Anybody using FFastTrade ?

[notallthere]

Hi there,

I'm a newbie who washed ashore here whilst looking for a direct deal trading platform to repace the Easy2Trade's 'Lite platform' I used to use to trade the Eurostoxx50.

Anyway I have made some enquiries and like someone else said on this board, Easy2trade licenced their Platform from FastFill who along with FFastTrade are part of the same US company.

Anyway here are some answers to some questions I asked from Mike Bleier at FFastFill, a very helpfull guy indeed

1. Assuming I wish to trade only two Eurostoxx 50 contracts to begin with, how much will I need to deposit to open an account [ your reply will be in dollars I presume]
[Mike Bleier] Our account minimum is US $5,000

2. As I'm a UK citizen and resident there, trading in a European contract, can my account be held in this country and in Euro's or Pounds Sterling, as mentioned in the Man Fin document. [if I read it correctly]
[Mike Bleier] Yes, your account can be held in Euro's or Pounds Sterling, and the holding bank for pounds is Bank of America in London (I'm not 100% sure about that, but I can check on that for you)

3. If my internet connection fails are working orders pulled automatically, and if so can I call a UK number to have them place a 'Stop ' to protect my position or close it. And if this is possible, is there a charge in these unusual circumstances.
[Mike Bleier] Yes, we have 24 hour live support, and for most of the European trading day, you will be calling a London number for support. For the last few hours of the trading day, you will need to call a US number for support. We will be happy to place trades in emergency situations, and we do not charge for that service .

4. Man Fin: Page 16: Form W-8 series, as an individual trader which box would I need to tick W-8BEN or W-8ECI
[Mike Bleier] Individuals tick W-8BEN

5.I take it the signiture requirement at the bottom of page 16, appertains to the W-8 information as well as the W-9 info.
[Mike Bleier] Yes, that is correct

6. To which address do I send the account opening paperwork to if I go a head and sign up with your company.
[Mike Bleier] FFastTrade US, LLC
Attn: Mike Bleier
30 S. Wacker Dr.
Suite 1716
Chicago, IL 60606

7.Can account opening funds be deposited in a UK bank account as I have a 'On-Line Banking' account.
[Mike Bleier] I'm not really sure what you mean by that. Could you expand on that question?

8. Would I be lible for any US taxes by holding a trading account with your company.
[Mike Bleier] By law, I am not allowed to give any tax advice, as I am not qualified to do so. The best thing that I can tell you is to ask a professional accountant or tax attorney.

Bit of a long list there Mike, but you will have to excuse me as I have never traded with a company other than one based in the UK before.

No problem Tony, I'm happy to assist in any way I can. I hope I've answered all your questions to your satisfaction. Let me know if you need anything else


I suspect question 2 reply answers question 7 that Mike was unsure about [ two peoples seperated by a common language ]

Anyhow here are some trading costs break downs:

Fast Trade commission charges for the ‘Remote Lite Platform’ worked out using the info from this page on their site http://www.ffasttrade.com/content/commissions/charges.htm

A trade charge of $3 + $175 a month platform fee.

Per day round trades cost out at the following assuming totals traded that day are

1. = £8.41 = $13.55
2. = £5.70 = $9.17
3. = £4.79 = $7.71
4. = £4.33 = $6.98
5. = £4.07 = $6.55
6. = £3.89 = $6.25
7. = £3.76 = $6.05
8. = £3.65 = $5.89
9. = £3.58 = $5.77
10. = £3.52 = $5.67
11. = £3.47 = $5.59
12. = £3.42 = $5.52
13. = £2.98 = $4.80 the $175 monthly charge is refunded if you average 260 trades or more per calendar month.

Just incase anybody misunderstands the costings, those costs are overall costs taking into consideration that $175 per month. It is not those costs + $175 a month, the more you trade the more that $175 becomes diluted as a trading cost per trade made.

Margins required to trade 1 Eurostoxx50 contract are $1250 day, to hold said contract overnight it is $2500

Looks very reasonable to me, any comments ?

 

[Sledgehammer]

NaT

Yes, I'm ex-E2T and have gone to FF. I've done all the forms, just waiting for the funds to get there. I sent via NatWest online last Tuesday night to BoA in London. Came up as "paid" and my a/c was immediately lighter, but still seems to be in the "Clearing Black Hole".

Anyway, seems to be a good outfit both in London and Chicago.

 

[notallthere]

Hi Sledgehammer,

glad to see somebody else is signing up with them, did you do it via contact with the US side of the operation like myself ? [I'm just about to do the paperwork]

 

[Sledgehammer]

I first used the London 0800 number and some "gal" then phoned me from Chicago. She sent me the forms in .pdf and walked me thru which bits to sign. I then faxed only the pages that I had completed. All very quick and efficient.

