Seeking Rec on Zen-fire Compatible Broker

[taotree 10]

I'm going to be doing custom software development against an API and I've pretty much decided that I want to use zen-fire, so...

 

My next questions is which brokerage to use that will allow me to use the zen-fire API? At this point, I'm only trading the ES e-mini.

 

Which brokerage to use that offers:

 

1) <= $2500 minimum to open account

 

2) <= $1000 ES intraday margin

 

3) highly competitive commissions (even for low volume)

 

4) No monthly fees

 

5) No minimum activity

 

Any recommendations?

 

I've seen at least a couple I think satisfy this, but I would like to get some more confirmation from others' experience (and if there are others I should consider) before making a commitment.

 

Thanks!

[Harlequin 10]

Looks like you're asking for an impossible combination.

 

No. 4 and 5 are usually mutually exclusive.

 

No. 3 would be discount brokers (Not Zenfire)

 

No. 1 & 2 normally exclude 3.

 

I'm not trying to be negative here, I'm just saying you may need to lower you're expectations a bit. For example expect a minimum activity or small platform fee. I think Mirus is the probably the nearest to what you are looking for.

 

Good Luck,

Harlequin

[bathrobe 10]

Mirus and AMP. I use Mirus, no complaints.

[bathrobe 10]

Mirus intraday es commission is 500, AMP is 400

[Harlequin 10]

Bathrobe,

 

What would ES commission be like on a 2.5K account, (if you know)? Could be a good option for a second back up account for me.

 

Thanks.

[bathrobe 10]

Bathrobe,

 

What would ES commission be like on a 2.5K account, (if you know)? Could be a good option for a second back up account for me.

 

Thanks.

 

 

ES margin at Mirus would be $500 intraday and at AMP it would be $400, also neither of these fluctuated at all during the crash or the volatility.

[bathrobe 10]

also, at Mirus you can clear through Dorman or RCG, I believe AMP is Dorman. The small margin is for all account sizes.

[Harlequin 10]

ES margin at Mirus would be $500 intraday and at AMP it would be $400, also neither of these fluctuated at all during the crash or the volatility.

 

Yes I got the margin it's the commission levels I was unclear on.

 

I use IB for my main account and can live with the high margin requirements as I would never trade more than 1 car for every 10k in my account (gets me through the bad days). If Mirus and Amp meet all the OP requirements it would be a good option for a back up account in case IB has technical problems, only 2.5k sat in the account and $500 margin would hedge 5 cars for me, no platform fees and no minimum activity so it would be OK to only use occasionally. Only unanswered question is the commission rates, I can imagine it difficult to negotiate $4.70 RT on an account like that.

[taotree 10]

Mirus intraday es commission is 500, AMP is 400

 

Interesting... On what volume? According to what I've seen:

Mirus = $4.40 and AMP = $4.70 for bottom volume tier for ES.

 

 

No. 4 and 5 are usually mutually exclusive.

 

No. 3 would be discount brokers (Not Zenfire)

 

No. 1 & 2 normally exclude 3.

 

When you say "discount broker" what do you mean (example?)? And what is a highly competitive commission in your book? Does $4.40 (<500 RTs) down to $3.15 (>10k RTs) qualify?

 

Also, I'm not going to use a platform--I'm using the zen-fire API, so I don't think I need to expect a platform fee.

 

You're not being negative, and I value your experience.

 

Thanks!

[Harlequin 10]

taotree,

 

I'll leave bathrobe to clarify but I think he's quoting margin not commissions.

 

Unfortunately in this business margins are negotiated and brokers like to keep their lowest offer out of the public domain so they can get all the newbies to just accept their first offer. Interactive Brokers are what I refer to a a discount broker, no single individual to hold your hand, their standard published rate for ES is $4.70 RT, min account to open is $10k and margin requirements much higher.

 

In my experience brokers that will open an account for $2.5K or £5K and $500 margin will charge anywhere from $5.5 - $7 RT.

But if you do have a much larger account you can get much lower like the $4.40 you quote. Maybe I just don't have the negotiating skills to get that so hopefully bathrobe can shed some more light.

[bathrobe 10]

I am sorry about the mixup, I can not speak for AMP commission, but Mirus is $4.40 per RT, and it gets lower with increased vol. The 4.40$ commission applies to all account sizes.

[Harlequin 10]

I am sorry about the mixup, I can not speak for AMP commission, but Mirus is $4.40 per RT, and it gets lower with increased vol. The 4.40$ commission applies to all account sizes.

 

Cool thanks bathrobe!

[bathrobe 10]

Also, the 4.40 at Mirus is without negotiating at all, that was the rate they offered and it seemed fair to me.

 

Taotree,

 

The margin of 500 at mirus and 400 at amp is trading only 1 contract.

[taotree 10]

Thanks for the info, seems like Mirus and AMP is what I hear most. Considering that Mirus apparently has the "in" with zen-fire (someone said they're same company (or owned by same or something)?) and that the guy who answers the emails at zen-fire Pat Shaughnessy pjs@zen-fire.com has an email address pjs@mirusfutures.com listed on mirus futures site... (and it helps that the commission rate is a little better)

 

Sounds like that's the way I'll go.

 

Thanks all!

[ant 10]

You can also trade with Dorman directly without using an IB.

[XDTrader 10]

I use Mirus, and while I didn't find them all that personable, they have been spot on reliable. The Zen Fire data is excellent, executions also excellent. I am very pleased.

[diablo272 10]

My experience with Mirus and Zen is similar to XDTrader's, and another one you should probably check out is Open E Cry. I have no first hand experience with them, but I see them get recommended all the time, so they're at least worth a look.

[BlowFish 10]

OEC are not a zenfire broker which was the original requirement.

[donkee 10]

I have always wondered what is the advantage of opening up a Mirus account rather than directly with Dorman?

[bathrobe 10]

I am pretty sure Dorman makes you use an introducing broker.

[taotree 10]

I am pretty sure Dorman makes you use an introducing broker.

 

I emailed Dorman. I received the response: "You should contact Eliot Wickersheimer". After a quick google, he's Co-owner of Mirus. So, apparently, at least for how I asked the question, I was referred to Mirus by Dorman.

 

I would like to have someone explain to me what the considerations are between Dorman and Rosenthal Collins Group. Considering I'm just doing CME right now, what's the difference? When I asked Mirus, they responded "you can use RCG" without an explanation of why that over Dorman.

[donkee 10]

Since Mirus is an IB and they clear through RCG and Dorman, they really don't care which one you prefer.

 

It might be that Dorman doesn't want retail traders. I don't know this, but I am guessing that they want retail customers to go through Mirus. That's not a big deal or a problem, as your money is with the clearing firm and not the IB. I was just wondering and it seems we don't have a clear cut answer.

[ant 10]

You can open an account directly with Dorman, but they won't compete against their IBs in terms of offering lower commissions. Dorman has their own in-house brokers too.