prospreads.com

Feb 15, 2007
14
0
11
#20
not 2 my knowledge

i run my charts on ninja with zenfire and e signal data feeds

but prospreads are following r posts . so they may comment if they have something i not aware off
 

pit pony

Active member
Jun 11, 2008
152
2
28
#21
not 2 my knowledge

i run my charts on ninja with zenfire and e signal data feeds

but prospreads are following r posts . so they may comment if they have something i not aware off
why dont you ask them questions by calling, if you are using the demo and have been using ninja live through them, you must have spoken before.
do you trade in size john ?
 

TomTom

Active member
Oct 12, 2007
652
36
38
#22
Get instant fils with these people, however the cost of the spread is same as any other SB firm in some cases slightly wider.
Dax is a good one with these.

Down side no charts or news and the margins are higher too, but over all a good service all round.
 

timsk

Well-known member
Mar 18, 2002
6,787
1,740
223
#24
Good, but Not Cheap?

I'm looking for a futures broker to trade the E-mini Dow (YM) and ProSpreads are one of the brokers I'm considering. However, in spite of the pro's in ProSpreads (which I accept are good), the con's strike me as being considerable. The issue - as ever with SB companies - is the dreaded spread. Here's my take on the situation. If I'm wrong - or I've overlooked anything - please correct me . . .

As I understand it, ProSpreads add in a fixed number of points to the spread which varies according to the underlying instrument. "0-200 Spread: This is the fixed spread charge that is added to the underlying market spread to produce the ProSpreads spread bet price. For the first 200 lots (where I lot = minimum stake size) traded in any one month, across all products)." In the case of YM, it's 2 points for the first 200 contracts traded. This equates to $10 per contract. So, suppose I average 5 trades a day of 2 contracts each (or 10 trades of 1 contract), I'll pay $100 per day in 'commission' (via the spread) or $2,000 per month. To receive the 'discount' of 1 point instead of 2 being added to the spread, I'll either need to do more trades per month or add more contracts. When viewed this way, the deep discount direct access brokers suddenly look very attractive, especially when one considers (as has been mentioned already) that ProSpreads don't offer any kind of charting package. So, anyone who needs one (as I do), will have to source that elsewhere at additional cost. Perhaps my maths is wrong or I've misunderstood something but, at the moment, even allowing for the tax free status, I'm not convinced that ProSpreads are a very economical solution.
Thoughts anyone?
Tim.
 

rawrschach

Well-known member
Nov 14, 2007
1,223
277
93
#25
I think the biggest attraction of prospreads is the low margins...

A 2 tick spread is the tightest dow spread around, it really comes down to whether you want to spread bet or trade DMA; imo DMA wins hands down unless you're a low frequency trader.
 
Jun 15, 2009
450
140
53
#26
think your better with DMA broker myself

one that provides A1 phones to traders desk

I experienced only 2 order errors (failure to execute resting stops) in close to two years
both E mini Dow ......... which can move pretty quick through 50 - 100 !

very glad phones were A1, involved phone to exchange to get position closed which was carried out while on phone with no security rubbish to slow process down

rob peter to pay paul over the long haul if you don"t get full service for very low RT fee"s imho (your bound to have a platform down eventually its just a numbers game, just a matter of when)

modern platforms all have get out of jail liability warnings, orders may appear correct and working but advice is always to monitor platform and order execution

most brokers will match reasonable RT com once you have been with them a month or two and they no your active (same for platform .... only take feeds you require etc)

sort it proper before you start and test broker back up on regular basis

ie: phone to close one to check response time ........... at a busy time :)

com and spread kills ....... good post tim

all the best with it tim :clover:



latter

Andy
 

Phil Mibbutz

Well-known member
Jun 29, 2004
1,860
58
58
#27
I'm looking for a futures broker to trade the E-mini Dow (YM) and ProSpreads are one of the brokers I'm considering. However, in spite of the pro's in ProSpreads (which I accept are good), the con's strike me as being considerable. The issue - as ever with SB companies - is the dreaded spread. Here's my take on the situation. If I'm wrong - or I've overlooked anything - please correct me . . .

As I understand it, ProSpreads add in a fixed number of points to the spread which varies according to the underlying instrument. "0-200 Spread: This is the fixed spread charge that is added to the underlying market spread to produce the ProSpreads spread bet price. For the first 200 lots (where I lot = minimum stake size) traded in any one month, across all products)." In the case of YM, it's 2 points for the first 200 contracts traded. This equates to $10 per contract. So, suppose I average 5 trades a day of 2 contracts each (or 10 trades of 1 contract), I'll pay $100 per day in 'commission' (via the spread) or $2,000 per month. To receive the 'discount' of 1 point instead of 2 being added to the spread, I'll either need to do more trades per month or add more contracts. When viewed this way, the deep discount direct access brokers suddenly look very attractive, especially when one considers (as has been mentioned already) that ProSpreads don't offer any kind of charting package. So, anyone who needs one (as I do), will have to source that elsewhere at additional cost. Perhaps my maths is wrong or I've misunderstood something but, at the moment, even allowing for the tax free status, I'm not convinced that ProSpreads are a very economical solution.
Thoughts anyone?
Tim.
I've been in a similar position, wanting to trade mainly YM but without going against a bookie(SB co) and the market. The rt commission with Prospreads is effectively $20 until the 200 trades per month level, which is very expensive compared with a DMA broker. If the rate started at 1pt extra ($10 rt) I'm sure Prospreads would sign up far more customers.
 

timsk

Well-known member
Mar 18, 2002
6,787
1,740
223
#29
I've been in a similar position, wanting to trade mainly YM but without going against a bookie(SB co) and the market. The rt commission with Prospreads is effectively $20 until the 200 trades per month level, which is very expensive compared with a DMA broker. If the rate started at 1pt extra ($10 rt) I'm sure Prospreads would sign up far more customers.
Hi Phil,
Just to be clear, your comments imply that one pays a 2 point spread commission to enter AND a 2 point spread to exit, i.e. 4 points in total for the full RT (4 x $5.00 = $20.00)? This isn't my understanding and, if you're correct, makes ProSpreads even more expensive than I initially thought. Twice as expensive in fact!
:eek:
Tim.
 

gle101

Well-known member
Jan 14, 2006
3,717
84
58
Karlstad
#30
Hi Phil,
Just to be clear, your comments imply that one pays a 2 point spread commission to enter AND a 2 point spread to exit, i.e. 4 points in total for the full RT (4 x $5.00 = $20.00)? This isn't my understanding and, if you're correct, makes ProSpreads even more expensive than I initially thought. Twice as expensive in fact!
:eek:
Tim.
Yes I agree, if the taxation is not a big issue, the choice is quite clear if you compare Prospreads with a company like IB (Interactive Brokers).