Velocity and Mirus: Anyone Experienced?

[Oli 10]

Hi,

if there is any one who uses or has used Velocity or Mirus I would really appreciate some insights.

 

I currently use IB and am looking for a new, better approach to trading in terms of software integration. Ninja+ZenFire or Ninja+TTfix sound like really nice, tightly integrated, complete solutions.

 

However I am wondering what the broker experience is like with these other firms. I mean the realtime position/portfolio tracking at IB is great, but I am not sure these others offer similar controls?

 

Any thoughts on these brokers much appreciated...

[momentom 10]

Mirus looks not very customer friendly. Had many accounts over the last 20+ years and looked at Mirus to use Zenfire with ninjatrader as an additional broker.

 

I made contact, filled in the forms online, heard nothing and despite two emails to a specific person have not had an account number after more than a week. Doesn't bode well for customer service when I really need it so I will try somewhere else.

[brownsfan019 17]

I would add Open ECry to your list of possible brokers.

[MidKnight 12]

I too have contacted Mirus in the past trying to get information about markets offered and they never replied to my emails queries. My experience has been similar to momentom's above.

 

With kind regards,

MK

[momentom 10]

Can anyone recommend a broker who supports using Ninjatrader for both charting and trading? I'm looking for zenfire data connectivity. I tried Mirus but their customer service was useless.

 

Thanks

[Sledge 13]

Hi,

if there is any one who uses or has used Velocity or Mirus I would really appreciate some insights.

 

 

VELOCITY is a band of theives, bad fills, horrible slippage to their benefit at all times (not just news times) When you should be getting + swap $, they actually deduct from your account at least on GBP/USD longs, that was reason enough to bolt from them. No one steals from me!

 

Add to the fact that they are on the edge of death with not having anywhere near the capital requriements to stay afloat, I will attend their funeral and spit on their grave when they are buried!

 

Want a GOOD Market Maker Broker (if you decide to go the MM vs ECN route?) Go with Alpari UK- a stellar band of fine gentlemen and the best MM out there IMO.

[atto 20]

I've heard good things about Amp Futures, which offers NinjaTrader with zenfire.

[dandxg 10]

VELOCITY is a band of theives, bad fills, horrible slippage to their benefit at all times (not just news times) When you should be getting + swap $, they actually deduct from your account at least on GBP/USD longs, that was reason enough to bolt from them. No one steals from me!

 

Add to the fact that they are on the edge of death with not having anywhere near the capital requriements to stay afloat, I will attend their funeral and spit on their grave when they are buried!

 

Want a GOOD Market Maker Broker (if you decide to go the MM vs ECN route?) Go with Alpari UK- a stellar band of fine gentlemen and the best MM out there IMO.

 

I think the OP was referring to Velocity Futures vs. Mirus and not Velocity FX which I believe you are referring to correct? My understand they are not the same.

 

I have used both in the past, both are 8+ IMO. I don't have time to go pros and cons. There are write-ups on both on ET just like this thread. There is no perfect broker. I am relatively happy with TransAct, but they do a poor job of responding to e-mails too. Unless you live out of country just call your broker, don't e-mail, unless it's for a rate quote and you need it in writing. Brokers are too busy too answer every e-mail. I know when I was with Velocity Futures they wouldn't return e-mails, but read them and call you, much quicker. It's speed of light business with low margin with a staff of a few. Things that I look for in a broker.

 

1. Do you answer the phone in less than 3 rings on trade desk?

2. Reliability of platform and data

3. $$$ of comm.

 

I would add Advantage Futures to the list of contenders I have heard well of. GL

[Oli 10]

thanks dandxg -

if you get some spare moments it would be great if you could share your broker experiences. I think that money management tools, easy access to cash, free transfers, good sweep rates, things like this are very important to me. problem is that even getting a full commission list is difficult, let alone and insight into the back office type of stuff... makes changing broker a big decision for me (been with Interactive Brokers since 2005)

[bacchus 10]

I have an account with mirus and another account with oecry.I don;t have any issues with any of them.Mirus is using zen fire and ninja trader($60 per month or $995 for life).For small volume the commission is $4.50 round turn.Oecry's commissions are $3.80

round turn(pro) and their software is very good and it's free.I know some people have some problems with them(oec) but I don't.

