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maxr

Good UK Futures Broker?

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Can anyone suggest a good UK broker for FX futures? I'm based in UK, and looking primarily for fast execution and good service, with OK commission rates. I have TradeStation for charting.

 

Also, I'd appreciate advice on the current liquidity of CME FX futures other than the 6 major USD pairs. Does anyone have experience of RY(EURJPY), RP(EURGBP), and the two e-minis E7(EURUSD) and J7(JPYUSD)? I'll be trading low volume initially, mostly around the Europe/UK and USA morning sessions, on 15 or 60 min charts.

 

Thanks, Max

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I think Interactive Brokers has accounts that you can hold/trade in the UK. That would be at least one to look at.

 

Personally I'd stay away from the minis in the CME FX futures - at least so far I haven't heard anyone saying there is good enough volumes there.

 

MMS

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IB do allow you to have a pound denominated account. If you go with interactive brokers then you can also use their ecn forex. This is (IMO) as good a market as the futures market and has the benefit that you can trade mini-size with good liquidity (unlike the mini futures contracts).

 

The forex small size is 25,000 USD vs 125,000 USD for the full size futures contract and because it's and ECN you do actually get an honest forex market.

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I was going to suggest IB too. They have data centres in Europe, Asia, and N America too. Execution performance has not been an issue for me though I try and use resting (at the exchange) orders where ever possible.

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IB do allow you to have a pound denominated account. If you go with interactive brokers then you can also use their ecn forex. This is (IMO) as good a market as the futures market and has the benefit that you can trade mini-size with good liquidity (unlike the mini futures contracts).

 

The forex small size is 25,000 USD vs 125,000 USD for the full size futures contract and because it's and ECN you do actually get an honest forex market.

 

Don't the small orders get routed differently? (IDEAL vs IDEALPRO).

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It's only "small" if it drops under 25k usd (or 17k gbp) .

 

The site warns that it can happen that part of your order might get picked off and a fragment filled on ideal (with resulting worse costs) but because people seem to work in multiples of the minimums it seems to be pretty rare.

 

I do recall it happening to me but it was about 6 months ago (as you can imagine it got the WTF reaction).

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It's only "small" if it drops under 25k usd (or 17k gbp) .

 

The site warns that it can happen that part of your order might get picked off and a fragment filled on ideal (with resulting worse costs) but because people seem to work in multiples of the minimums it seems to be pretty rare.

 

I do recall it happening to me but it was about 6 months ago (as you can imagine it got the WTF reaction).

 

Ahh OK - It is worth being aware of this as other DMA brokers may well treat trades under a unit differently. MBT/EFX used too for example.

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Thanks for that info guys - sorry, I've been away for a while. Does IB give the full book 'level 2' style info on CME futures, or just 5 levels like TradeStation? Also, can you trade across all instruments with one IB account, or do you open separate accounts for FX, Futures, Stocks, etc?

 

I had an IB account at one time, but closed it because their UK tech support staff didn't know the answers to relatively simple questions - they were pleasant and helpful, but not much use. Has that changed?

 

Max

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I'm not certain with IB and the full market depth as I personally don't use that.

 

However, yes, one account for me has been universal -in that one account I've traded at one time or another - options, stocks, german futures, US futures, forex spot, forex futures.

 

As for the phone support I'll be honest and say I haven't had a reason to call them in many, many years. I just go online and find what I need -- I would assume the support is so-so since it's not really set-up to hold your hand type broker. Just not sure why there would be much need to talk to them anyway.

 

MMS

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Thanks for that info guys - sorry, I've been away for a while. Does IB give the full book 'level 2' style info on CME futures, or just 5 levels like TradeStation?

 

10 depth on each side.

 

Also, can you trade across all instruments with one IB account, or do you open separate accounts for FX, Futures, Stocks, etc?

...

Max

 

one account does it all...

multiple currency management,

multiple exchanges in multiple countries,

multiple products (margin, cash, portfolio, options, IRA, k, etc.,)

multiple dependent accounts (friends and family)

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...

I had an IB account at one time, but closed it because their UK tech support staff didn't know the answers to relatively simple questions - they were pleasant and helpful, but not much use. Has that changed?

 

Max

 

when 2 people are not communicating, one of them is clueless...

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Thanks for the info on IB guys, that sounds good. I also just spoke to a long term professional stock trader who said he never has any problems with IB - and he trades the NASDAQ open every day on 1-2 minute charts.

 

Max

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I personally think IB does a great job with speed but would agree, a better front end which you can get from Ninja Trader that then connects to your Interactive Brokers is ideal. You can build in some easy trade management as well such as setting instant targets, stops, raising stops when it reaches xx level, scaling out, etc....

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dowjonestrader: sorry, don't get it - are you recommending a trading platform or a broker, and do you have a URL please?

 

MadMarketScientist - I've had IB recommended as a broker by several sources, for FX and Futures. You can trade anything from one funded account, unlike say TradeStation (where you need to apply separately for Stock Futures, and FX accounts, each with a truly gigantic form to fill). Their FX ECN sounds OK, but I found their interface messy when I demoed the platform.

 

I haven't yet taken the time to get to gripswith NinjaTrader - I'd use that just as a dealing platform, at least to start with, as I have TradeStation for analysis. Can you set up Ninja to e.g. put in an OCO order with one stop order and two profit target limits, raising the stop to breakeven as you take the first profit target? If so, will the IB futures and/or FX servers happily accept that order?

 

Thanks, Max

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i think world most powerful broker -pro trader choice with 8 million contract traded evry week above many exchanges,,lolol index of /

safe and clear and...

 

Intractivebrokers platform is not good and speedy for day and scalp trading

 

dowjonestrader: Sorry, don't get it - are you recommending a trading platform or a broker, and do you have a url please?

 

Madmarketscientist - i've had ib recommended as a broker by several sources, for fx and futures. You can trade anything from one funded account, unlike say tradestation (where you need to apply separately for stock futures, and fx accounts, each with a truly gigantic form to fill). Their fx ecn sounds ok, but i found their interface messy when i demoed the platform.

 

I haven't yet taken the time to get to gripswith ninjatrader - i'd use that just as a dealing platform, at least to start with, as i have tradestation for analysis. Can you set up ninja to e.g. Put in an oco order with one stop order and two profit target limits, raising the stop to breakeven as you take the first profit target? If so, will the ib futures and/or fx servers happily accept that order?

 

Thanks, max

 

no my dear

 

thanks

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