Open E cry - looks good opinions please

[monarch]

Hi
Just found this http://www.openecry.com site which provides software for trading commodites etc.
Allows 30 day free trial and have just started testing it.
I would value other peoples opinions of this site/software as I am new to futures game.
So far looks good and able to talk direct to broker even in the middle of the night there time.

thanks
Nick

 

[bgold]

Hi
Just found this http://www.openecry.com site which provides software for trading commodites etc.
Allows 30 day free trial and have just started testing it.
I would value other peoples opinions of this site/software as I am new to futures game.
So far looks good and able to talk direct to broker even in the middle of the night there time.

thanks
Nick

Had a very quick look.
It looks like a white label broker (eg using some body elses trading platform for access to markets. So wonder who they use and what commission rates they charge, these can widely fluctuate. Some brokers charge $7 for fe soybeans which I understand is an acceptable rate in commodities but charge same rate for an ES contract which is outrageously high compared to industry standard of about $2-2.50 per leg.
Good luck and plese do keep us posted.

 

[Skog]

Hi
Just found this http://www.openecry.com site which provides software for trading commodites etc.
Allows 30 day free trial and have just started testing it.
I would value other peoples opinions of this site/software as I am new to futures game.
So far looks good and able to talk direct to broker even in the middle of the night there time.

thanks
Nick

Hi Nick,

if you check the ET Brokers rating you'll find that OEC has almost nothing but positive reviews.

http://www.elitetrader.com/br/?action=view&R_FirmID=145

From my own experience I've found the staff to be very helpful, no problems whatsoever. They have two trading platforms, J- Trader and their own C++ platform which I haven't seen any other brokers use.

I haven't funded the account yet, only gotten my application accepted, so I can't tell you how they are IRL, only how I've experienced the trial, but so far I have nothing to complain about.

 

[monarch]

Ecry Info

Hi
I have been trying OpenEcry for a couple of days and it seems very good. It seems that it just an electronic way to submit your order to a broker but also tracks your contract, P&L changing prices etc.
The brokers are very helpful and are even there all night which is helpful with our time difference in UK.
They have offered me commission rates of $15.00 per round trip for pit traded contracts and $5.80 per RT for electronic traded contracts, + $0.04 NFA levy per RT.
They charge $25 to wire any money back to my account but do not charge for cheques to be sent.
The software is free if you have an account. Any complicated order or spread can be entered by using the chat box which puts you straight in touch with a broker you can relay it to the pits within seconds.
All seems very well organised but I would appreciate feedback on the commission rate as I don't know whether they are good or not?

thanks
Monarch

 

[Moneycat]

Commissions seem a little high, but a lot depends on your trading style.

Are goign to trade only a few times in a month? Or several times a day?

 

[monarch]

Hi Moneycat

i intend to trade for the longer trend than daily. I am looking at spread trading which has longer time spans.
Except for having to bail out if trend goes against me I shall be trading only a few times per month.

Thanks for input
Monarch

 

[1lotwonder]

Had a very quick look.
It looks like a white label broker (eg using some body elses trading platform for access to markets. So wonder who they use and what commission rates they charge, these can widely fluctuate. Some brokers charge $7 for fe soybeans which I understand is an acceptable rate in commodities but charge same rate for an ES contract which is outrageously high compared to industry standard of about $2-2.50 per leg.
Good luck and plese do keep us posted.

pat systems & espeed are the main vendors of white label platforms

 

[Hittfeld]

Hi all,

A web broker who hides his commission and fees and..... makes me suspicious. Especially if the ratings praise the "competitive pricing", but never mention the price. All the prices I heard were competitive with e-trade etc, but not with many others.

<The brokers are very helpful and are even there all night which is helpful with our time difference in UK.>

Helpful brokers are (in my opinion) a possible hazard to your financial health.

Just my impression

Hittfeld

 

[josbarr]

There will be a new RCG user friendly platform coming out in a couple weeks.

 

[bgold]

Hi Nick,

if you check the ET Brokers rating you'll find that OEC has almost nothing but positive reviews.

http://www.elitetrader.com/br/?action=view&R_FirmID=145

From my own experience I've found the staff to be very helpful, no problems whatsoever. They have two trading platforms, J- Trader and their own C++ platform which I haven't seen any other brokers use.

I haven't funded the account yet, only gotten my application accepted, so I can't tell you how they are IRL, only how I've experienced the trial, but so far I have nothing to complain about.

Sounds good. And, what are their commission levels?

 

[Moneycat]

Hi Moneycat

i intend to trade for the longer trend than daily. I am looking at spread trading which has longer time spans.
Except for having to bail out if trend goes against me I shall be trading only a few times per month.

Thanks for input
Monarch

Then, I would go with the broker offering better research: Refco has good reputation, RJ O'Brien seems to have complete research for their customers.

