Oec

[eric341 10]

Hi, I'm thinking about opening an account with OEC. I'll be mainly trading FESX.

 

What enticed me was their $0.50 per side commission for the lifetime of the account (special email offer). Is this too good to be true? Infinity charges about 5-6 euros roundturn for the FESX (I think), and there has to be some catch to this! 0.50 just seems ridiculous for commission.

 

That aside, has anyone experienced any problems with OEC? Particularly issues related to execution and data feed reliability.

 

Happy trading

[diablo272 10]

That's a pretty good deal since the exchange fees alone for FESX are more than 1 US dollar per R/T.

 

And by pretty good deal, I mean that it's probably too good to be true, but why not send them an e-mail or call them to confirm? OEC is a reputable broker if that's what you're asking.

[brownsfan019 17]

I use OEC and have for awhile. We even started this area of the forum for discussions pertaining to them or the software. Feel free to ask away or send me a PM.

[eric341 10]

I just emailed them and it looks like the exchange fees for the FESX are $0.72 R/T, so it's not as bad I (or diablo) thought it was.

 

I also asked them about fees per trade for international customers and it seems they don't charge those either, which is great for me !

 

I will most likely take the plunge, will keep you guys informed how it goes.

 

Happy trading

[diablo272 10]

Just to make sure, are you sure they didn't say 0.72 EURO per R/T?

[eric341 10]

The rep said $0.72 R/T, but I will ask again to make sure.

[Frank 10]

I think its a good time --- OEC just did a very major software upgrade and is rapidly improving the platform. OEC still does have some limits in its functionality --- but I believe they are on the right path and are strong in the areas that count most -- latency, outages and total cost of ownership (low commission rates and no hidden fees).

[trade101 10]

Hello,

 

0.5 per side is COMMISION on top of EXCHANGE FEES and NFA FEES.

[gooni 10]

Except, and I hope I've just missed something, it seems it costs 24.95/month to use their platform for demo rather than live trades after you've opened an account. Good luck testing something new...

[sevensa 10]

Except, and I hope I've just missed something, it seems it costs 24.95/month to use their platform for demo rather than live trades after you've opened an account. Good luck testing something new...

 

If you $24.95 a month is too much for you to test out something new, then you probably should not be trading.

[gooni 10]

If you $24.95 a month is too much for you to test out something new, then you probably should not be trading.

Yeah, affordability is obviously the point here :doh:

 

When OEC make such bold claims as to how there are no hidden costs for their platform, and then tacks on this one hidden cost for live customers, well it certainly doesn't impress.

[brownsfan019 17]

Yeah, affordability is obviously the point here :doh:

 

When OEC make such bold claims as to how there are no hidden costs for their platform, and then tacks on this one hidden cost for live customers, well it certainly doesn't impress.

 

What are you talking about 'hidden' costs?

 

If you trade live and with real money, the platform plus data is FREE. You get the platform, charts and as much data as you could possibly ever want for FREE.

 

Now if you have to pay $24.95/mo for demo, which also includes data, that's still a bargain. Call up DTN and ask how much data would be if you wanted US indexes, bonds, Eurex indexes, Eurex bonds, oil, gold, and whatever else you might want. See how much that costs and then let us know if $24.95/mo is a bad deal.

 

 

Note - I could be wrong, but I believe they charge $24.95/mo to those that aren't trading live. In other words, if you aren't generating any commissions for them, then yeah, they might charge you a tiny fee for demo trading. And that is still an incredible bargain.

 

Also - you get a 2 week trail by default (for free) and if you need longer, then ask nicely and they might extend that out for you.

[gooni 10]

What are you talking about 'hidden' costs?

What hidden costs? Oh let me see..

If you trade live and with real money, the platform plus data is FREE.

And if you have an account with them have haven't placed a trade, maybe because you want to make sure you completely understand the platform first?

Now if you have to pay $24.95/mo for demo, which also includes data, that's still a bargain. Call up DTN and ask how much data would be if you wanted US indexes, bonds, Eurex indexes, Eurex bonds, oil, gold, and whatever else you might want. See how much that costs and then let us know if $24.95/mo is a bad deal.

Everyone seems fixated on the price. I don't deny it's a bargain. You shouldn't deny that it's one piece of information that isn't readily available before you open an account, so I thought people should know. I'll still be using OEC for data since that part of things is generous.

