Is there any particular reason you are only looking for a UK broker ?
Have a look at the US brokers ... I'm based in the UK but use a US broker. I feel like I'm getting a much better deal with commissions etc than I could with any of the UK ones.
And my minimum was $2,500 for intraday futures trading.
Have a look at the US brokers ... I'm based in the UK but use a US broker. I feel like I'm getting a much better deal with commissions etc than I could with any of the UK ones.
And my minimum was $2,500 for intraday futures trading.
Hi Tubbs
As far as uk brokers are concerned, it's been a while since I looked into this. Anyway the following may be of interest although it's possible things may be different now:
* Berkely futures, there minimum opening balance used to be around £7.5k
* ODL futures (not the spread betting part of their biz) no minimum opening balance as such, however you will have to deposit the initial margin of whatever you want to trade, plus around 25% or so of that figure
* Sucden financial, I think there opening balance is around £5.5k
* MF Global - £10k
Cheers
Peace
As far as uk brokers are concerned, it's been a while since I looked into this. Anyway the following may be of interest although it's possible things may be different now:
* Berkely futures, there minimum opening balance used to be around £7.5k
* ODL futures (not the spread betting part of their biz) no minimum opening balance as such, however you will have to deposit the initial margin of whatever you want to trade, plus around 25% or so of that figure
* Sucden financial, I think there opening balance is around £5.5k
* MF Global - £10k
Cheers
Peace
Thanks for the replies - good to hear pattern day trading only applies to US stocks.
I have necessarily got anything against US brokers in the UK - just thought it would be the best way to go.
If, however, people on this forum operate with a US broker for their trading then obviously I should be looking into that.
Next question then - best US direct access discount broker for highish frequency day trading?
And Paulie - if you don't mind me asking - who is your broker?
I have necessarily got anything against US brokers in the UK - just thought it would be the best way to go.
If, however, people on this forum operate with a US broker for their trading then obviously I should be looking into that.
Next question then - best US direct access discount broker for highish frequency day trading?
And Paulie - if you don't mind me asking - who is your broker?
I use Mirus. For me they worked out best as I only trade about 5 rts per day on the dax. The commissions work out at about $3.25 per rt with no minimum per month. I've been pleased with them so far and I couldn't find a better deal for the little amount I trade.
That said, if you are a highish frequency trader, then there's nothing to say a UK broker couldn't give you a good deal. I'd shop around.
That said, if you are a highish frequency trader, then there's nothing to say a UK broker couldn't give you a good deal. I'd shop around.
Berkley were pretty rubbish in my opinion. Very expensive, staff of questionable quality/financial knowledge and very long drawn out account opening process.
Mirus and Advantage Futures have provided a solid, cheapish' and reliable service.
http://classic.mirusfutures.com/
http://www.advantagefutures.com/Home.html
Mirus and Advantage Futures have provided a solid, cheapish' and reliable service.
http://classic.mirusfutures.com/
http://www.advantagefutures.com/Home.html
I was a broker in the US and had several international clients. If you go to the CME Group website they have a list of FCM's that you can easily clear through. I would avoid an IB if you are looking for a cheap rate because you will usually get the best deal with an FCM.