[Oli 10]

oec just got bought by oX... hope it stays as good for you

[dandxg 10]

thanks dandxg -

if you get some spare moments it would be great if you could share your broker experiences. I think that money management tools, easy access to cash, free transfers, good sweep rates, things like this are very important to me. problem is that even getting a full commission list is difficult, let alone and insight into the back office type of stuff... makes changing broker a big decision for me (been with Interactive Brokers since 2005)

 

Not sure what you mean by money management tools? Something like auto shut down after certain $$$. Never used that. I don't think either has free wire transer not sure though? Velocity wire within a day, when I used Dorman with Zen through Pro Active Futures, not Mirus but same clearing firm, I had check cut it took a few days. I have been with TransAct for over year so going off memory. My exp. with Mirus comes from talking and meeting with them several times. The only reason I used Pro Active was a the time the rate was 50 cents less RT for same Zen feed. I would have no problem recommending either though.

Edited June 28, 2008 by dandxg

[Sledge 13]

I think the OP was referring to Velocity Futures vs. Mirus and not Velocity FX which I believe you are referring to correct? My understand they are not the same.

 

 

If that is the case then you are indeed correct. I was referring to Velocity FX.

[traderpsyches 10]

I am surprised anyone had a bad experience with customer service and MIRUS. They work very hard to be the very best at it. I have been their client since 2004 and I know it is their #1 priority.

 

I also wouldn't switch from Ninja Zenfire for anything.

 

fwiw...

[MidKnight 12]

Hi Traderpsyches,

 

IMHO, not responding to potential customer inquires is not a very good attempt at a high level of customer service. In all fairness though, Mirus isn't the first broker that seems to do this....perhaps it is because I am international trader and therefore get flagged as 'too much work'. No idea why it is.

[Oli 10]

traderpsyches:

I have been hearing really good things about Mirus and especially NT-ZF....

I already use NT but with IB.

What is the portfolio management side of things like at Mirus: realtime margin updates that sort of thing...? Any insights appreciated.

[traderpsyches 10]

Midknight - all I am saying is that I think not being responded to is the exception. I do also know they have garnered 100's of oversea's accounts in the past year so again, I think that experience was the exception. ....

 

Oli - I can't really speak to the PM piece of it because I personally never remotely push the limits of my margin.

 

I would recommend CALLING the regular number and talking to Kurt - although I know they have hired many new brokers recently.

[Guest Tresor]

Guys,

 

Why do you think of using middlemen like Amp, Mirus or Proactive who clear via Dorman Trading. Why not use Dorman Trading directly. They are not only clearers but also a full brokerage. And offer zen-fire / ninja as well.

 

Regards

[ZOSO 10]

If you want to use Ninja/TT get a quote from all who provide it, including brokers, and go with the lowest price assuming the people you're evaluating are all reputable.

 

I use Mirus (Dorman), Ninja/Zen pay $4.20/contract and AMP (Velocity) Ninja/TT for $3.80/contract. I give the nod to AMP who clears through Velocity.

[atto 20]

Why not use Dorman Trading directly.

You can often get better deals through an IB, as they're pushing a ton of volume so get r/t's cheaper than Dorman offers directly.

[DaKine 10]

I also am deciding between Mirus and Dorman Commissions are about 20cents cheaper RT at Mirus. I have heard tho as you increase size you will be able to negotiate commissions easier with Dorman than an IB. Any truth to this? Thanks!

[atto 20]

I also am deciding between Mirus and Dorman Commissions are about 20cents cheaper RT at Mirus. I have heard tho as you increase size you will be able to negotiate commissions easier with Dorman than an IB. Any truth to this? Thanks!

Commissions and margins are always negotiable. You can also get brokers to price match others. The more volume you do, the harder you can get them to work for you.

[lordbinder 11]

well I opened an account with Mirus everything was quick up until yesterday, when my money got there they said they couldn't accept it if I don't produce bank statement, seems they don't know what a correspondent bank is. When wiring overseas usually your bank uses a correspondent. After complaining they say today they will instruct the treasury to bounce the wire to the originator.

So until a week from now I wont be sure if my money will get back at me or not, now i thank my extreme paranoia about wire transfers that i only sent the account opening minimum just in case. If next week Ill get my money back ill post an update, but rest assure that I wont send a check for funding the account as they suggested

 

Just in case keep away from Mirus, regarding the transfer I was able to use this funding method with IB that is extremely picky on how to fund your account. So mirus is completly irrational about it, either way is my fault for looking another futures brokers for minor IB glitches

[Guest Tresor]

Did Mirus explain how they imagine that a person who holds only a bank account (and obviously is not a bank employee) can produce a bank statement :doh:?

[lordbinder 11]

the strangest thing: they actually suggested me to send a personal check, that's weird since several brokers are avoiding personal checks for an increase on frauds (at least that's what they say) i think ill keep trading on IB and look for a backup somewhere else.