Note - I could be wrong, but I believe they charge $24.95/mo to those that aren't trading live. In other words, if you aren't generating any commissions for them, then yeah, they might charge you a tiny fee for demo trading. And that is still an incredible bargain.

We'll see..

Also - you get a 2 week trail by default (for free) and if you need longer, then ask nicely and they might extend that out for you.

That goes without saying.

 

I'm done knocking my head against the wall on this for apologists. I just don't understand *why* they wouldn't allow demo trading for live customers for free, when that customer is already receiving the very same data for free. At least someone who was ignorant of this before opening an account (such as myself) will now know.

 

(I'd still have opened my account).

[brownsfan019 17]

What hidden costs? Oh let me see..

And if you have an account with them have haven't placed a trade, maybe because you want to make sure you completely understand the platform first?

Everyone seems fixated on the price. I don't deny it's a bargain. You shouldn't deny that it's one piece of information that isn't readily available before you open an account, so I thought people should know. I'll still be using OEC for data since that part of things is generous.

We'll see..

That goes without saying.

 

I'm done knocking my head against the wall on this for apologists. I just don't understand *why* they wouldn't allow demo trading for live customers for free, when that customer is already receiving the very same data for free. At least someone who was ignorant of this before opening an account (such as myself) will now know.

 

(I'd still have opened my account).

 

 

You did not point out ANY hidden costs. Please explain.

 

As I said, you get a 2 week trial and you can extend that out if you ask them. You SHOULD be testing the platform out BEFORE sending them money. There's no reason to be sending money when you don't even know if you like the platform... why would you do that?

 

I don't understand your complaint here when the demo period is plenty generous and provides plenty of time to do what you are asking - see if you like the platform. You get 2 weeks right away and can get more if you request it. And if they say no, you can pay a whole 25 bucks for a month, which means for 25 bucks you can test it out for 6 weeks and that includes your data feed.

 

As they say... you can't make everyone happy.

 

[gooni 10]

Honestly, can you just forget about the amount of money for 15 seconds, that's not the point here.

 

From OEC website:

 

"Most software providers charge a monthly fee to use their trading platforms. Regardless of whether or not you actually complete a trade! Worse yet, some software providers actually charge a minimum monthly usage fee. OEC feels so strongly about the value of our software that we never charge a "monthly" or "minimum" usage fee to use the OEC Trader!"

 

Is it just my poor assumption that this would include demo trading 'where you don't actually want to complete a trade'?

 

Where can you find on the OEC website that it costs 24.95 for demo trading? I couldn't find it until after I opened an account.

 

And yes while I tried the demo, I did intend to continue using it after opening an account. For someone who doesn't trade live much, demo trading is important for more than just 14 days. If it costs money, it costs money - it just should NOT be represented differently.

 

Anything that is off that point is irrelevant.

 

Regardless, these are the best commission rates I have received, and the cheapest data for live trading also. I'm just making sure that people understand the extra cost, insignificant as it may be. I don't know about you, but if someone charges me even $1 but is 'sneaky' about that cost, it irks me. When a company goes to such lengths to state they charge nothing for charts and data (but something for demo execution is not mentioned) - well, it's going to rub me up the wrong way.

 

Moving on..

[Frank 10]

this is pretty ridiculous gooni. They say 'OEC Trader' in the disclaimer -- not 'OEC Trader Demo Platform'. I think its a reasonable assumption that they will not stream free data to everyone for demo trading. I have never paid a platform fee so there are no hidden costs -- disclaimer is just fine as is....

[TIKITRADER 10]

The demo is clear as far as for it lasts free for 14 days only. There is nothing hidden there at all

 

https://www.openecry.com/software/download1.cfm

 

It is worth it.

[gooni 10]

this is pretty ridiculous gooni. They say 'OEC Trader' in the disclaimer -- not 'OEC Trader Demo Platform'. I think its a reasonable assumption that they will not stream free data to everyone for demo trading. I have never paid a platform fee so there are no hidden costs -- disclaimer is just fine as is....

Only posting to ensure whoever is considering an account actually understands what I'm saying, which is:

 

I have an open, funded account with OEC - I'm not 'just anyone' who wants free data. It was not until after I opened an account that it was possible to find out anywhere on their site that the 'simulated' execution on their platform was not included in everything else that was free.

