Futures Trading Brokers and Trading Software

[brownsfan019 17]

My reco's for futures brokers are:

• Mirus Futures http://www.mirusfutures.com
  
• ProActive Futures http://www.proactivefutures.com
  
• Open ECry http://www.openecry.com
  

For trading software, I continue to use and recommend T4. http://www.ctsfutures.com/content/t4/

It is not the cheapest software around, but the speed and hosting is top of the line. By hosting I mean that your orders are actually stored at CTS Futures (designers of T4). Should your internet go down and/or the exchange, your orders are still working. For me, that is very important as internet outages are inevitable. By holding your orders on their servers, they are able to offer additional services, such as MIT (Market If Touched) orders whereas some software packages cannot do that b/c the order resides at the exchange and some exchanges do not support MIT's or other certain types of orders. Mirus and ProActive both currently support T4, although it may be referred to under a different name. Mirus calls the platform Dorman Direct and ProActive currently calls it T4.

 

Note - Open ECry supplies their own trading software at no cost, which is an attractive option depending on your needs. The platform is nice as well, so it's a great option, esp for those looking for inexpensive platforms.

Recommendations posted on April 8, 2007.

Feel free to PM me with any personal questions or to confirm my reco's at a later time. Businesses and needs change over time, so it is completely reasonable for my reco's to change before altering this post. Please perform your own due diligence before starting a new business relationship.

[Guest cooter]

I'm curious to here your thoughts about the Infinnity AT platform. Have you tried it?

[Soultrader 12]

The Infinity AT is a user-friendly ninjatrader in my opinion. Definitely try out the demo first. Its connected to real-time data so you can test how fast the execution is.

[Guest cooter]

Thanks Soultrader.

 

What about OpenECry? Have you tried them? Any thoughts here?

[brownsfan019 17]

RE: Infinity's platform - I have not tried it. I contacted them awhile back regarding commission quotes and they could not get in the ballpark of what i was paying, let alone beat them.

 

RE: Open ECry - I have demo'd it and it is nice. It depends on what you need, but there are some useful features on it and it should have or will have soon MIT orders if you need those. I believe it has trading from the chart as well. So, it's a good platform if looking for a decent trading platform with charting at no extra fee(s). And their commission rates are very good as well. They are an FCM so there is no 'middle man', i.e. an IB. I would get a demo version if interested.

[Guest cooter]

According to their website, OpenECry clears through Rand Financial Services, R.J.O'Brien and Triland.

 

Online Futures Trading - Open E Cry â„¢ FAQ: Trading - Who do you clear through?

 

Should I be concerned?

[brownsfan019 17]

Cooter, According to the NFA, they are registered as an FCM. http://www.nfa.futures.org/basicnet/Details.aspx?entityid=0326789&rn=Y. Assuming that is correct, that would mean they can perform trading operations at a level higher than an IB. How all the back office items work, I am not sure on exactly. I understand that an IB (introducing broker) simply markets their own name and handles customers, but all the trading goes thru another company, such as an FCM. Now, how exactly Open ECry handles it all, I am not sure.

 

Very good question and observation, but I have heard mostly good things about Open ECry and thought their software was very nice, esp at no extra fee.

[Guest cooter]

So an IB just "private-labels" another trading platform, basically. But an FCM can clear themselves or contract to have a larger house do it themselves. I'm thinking this is what OpenECry does.

[brownsfan019 17]

That is interesting Cooter.

 

As for the dissection of this futures trading 'pyramid', my understanding is that you basically have:

1) The exchanges that provide the marketplace.

2) The firms that clear there.

3) The FCM's that either clear and/or work with the firms in #2.

4) IB's are marketing co's of FCM's. They simply provide the customer service to you and market their own name, but all back office is handled elsewhere.

 

You'll find some FCM's that only deal with IB's and they focus on the back office items. You'll also find some FCM's that market themselves and/or work with IB's.

 

The most important part of this equation is that the more firms and people involved, the more costs that must be passed on somewhere... I sometimes get broker prospecting calls and when I tell them my rate is under $4/round trip and that they need to beat it or we can end the conversation, many retail brokers don't even understand how rates can be that low. Well, the more hands in the pot require higher costs. I recently had a guy pitching me $25/round trip. :rolleyes: I just laughed....

[Guest cooter]

Yeah, they think we're stupid, or something at times

 

I'm sure if you ask around here you might be able to find a broker who is able to match your rates.

 

I'm also getting under $4/rt on the minis and treasuries with one of my brokers - with the statements and rate sheets to prove it - and yet they still try to get over.

[Guest pshinspections]

Brownsfan,

 

Thanks for posting the link for Proactive Futures. I had not heard of them before I saw your post. I have one account there and was previously with Interactive Brokers. PF's margin requirements are superior to IB ($500 vs. $4250) for the ER2, and compounding my account has since taken new strides after eliminating the unneccesary margin requirement at IB.

 

A word to newbies, lower margins may not be for you. It depends on your trading style. If you're just learning the ropes, I would not advise you to leverage yourself to this extreme. Word to the wise.

[Sparrow 10]

Hi,

 

I've been recommended Lotus Brokerage and Cadent financial by dynamites

But I can't say if they are any good because I haven't checked them out myself. Might give 'em a try somewhen though.

