmic / CQG / Ninja Trader Brokerage
Trading: NQ
Posts: 1,525 since Sep 2011
Thanks Given: 2,067
Thanks Received: 2,316


Well, that depends on how many contracts / RT per month you're trading.

You can always talk to them and ask for better conditions if you're making a certain turnover per month...

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  #4 (permalink)
 
Fadi's Avatar
 Fadi 
Luxembourg
 
Experience: Advanced
Platform: NinjaTrader
Broker: IB / Kinetick
Trading: ES, CL
Posts: 485 since Apr 2012
Thanks Given: 667
Thanks Received: 648

I trade through Interactive Brokers, and I use Ninjatrader as my trading platform together with Kinetick for my unfiltered live data feed.

It costs me 50$ per month (fixed fee); and then I pay 2.01$ per contract for the E-mini S&P500 (ES @ GLOBEX)

I receive the unfiltered data feed for these exchanges in fact: GLOBEX, ECBOT, NYMEX, and COMEX; plus a bundle of other basic news, fundamentals, market metrics, and delayed equity quotes...

This is due to the fact that the CME group has a waiver program for anybody connecting an Interactive Broker account with a Kinetick feed. Otherwise, as you say... it could sum up real quick!

My initial investment was 995$ to buy a lifetime license for NT7, but you can lease the software as well if you prefer...
I see that you already trade through NT, so I guess you at least have this part sorted out

Successful people will do what unsuccessful people won't or can't do!
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  #5 (permalink)
 Koepisch 
@ Germany
 
Experience: Beginner
Platform: NinjaTrader
Broker: Mirus Futures/Zen-Fire
Trading: FDAX
Posts: 569 since Nov 2011
Thanks Given: 440
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tracy View Post
I just went live on ES...saw my nightly statement and I couldnt believe all the fees??? I thought Mirus' commissions include exchange fees. So I had commission, clearing fees and exchange fees that was about 50% of my profit. I suppose I could write these off.

If you are going live with your broker of choice and doesn't know the applied fees in advance you should stop trading immediately. You haven't made your homework - sounds hard, but this is the truth. Furthermore if you are surprised that your edge dissolved with the applied fees and commissions then you should backtest your strategy with fees, commissions and slippage again. Then you can decide if trading live is worth it.

Good luck,
Koepisch

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  #6 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
Posts: 2,493 since Sep 2010
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I often get phone calls from prospects who shop around for rate, and that is 100% legit.
So when I quote the commissions, some respond by saying they pay half than that which floors me, at times they claim they pay even below exchange. Naturally, they don't know the reality of what they pay.

When you ask for commissions, you want ALL IN RATE: Buy, Sell, Exchange, Connectivity.
This is how I quote it.

Matt

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
1 800 771 6748 local 561 367 8686 email [email protected]
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  #7 (permalink)
 swz168 
Nuremberg, Germany
 
Experience: None
Platform: MultiCharts
Trading: Fx
Posts: 49 since Jun 2010
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tracy View Post
I just went live on ES...saw my nightly statement and I couldnt believe all the fees??? I thought Mirus' commissions include exchange fees. So I had commission, clearing fees and exchange fees that was about 50% of my profit. I suppose I could write these off.

No offence, but all fees are clearly shown on the webpage of mirus.

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  #8 (permalink)
 Dave21737 
Baltimore, Maryland, USA
 
Experience: Advanced
Platform: Ninja Trader, TOS
Trading: Futures, Options
Posts: 3 since Jan 2013
Thanks Given: 0
Thanks Received: 1

Think or Swim (TOS) charges a flat fee of $5.00 round trip per contract.

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  #9 (permalink)
 cbratton 
Cebu, Philippines
 
Experience: Advanced
Platform: NinjaTrader
Trading: Emini ES
Posts: 71 since Oct 2009
Thanks Given: 128
Thanks Received: 118

Deep Discount Trading Deep Discount Futures Trading = .50 Cents Per Side + Fees

OR

Interactive Brokers

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  #10 (permalink)
 
gigibastar's Avatar
 gigibastar 
Tampere/Finland
 
Experience: Advanced
Platform: NinjaTrader
Trading: ES, Currency Futures, Forex, oil, gold
Posts: 60 since Jan 2013
Thanks Given: 20
Thanks Received: 66



cbratton View Post
Deep Discount Trading Deep Discount Futures Trading = .50 Cents Per Side + Fees

OR

Interactive Brokers


deepdiscounttrading.com it doesn't have any encryption on the registration page ( Open an Individual Account | Crossland LLC Website )
All the sensitive information with travel in clear, plain text over the internet

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