 

I still think it's a good deal, but as far as I'm concerned, this aspect was hidden because you can't find out until after you open the account. Or read this thread.. And that was the only point of me posting.

[trader273 10]

If you $24.95 a month is too much for you to test out something new, then you probably should not be trading.

 

It amazes me that people think that is too much. Go ahead and compare getting a data feed like DTN+charting service, or Esignal or TS. I was paying hundreds each month for that stuff and not getting 1/4th of the data. If $25/month is too rich for you, then I agree with sevensa, trading is probably not for you.

[gooni 10]

It amazes me that people think that is too much.

It amazes me that reading comprehension has failed so miserably time and time again. Never once have I said that $25/month is too much for data. I've repeatedly stated that the only point is you don't know the demo platform costs money until after you've opened an account - it's a transparency thing. If it cost $5/month I'd still be upset that it wasn't disclosed and is impossible to find out without specifically asking the question, especially for a company that makes such a big deal about there being no costs to holding the account.

 

Don't believe me? check for yourself

 

I'm honestly, genuinely surprised that they would charge anything since they are giving the very same data for free to those same customers for life anyway. I can't see the reasoning.

 

Anyway, clearly I'm in the minority that thinks full disclosure or transparency is a good thing. So be it. I hope my post will at least be useful to someone thinking about opening an account for demo purposes and knowing upfront what their costs are going to be.

Edited October 12, 2009 by gooni

[garak 10]

I ve been with OEC for about 2 years now, trading mostly Eurex futs. And all I can say is: Yes, the integrated platform is awesome, the execution speed as well. But what really sucks is their unreliable datafeed.

I can still remember the awesome unfiltered datafeed before OEC was bought by OptionsXpress and afterwards it deteriorated so badly

Volume in the DOM misses out about 20% of total volume. At least this is my experience for Fgbl and Fesx - I could live with that. But what is totally unacceptable are their notorious disconnects and data freezes. And I am a bit astonished nobody here complains about it.

 

ps. didn t intend my first post to be a critical one :hmmmm:

[eric341 10]

Exactly, that's why I still haven't pulled the trigger.

 

I've been suffering chronic DCs in the fast few days using their demo account. It's been fine for the past several months at my apartment though. Maybe it's my home connection? I don't know. I remember it used to be like this (but not as bad) a year ago at my home connection as well.

 

However I have noticed that Infinity's datafeed has never frozen for me, so I might go with them instead. BUT their commissions are about 3 times as expensive

 

I'm also looking at AMP and Mirus but I don't really like NT for some reason. Maybe because I've had so much trouble trying to get demo accounts running on it.

[brownsfan019 17]

I ve been with OEC for about 2 years now, trading mostly Eurex futs. And all I can say is: Yes, the integrated platform is awesome, the execution speed as well. But what really sucks is their unreliable datafeed.

I can still remember the awesome unfiltered datafeed before OEC was bought by OptionsXpress and afterwards it deteriorated so badly

Volume in the DOM misses out about 20% of total volume. At least this is my experience for Fgbl and Fesx - I could live with that. But what is totally unacceptable are their notorious disconnects and data freezes. And I am a bit astonished nobody here complains about it.

 

ps. didn t intend my first post to be a critical one :hmmmm:

 

I have only seen issues after a big upgrade. Other than that, running fine here but I don't trade FGBL or FESX.

[robertm 10]

Exactly, that's why I still haven't pulled the trigger.

 

I've been suffering chronic DCs in the fast few days using their demo account. It's been fine for the past several months at my apartment though. Maybe it's my home connection? I don't know. I remember it used to be like this (but not as bad) a year ago at my home connection as well.

 

However I have noticed that Infinity's datafeed has never frozen for me, so I might go with them instead. BUT their commissions are about 3 times as expensive

 

I'm also looking at AMP and Mirus but I don't really like NT for some reason. Maybe because I've had so much trouble trying to get demo accounts running on it.

 

Cheap commissions don't mean much if you can't execute your system correctly :-), you'll lose far more than what you are saving on the round turns. :missy:

[eric341 10]

Exactly.

 

I'm going to go with either AMP or Infinity.

 

AMP has slightly cheaper commissions but Infinity appears to have stronger support/service.

 

Decisions decisions.

 

I have heard some bad things about Infinity over at ET, whilst amp has been getting better reviews there.