DMA broker recommendation?

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SanMiguel

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Has anyone used sucden or MFGlobal in the UK?
I'm trying to find an alternative to IB with a lower amount as an initial deposit but with intraday trading margins for ES, DOW, and/or IBEX minis.
 
Chartsy said:
ES doesn't have any PDT rules and i don;t think any other futures do either, think it's just an SEC thing for stocks
Click to expand...

Kind of a strange rule then isn't it?!
I guess the average punter isn;t looking to trade futures or FX but still...
 
tar said:
There is no such restrictions for futures trading ..
Click to expand...

Turns out they charge $50 just to withdraw funds from the account not least the exchange fees plus $25 commission every time I want to send money over there.
Think a UK broker would be cheaper as they can use BACS transfers for free...doesn;t seem anyone here uses UK futures brokers though.
 
SanMiguel said:
Turns out they charge $50 just to withdraw funds from the account not least the exchange fees plus $25 commission every time I want to send money over there.
Think a UK broker would be cheaper as they can use BACS transfers for free...doesn;t seem anyone here uses UK futures brokers though.
Click to expand...

They charge 30$ for withdrawals if your account with RCG , anyway it depends on the commission rate , how much u get with UK brokers for ES ?
 
tar said:
They charge 30$ for withdrawals if your account with RCG , anyway it depends on the commission rate , how much u get with UK brokers for ES ?
Click to expand...

What's RCG?
Do you mean that their commissions might be lower than a UK form even if they charge for withdrawals so overall they might be cheaper? An international wire transfer is $50 regardless I think. Still, at a monthly withdrawal that would amount to $600 in withdrawal fees per year...

They have this for margin on the emini:
*$500 Day Trading Margins on the E-Mini S&P, E-Mini NASDAQ, Mini Russell and Mini Dow Jones $5 is valid up to 50 contracts (retail accounts only). The day trading margins on these contracts is $1,000 for 50 to 100 contracts. Trading more than 100 contracts requires additional margin.
Says initial margin has to be: $5,625
So, how much needs to be in the account to trade per contract?

Guessing I could use J Trader for free monthly.

MF Global in UK don't seem to list their commissions so I need to get a quote - can't be that bad though and they offer the Ibex. Probably something like
a few dollars per round trip.
It really seems like everyone in the UK spread bets.
 
SanMiguel said:
What's RCG?
Do you mean that their commissions might be lower than a UK form even if they charge for withdrawals so overall they might be cheaper? An international wire transfer is $50 regardless I think. Still, at a monthly withdrawal that would amount to $600 in withdrawal fees per year...

They have this for margin on the emini:
*$500 Day Trading Margins on the E-Mini S&P, E-Mini NASDAQ, Mini Russell and Mini Dow Jones $5 is valid up to 50 contracts (retail accounts only). The day trading margins on these contracts is $1,000 for 50 to 100 contracts. Trading more than 100 contracts requires additional margin.
Says initial margin has to be: $5,625
So, how much needs to be in the account to trade per contract?

Guessing I could use J Trader for free monthly.

MF Global in UK don't seem to list their commissions so I need to get a quote - can't be that bad though and they offer the Ibex. Probably something like
a few dollars per round trip.
It really seems like everyone in the UK spread bets.
Click to expand...

First i have to say if u dont know what u r doing , start with SB better for u , smaller stakes , anyway ...
Global futures is an introducing broker , your money will be with RCG ( ROSENTHAL COLLINS GROUP, LLC ) or Penson GHCO , these r the real brokers not Global futures , if your account with RCG the wire transfer cost is 30$ , and 50$ for Peson accounts , this for withdrawals , deposits is free .
Commission rate is everything , check with Mfglobal and then contact Global futures and c who is cheaper , ofcourse it depends how many trades u do in every month ..
ES day trading margin with Global futures is 500$ for one contract and 5625 $ if u want to hold your position over night ...
Try Ninja trader platform for a demo better than J trader ...

http://globalfutures.com/accounts/fees.asp

http://globalfutures.com/accounts/margins.asp

But again if u want to start small SB maybe will be better for u ...
 
tar said:
First i have to say if u dont know what u r doing , start with SB better for u , smaller stakes , anyway ...
Global futures is an introducing broker , your money will be with RCG ( ROSENTHAL COLLINS GROUP, LLC ) or Penson GHCO , these r the real brokers not Global futures , if your account with RCG the wire transfer cost is 30$ , and 50$ for Peson accounts , this for withdrawals , deposits is free .
Commission rate is everything , check with Mfglobal and then contact Global futures and c who is cheaper , ofcourse it depends how many trades u do in every month ..
ES day trading margin with Global futures is 500$ for one contract and 5625 $ if u want to hold your position over night ...
Try Ninja trader platform for a demo better than J trader ...

http://globalfutures.com/accounts/fees.asp

http://globalfutures.com/accounts/margins.asp

But again if u want to start small SB maybe will be better for u ...
Click to expand...

No, it's ok - thanks for the info. I already trade larger than the equivalent of a few contracts on SB, just looking to make it cheaper and also to reduce spread by using limit orders - the wording for margin is a little different that's all. Trades would be around 20-50 round trips a month, depending. I guess at the moment, one trade with a SBer costs me 2 pips in commission on the DOW so $50 to withdraw isn't that bad once a month.
So, you think Ninja is definitely better than J trader? I'll try out some demos.

Don;t think Global do IBEX mini though...
 
SanMiguel said:
No, it's ok - thanks for the info. I already trade larger than the equivalent of a few contracts on SB, just looking to make it cheaper and also to reduce spread by using limit orders - the wording for margin is a little different that's all. Trades would be around 20-50 round trips a month, depending. I guess at the moment, one trade with a SBer costs me 2 pips in commission on the DOW so $50 to withdraw isn't that bad once a month.
So, you think Ninja is definitely better than J trader? I'll try out some demos.

Don;t think Global do IBEX mini though...
Click to expand...

demo both and u decide , regarding Ibex i dont know ...
check velocity futures as well for lower commissions ...
 
tar said:
demo both and u decide , regarding Ibex i dont know ...
check velocity futures as well for lower commissions ...
Click to expand...

re: margin. is it that you need $500 in the account to trade 1 contract?
If that 1 contract were to go against you by even 1 tick, do you then get an immediate margin call?
Seems with their $300 margin, round trips are around $4.95 each way - is that reasonable?
 
SanMiguel said:
re: margin. is it that you need $500 in the account to trade 1 contract?
If that 1 contract were to go against you by even 1 tick, do you then get an immediate margin call?
Seems with their $300 margin, round trips are around $4.95 each way - is that reasonable?
Click to expand...

No
 
SanMiguel said:
re: margin. is it that you need $500 in the account to trade 1 contract?
If that 1 contract were to go against you by even 1 tick, do you then get an immediate margin call?
Seems with their $300 margin, round trips are around $4.95 each way - is that reasonable?
Click to expand...

I dont know exactly when u will get margin call but anyway u should keep more than 500 to trade 1 contract , forget about the 300 $ margins u will pay high commissions , u shuld get less than 5 $ RT , for example with velocity futures your commission is 4.5 rt plus x trader for free ...
 
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