reputable broker wanted

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Old Jun 26, 2009, 9:39am   #1
Joined Jun 2009
reputable broker wanted

G'mornin one and all,

I've just signed up to the forum today and would like to say a big hello to everyone.
Im currently looking for a brokerage firm that can fill out certain criteria as follows:
Can trade crude oil futures (WTI)
Fixed spreads with no extra charges preferably
Have no dealing desk
Use the MT4 platform
Regulated within the UK, FSA or US, NFA or CFTC

Being regulated with the SEC in Cyprus doesn't mean a thing to me. I think with a few hundred dollars i could be also.

Thanks for reading im looking forward to seeing some replies
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Old Jun 26, 2009, 10:38am   #2
Joined Mar 2009

That is not how brokes work, you know.

* Brokers will forward your order to the exchange. So you get the spread from there. You pay them separate for their services. A broker manipulating spreads is criminal. A broker giving you fixed spreads, too, as he is obliged to forward your order to the exchange.
* Broker dealing desks are a non issue normally.
* MT4 is something hardly any non-forex broker uses.

A few hundred dollars... wont get you anywhere. See, futures are standardized contracts (no "mini version"), and in most cases brokers wont bother opening accounts for a ouple of hundred dollars. I am with Mirus Futures / RCG. They dont take accounts less than 2500 USD, and seriously, anything below 25.000 usd wond give you fun anyway

I get full market access using Zen-Fire data feed, Ninja Trader so far as software (which I plan to replace asap with something i make myself). Do they guarantee me fixed spreads? Now, how can they - they forward my orders to the exchange. Immediately. And give me the price i see there.
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Old Jun 26, 2009, 10:59am   #3
Joined Jun 2009
scalp master started this thread Hi NecTecture,

Thanks for reply.

The remark about $200 was towards buying your SEC registration in Cyprus not opening an account. I will open an account for around $20,000 as i dont want to recieve any margin calls or put myself at a lot of risk.
Im a little confused regarding spreads. I have used various brokers demo accounts and have had fixed spreads at different levels. Is this criminal behaviour as i wasn't obliged to pay commission or interest also? WSD-nz, prime4X & AVAfx have fixed spreads.
I believe that cutting out dealing desks can take away a certain amount of market manipulation.
Im sticking with MT4 for now as i also trade a little forex along with oil. Personal trading preferences i guess
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Old Jun 26, 2009, 11:07am   #4
Joined Mar 2009
A broker for an exchange (contrary to forex, which is unregulated) is suppsoed to take you to the exchange. All trades have to happen ON the exchange. The spread has to come FROM The exchange.

Plus if a broker guarantees a spread, he can only do so badly. Like 2 days ago, US furues market for YM (mini dow), short before the Fed announcement. The market was AWAY. There was no market. 2-3 minutes the level 2 orders for 5 ticks (i.e. the volumes on the next 5 ticks) was combined maybe 20 - while normally it is a LOT more for just ONE tick. WHaat isa broker supposed to guarantee here?

Dealing desk - a BROKER for an EXCHANGE (and futures are exchange traded) still has to route orders to the exchange and fill them in open outcry. And.... lots of them got busted for frontrunning orders.

Your best protection for manipulation is getting with a professional firm. And seriously, such one will not guarantee you a spread.

So, forex: spreads are ok - this is how most brokers make their money, they manipulate the spread. Funny thing is how much they charge. 1 pip on a full contract is a lot more than what I pay for futures. Futures: if i do not get my order to the trading floor, and resolved there, the broker violates his contract and exchange regulations. And regarding the pricing.... I pay ar Mirus less than 5 USD per round trip. ES (S&P) mini is USD 50 per point, smallest move is a quarter point, which is USD 12.5. So, I pay a lot less than a pip You will find the same true for all other futures.

Again, only on forex is spread manipulation allowed. If you go exchange bound, brokers have to clear your trade on the exchange. Without sprad manipulation, so you have to pay them separate (and the exchange, btw. - exchange fees are also not part of the spread, but then they are REALLY low, compared to a futures pip).

MT4 is totally non-used by most brokers. It somehow got popular with forex brokers, but outside the forex world... Let's just say that only mt5 (new) is even suitable for other use - a new feature they have.
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Old Jun 26, 2009, 12:01pm   #5
Joined Jun 2009
scalp master started this thread Well that put the spread point issue to bed.
Thank you for your imformative post. I believe that i got a little mixed up there with my futures and forex trading.
I shall adjust my criteria slightly ammending the spread point issue.
Any reccomendations on reputable companies with similar platforms to MT4 will be greatly appreciated.
Again, thanks for the good info NecTecture, i could have been years searching for my fixed spread points.
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Old Jun 26, 2009, 12:15pm   #6
Joined Mar 2009
Well, once you get "real" broker wise (not just forex) there are plenty of platforms out there for pay.

I personally dispise and use NinjaTrader - simply because I want the Zen-Fire data feed (supposedly one of the two best in the industry). I work, as I said, on my own platform though, but that is many months from now.

Besides that - RCG (Rosenthal COllins Group) seem to be reputable. I use them, though Mirus Futures as introducing broker. I can trade through them on all major exchange for futures (electronic only through zen-fire) and soonish (next week) forex (through fxcm as clearing partner) should be out of beta too.

Personally I did not like MT4 when I tried it But then, usability IS personal.

Note btw., that depending on your volume you can get pretty low prices. Around USD 4.5 per round trip should be the higher end to start, all inclusive
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