Reasonable Priced Euro FX 6E Commission

[Eurex]

Hi All,

Reached a stage where its evident to contain my cost of trading.

I know a good broker may charge more and require more margin to trade but im sure there are good brokers with reasonable commission and low margin and good risk management.

What im paying now and comparing with Market for CME -

Present / Competitive Rates Quoted
Commission: $2.6 / $1.3
Clearing Fee: $1.2 / $0.0
Exchange Fee: $2.0 / $2.28
NFA Fee: $0.4 / $0.4
Transaction Fee CTS T4: $1.0 / $1.0
Total / RT: $7.2 / $4.62

Difference - $2.58 / RT

Difference on average for 200 volume RT
Per Month - $516
Per Year - $6192

Advice Needed -

1. If your broker gives volume discount and have low margins per contract for ES and 6E the please post the rates and message me the broker name or post it here if you wish.

2. Any membership options anyone has explored with CME and is reasonably priced for 200-300 volume pm in Euro Fx

Hoping to get as many response from this wonderful community we have here in T2W.

Cheers

Note -

1. Looking for response from like minded people with traders helping traders mindset.
2. I'm an individual home trader looking to manage my cost and in no way associated with any of the brokers.

 

[onetouch]

Hi,

If you are happy to have a US based futures broker then there are several you could consider:
- AMP Futures
-Deep Discount Trading
This is by no means an exhaustive list.

The commission rates offered by both will depend on
- which trading platform you choose
- order routing infrastructure (TT, CQG etc) you select
- and of course your monthly r/t total.
Even with the r/t volumes you mention below both of the brokers I mention offer commission rates under what you consider "competitive rates".

IMHO don't even think about exchange membership with the sort of volumes you are trading per month. That said don't take my word for it ......check it out
yourself in dialogue with the above brokers.

Out of interest which broker quoted $4.62 for a r/t in Euro/$? If you want the rates PM me.

OneTouch

Hi All,

Reached a stage where its evident to contain my cost of trading.

I know a good broker may charge more and require more margin to trade but im sure there are good brokers with reasonable commission and low margin and good risk management.

What im paying now and comparing with Market for CME -

Present / Competitive Rates Quoted
Commission: $2.6 / $1.3
Clearing Fee: $1.2 / $0.0
Exchange Fee: $2.0 / $2.28
NFA Fee: $0.4 / $0.4
Transaction Fee CTS T4: $1.0 / $1.0
Total / RT: $7.2 / $4.62

Difference - $2.58 / RT

Difference on average for 200 volume RT
Per Month - $516
Per Year - $6192

Advice Needed -

1. If your broker gives volume discount and have low margins per contract for ES and 6E the please post the rates and message me the broker name or post it here if you wish.

2. Any membership options anyone has explored with CME and is reasonably priced for 200-300 volume pm in Euro Fx

Hoping to get as many response from this wonderful community we have here in T2W.

Cheers

Note -

1. Looking for response from like minded people with traders helping traders mindset.
2. I'm an individual home trader looking to manage my cost and in no way associated with any of the brokers.

 

[Eurex]

Thought ill post what i've got so far with the platforms i like excluding $25 Platform cost for all below as they are transactional based.

Cheapest to Trade with Sierra Chart. Below includes RT per RT cost.

Platform=========Feed============ES=================6E=======1000RT cost per month

Sierra Chart======TT==============$3.32==============$4.24======= ES +560 pm ; 6E + 500
Sierra Chart======TT==============$2.82==============$3.74=======Base Line 👍
CTS T4==========CTS T4===========$4.32==============?=========== ES +1560 pm ; 6E + ?
X_Trader========TT===============$5.32==============$6.24======= ES +2560 pm ; 6E + 2500

CTS T4 Max chargable pm is 500 pm after that each trade reduce the commission by $1/RT

X_Trader - If it crosses 1200pm then buying pm of X_Trader is cheapest.
My order of Pref for DOM X_Trader, CTS T4.

Anyone paying less than above quoted please message me. Any brokers here on T2W 😉

Good Luck Trading!

 

[random12345]

Hi All,

Reached a stage where its evident to contain my cost of trading.

Are you not interested in trading OTC FX rather than exchange traded futures?