 

Cheers

[Soultrader 12]

If you havent used the Infinity AT yet, I highly recommend it. Try downloading their demo platform here.

 

If you want info on commision and margin rates, please feel free to pm me.

[brownsfan019 17]

Currently I would recommend Open ECry as the best option available on the futures markets. With a free but incredible platform, great rates and margin levels, it's hard to beat.

[MC 10]

I'm stuck between OEC since I love their chart trading.

 

OR---

 

IB with quotetrader software as a free platform.

 

OR---

 

Infinity AT and Tradestation for charting. I love TS charting and would have to throw them 10 trades per month.

 

I really like the OEC setup but then I'm stuck in the same boat as Tradestation and can only trade futures. I do like with IB that I can have a universal account and trade equities as well as futures with one account.

 

I'm going to be leaving Tradestation this month so I can start the new year fresh so I'll be doing some heavy research.

[mister ed 10]

Currently I would recommend Open ECry as the best option available on the futures markets. With a free but incredible platform, great rates and margin levels, it's hard to beat.

 

Can I add the experiences I have had with Open Ecry support, both technical and general have been very positive. Have not had to use the support much, but each time I have had a quick response, very professional.

 

I opened an account with them based on your recommendations BrownsFan...thank-you.

[brownsfan019 17]

Can I add the experiences I have had with Open Ecry support, both technical and general have been very positive. Have not had to use the support much, but each time I have had a quick response, very professional.

 

I opened an account with them based on your recommendations BrownsFan...thank-you.

 

No prob Mr. Ed!!

 

Glad to be of assistance.

[Guest pshinspections]

Thank you for the leads to the different brokerages. I will stay at Proactive for now, unless their spreads become out-of-line (I still maintain accounts at previous favorites IB and Scottrades to compare spreads). PF's margins really make them the best choice for my leveraged trading profile.

[404 10]

I'm stuck between OEC since I love their chart trading.

 

OR---

 

IB with quotetrader software as a free platform.

 

OR---

 

Infinity AT and Tradestation for charting. I love TS charting and would have to throw them 10 trades per month.

 

I really like the OEC setup but then I'm stuck in the same boat as Tradestation and can only trade futures. I do like with IB that I can have a universal account and trade equities as well as futures with one account.

 

I'm going to be leaving Tradestation this month so I can start the new year fresh so I'll be doing some heavy research.

 

 

Keep us abreast of your research findings...

[Ingot54 13]

Currently I would recommend Open ECry as the best option available on the futures markets. With a free but incredible platform, great rates and margin levels, it's hard to beat.

 

This has been a great thread, and I would like to bring it back to life.

 

It's three-and-a-half years since the last entry here, and in Internet and Trading Technology terms, that is a significant leap back in time.

 

I live in Australia and straight away that limits what is available locally. In order for me to take advantage of futures data and trading platforms, I would need to sign with an overseas company, and that is not totally kocher for me. Today with sovereign defaults and overnight bankruptcies, I don't need the risk associated with trying to repatriate my trading funds if there is a crisis or a broker collapse. The Aussie government can not help me if an overseas broker decides to ignore my requests to send me my money.

 

I like the Ensign Windows charting package - currently USD$49.95/month with an initial free trial before committing. I am wanting to access futures instruments with volume data available, and this is not available (reliably) with Retail Forex. I believe Esignal is supposed to have some kind of reflective volume data for spot forex, but nothing as reliable as forex futures data.

 

Has anyone tried the T4 platform? This does not fit my "deal locally" ideal, but I am searching for an Aussie broker who offers it ... fruitlessly so far.

 

My alternatives are to find a broker off-shore who meets my needs, and has a degree of security a bit separated from the bucket shops model.

 

I am sure others have faced this kind of dilemma ... as per the above posts ... but with the passage of time, there are bound to be improvements and economies associated with the better setups.

 

Thoughts?

[tommaso 10]

This has been a great thread, and I would like to bring it back to life.

 

It's three-and-a-half years since the last entry here, and in Internet and Trading Technology terms, that is a significant leap back in time.

 

I live in Australia and straight away that limits what is available locally. In order for me to take advantage of futures data and trading platforms, I would need to sign with an overseas company, and that is not totally kocher for me. Today with sovereign defaults and overnight bankruptcies, I don't need the risk associated with trying to repatriate my trading funds if there is a crisis or a broker collapse. The Aussie government can not help me if an overseas broker decides to ignore my requests to send me my money.

 

I like the Ensign Windows charting package - currently USD$49.95/month with an initial free trial before committing. I am wanting to access futures instruments with volume data available, and this is not available (reliably) with Retail Forex. I believe Esignal is supposed to have some kind of reflective volume data for spot forex, but nothing as reliable as forex futures data.

 

Has anyone tried the T4 platform? This does not fit my "deal locally" ideal, but I am searching for an Aussie broker who offers it ... fruitlessly so far.

 

My alternatives are to find a broker off-shore who meets my needs, and has a degree of security a bit separated from the bucket shops model.

 

I am sure others have faced this kind of dilemma ... as per the above posts ... but with the passage of time, there are bound to be improvements and economies associated with the better setups.

 

Thoughts?

 

have you tried the amazing G-Bot.

 

:haha: free! this is a no return experience ...

[ETFTrader 10]

I am thinking of trying out open e cry - how is the order routing feed lately - reliable?