Some people have expressed a concern that they won't get filled quickly as it's in the US. I'm using their trainer for the FTSE and it all works quicker that E2T, from building the page in the morning to fills (albeit they are fake trades)

 

[notallthere]

I cannot see speed being an issue myself, pity we cannot do a ping test on E2T because it ain't up any more. I woud not be suprised if the servers they used were FFast Fills.

 

[waytogo]

Hi there

I am also looking into opening an account with either Ffasttrade or IB being in a similar situation to yourselves, and was about to start a thread to ask if anyone else used them - glad someone got there before me. Are there any peeps out there who already use Ffasttrade or have used them in the past who have any comments about them? I know a lot of you folks use IB, but have also read a lot of comments about useless backup support, complicated to use, difficult to get the account up and running, etc but much cheaper for trading small number of contracts which is v. important. What made you guys plump for Ffasttrade?

 

[waytogo]

By the way, I have been told it is a minimum $10,000 in the account for FF, but I trade the FTSE. What have you been told Sledgehammer?

 

[Sledgehammer]

Exchange minimum (£3000) for overnight, half that (£1500) for intraday!

i.e. same as E2T

I've only sent them £5000 to their GBP a/c at BoA in London, which they seem happy with.

Shame NatWest have lost it. Now with their "Missing Funds Team". I kid you not. Promised an answer today.

 

[waytogo]

Thanks. A guy in Chicago has definately quoted me $10K account minimum so will ask about that. Good luck with chasing up your money!

 

[Sledgehammer]

Money found. FFT gave me the CHAPS sort code, instead of the BACS sort code (for online banking). The guy at BoA told NatWest that they had the money but they would send it back because it came in through the wrong door (and into the wrong shoe box?)!

I've just resent the money.

Of course, I didn't know that CHAPS and BACS sort codes were different. Just been speaking to my wife, who informs me that she could have told me that!

 

[notallthere]

Thanks. A guy in Chicago has definately quoted me $10K account minimum so will ask about that. Good luck with chasing up your money!

Well I get quoted $5000, Sledge sends em equiv $7890, and waytogo is quoted $10000.

It would appear that seeing it is £10 a point for the FTSE, as against 10 Euros for the Stoxx50 they require a bigger deposit. I suppose $10000 was a round number used by the guy you spoke to waytogo :!:

 

[waytogo]

I asked why we are all being quoted different amounts, I can't remember his exact words, but it was something along the lines of that they prefer to have $10K to minimise margin calls but their rules have only just changed so I think everyone is not singing from the same hymn sheet yet.

However, having a bigger account isn't necessarily going to stop someone having margin calls if their account management is bad so I don't quite understand that!

On a different note, i worked out how much money I would have saved if I had always used either FFasttrade or IB. With FFasttrade my account (which is pretty much flat) would now be 29% ahead of where it is now, and with IB it would be 35% ahead. That really astounded me when I worked that out! That's for an average 6 round trips/day. For 8 round trips/day Ffasttrade is about the same price as IB, more than 8 and it is cheaper to use FFasttrade.

 

[Sledgehammer]

Update:

once the sort code was sorted, they received my £5000 overnight and when they woke up they allowed me to go live.

couldn't get my head round friday, so started today. 12 FTSE points so far.

fills seem quicker than E2T, but that was quick anyway.

 

[notallthere]

Waytogo,

Are you still going with em mate? No wonder E2T struggled, with trade rates like these being offered, there really is an incentive to trade the way they stack the fees up.

Sledge,

Glad to see you have got off to a positive start mate, I received a email on Friday, asking if I needed help to fill in the account forms. I had posted them Air Mail on Wednesday, never offered a fax alternative like yourself..............never mind they will get there eventually.

How long was it for you, from faxing the account application to receiving the bank sort code [albeit the wrong one at the time]

 

[Sledgehammer]

i got the bank info at the same time. i'm dealing with a gal called susan cloud. very helpful.

 

[Sledgehammer]

by the way, if they tell you the sort code is 16-50-50 that's for CHAPS (i.e. where you ask your bank to do a transfer).

if you use online banking, you need the BACS sort code which is 30-16-35. the a/c name and number are the same

 

[notallthere]

Cheers Sledge,

I do use online banking , and I'll bare the BACS code in mind.

 

[waytogo]

Hi notallthere and Sledge

I was wondering whether you trade higher average number of contracts/day than me? Do you have any worries about the Ffasttrade monthly charge if you are going away on holiday? Some months could turn out to be expensive if you dont trade every day.

 

[Sledgehammer]

Hi W2G

i trade a bit less than you; I've recently changed from scalping to trying (?!) to pick the turns. at the end of the day the monthly fee is only ten ticks, so i'm happy with that.

besides, of the few indicators i use by far my most important is the opening call and range (despite people on another thread probably thinking i'm bonkers!). i can only get that on a DA platform.

 

[waytogo]

Thanks sledge, I hadn't thought of it as only being a few points.

I don't think you're any more bonkers that anyone else around here - we've all got a different take on the markets, and as long as you're profitable and happy - who cares!