 

[bgold]

Hi all,

A web broker who hides his commission and fees and..... makes me suspicious. Especially if the ratings praise the "competitive pricing", but never mention the price. All the prices I heard were competitive with e-trade etc, but not with many others.

<The brokers are very helpful and are even there all night which is helpful with our time difference in UK.>

Helpful brokers are (in my opinion) a possible hazard to your financial health.

Just my impression

Hittfeld

I do fully subscribe to your healthy scepticism with regard to our broker friends!
I am still looking for a cheap commodities broker giving electronic/direct access to the grains markets. Currently pay $7 per leg, which considering the value added is IMHO still too much. Especially, as compared to the $2 per leg in financial futures like ES/NQ's etc.

 

[Moneycat]

I am still looking for a cheap commodities broker giving electronic/direct access to the grains markets.

How coul;d that be possible? Grains don't trade electronically...

 

[bgold]

How coul;d that be possible? Grains don't trade electronically...

Correct, electronic markets are only open overnight and are illiquid. Apologies, I meant web efficient access. I am still keen to hear at what cost other traders get good market access?

 

[monarch]

Hi Bgold

I have recently opened an account with OEC and am being charged $14.00 per round trip for pit trades and £4.80 for electronic trades i.e night markets.
I am impressed with OEC's software (which is free with account) and their service is very good.
One thing I really like is the chat window where you can instantly talk to a broker to put on any complicated trades or get help.
I am prepared to pay a little bit more for good service and software I can use. Their depth of the market screen is like level 2 for commodities which can be helpful.

I looked a few other brokers and if they offered cheaper commissions they charged for software or inactivity fees which seeing as I don't intend to trade that many trades a month was something else I took into account.

Hope this helps
Monarch

 

[Moneycat]

Hi Bgold

I have recently opened an account with OEC and am being charged $14.00 per round trip for pit trades and £4.80 for electronic trades i.e night markets.
I am impressed with OEC's software (which is free with account) and their service is very good.
One thing I really like is the chat window where you can instantly talk to a broker to put on any complicated trades or get help.
I am prepared to pay a little bit more for good service and software I can use. Their depth of the market screen is like level 2 for commodities which can be helpful.

I looked a few other brokers and if they offered cheaper commissions they charged for software or inactivity fees which seeing as I don't intend to trade that many trades a month was something else I took into account.

Hope this helps
Monarch

I am paying 10 $ r/t but really have nothing besides execution. So an alternative might be interesting...

Just a few questions.

1. Does their platform oshow commodities quotes? Are they real time or delayed? Are they free or do you have to pay exchange fees?

2. Does the platform have charts?

3. What is the Depth of Market? How can this be available when there is no order book for pit traded commodities?

 

[monarch]

Hi Monetcat
the best thing to do is go to http://www.openecry.com and download the demo.
You have 14 days to try it.
It does have real time quotes and P&L for your account.
It has no charts
The cost per round trip includes software and except a NFA charge of $0.04 there is nothing else to pay.

Once in the software if you click on orders, depth of market report it opens a list of each commodity you are following with a further option to open the DOM screen for that commodity.
This looks like a level 2 screen showing the different positions for both bid & offer.
You can even use this screen to buy below the current price.

Hope this helps
Monarch

I am paying 10 $ r/t but really have nothing besides execution. So an alternative might be interesting...

Just a few questions.

1. Does their platform oshow commodities quotes? Are they real time or delayed? Are they free or do you have to pay exchange fees?

2. Does the platform have charts?

3. What is the Depth of Market? How can this be available when there is no order book for pit traded commodities?

 

[bgold]

I am paying 10 $ r/t but really have nothing besides execution. So an alternative might be interesting...

Just a few questions.

1. Does their platform oshow commodities quotes? Are they real time or delayed? Are they free or do you have to pay exchange fees?

2. Does the platform have charts?

3. What is the Depth of Market? How can this be available when there is no order book for pit traded commodities?

Hi Cat, your commission schedule sounds good. How are the fills, not too much slippage? $10 r/t would save me $4. Given avge month voluyme of about 20 trades (and rising), that could save me a cool $80-100.-
I would appreciate if you can send me a link, either in this Board or via private message. many thanks

 

[Moneycat]

Hi Cat, your commission schedule sounds good. How are the fills, not too much slippage? $10 r/t would save me $4. Given avge month voluyme of about 20 trades (and rising), that could save me a cool $80-100.-
I would appreciate if you can send me a link, either in this Board or via private message. many thanks

http://www.5perside.com/

As their name says, it is their standard rate. Do not expect anything besides execution...

As of the fills, I'd say they're quite acceptable: however, they are sometimes reported back with some delay (esp. options).