 

[Liquid validity]

A lot of people still think of OTC FX as the realm of bucket shops.
Despite the fact that decent OTC such as LMAX, currenex, EBS and so on beat the futures spread:
http://datasuite.cmegroup.com/dataS...ctCode=6E,6J,6B&exchange=XCME&selected_tab=fx
Most decent OTC and futures prices are virtually identical as well.

Earning the spread when you are competing with algos constantly
pulling or amending orders in greater size than a retailer is no mean feat either, so spread does
matter, at least in terms of the ease of earning it or not...

Still an uphill battle for good OTC FX to overcome, the bucketshop image in Europe,
and the OTC pinksheets connotation in the U.S.
Not hard to see why when most OTC FX apart from those named are pretty awful.

 

[random12345]

A lot of people still think of OTC FX as the realm of bucket shops.
Despite the fact that decent OTC such as LMAX, currenex, EBS and so on beat the futures spread:
http://datasuite.cmegroup.com/dataS...ctCode=6E,6J,6B&exchange=XCME&selected_tab=fx
Most decent OTC and futures prices are virtually identical as well.

Earning the spread when you are competing with algos constantly
pulling or amending orders in greater size than a retailer is no mean feat either, so spread does
matter, at least in terms of the ease of earning it or not...

Still an uphill battle for good OTC FX to overcome, the bucketshop image in Europe,
and the OTC pinksheets connotation in the U.S.
Not hard to see why when most OTC FX apart from those named are pretty awful.

Aye - for me it's a no brainer if you're in the UK to go with LMAX (not to sound like a shill) or IB would do if you have a hard-on for American brokers and don't mind the diminished leverage. In both cases, the OP will see a spread rarely get near half of what he's used to and also smaller commissions even at the non-discounted rates.

If I had to stick with 6E, I'd probably use Mirus in terms of a low fee broker - have always found them to be good so long as you don't mind jumping through hoops when signing up with their clearing firms. Think they range from $5.14 an RT for 1-200 cars a mth to $4.22 at max volume discount with various steps in between.

 

[Liquid validity]

Aye - for me it's a no brainer if you're in the UK to go with LMAX (not to sound like a shill) or IB would do if you have a hard-on for American brokers and don't mind the diminished leverage. In both cases, the OP will see a spread rarely get near half of what he's used to and also smaller commissions even at the non-discounted rates.

If I had to stick with 6E, I'd probably use Mirus in terms of a low fee broker - have always found them to be good so long as you don't mind jumping through hoops when signing up with their clearing firms. Think they range from $5.14 an RT for 1-200 cars a mth to $4.22 at max volume discount with various steps in between.

Agree, same here.
Throw in Europe to U.S. connection latency and I personally wouldn't
even consider FX futures now.

 

[Eurex]

Looking for Cheap E-Mini S&P Brokers with RT cost for ES < $3.32 for 800 RT per month.

Ive used Oanda for Spot Forex before and their low spreads comes at the level where no one is interested to transact. Near Economic News or High Lows spread widens from 1.2-1.8 and by the time you click the button and get a fill you get a slippage which is what retail don't track because its minor but it eats overtime your account. They display low spreads and fill you at adverse price. Since price is quoted to 5th decimal place which confuses the trader.

In Futures Price is fixed and moves 1T only so calculating and finding slippage is easier.

Good Luck trading!

 

[Liquid validity]

Looking for Cheap E-Mini S&P Brokers with RT cost for ES < $3.32 for 800 RT per month.

Ive used Oanda for Spot Forex before and their low spreads comes at the level where no one is interested to transact. Near Economic News or High Lows spread widens from 1.2-1.8 and by the time you click the button and get a fill you get a slippage which is what retail don't track because its minor but it eats overtime your account. They display low spreads and fill you at adverse price. Since price is quoted to 5th decimal place which confuses the trader.

In Futures Price is fixed and moves 1T only so calculating and finding slippage is easier.

Good Luck trading!

I do track slippage.
No one mentioned Oanda.
I've deliberately tested LMAX under news conditions for slippage and spread widening.
LMAX, EBS, CapMar etc. are not like most retail FX.

 

[Eurex]

Thanks all for contributing to this thread.

Ill avoid the Forex discussion which is deviating from the main purpose of thread.

Guys trading E-Mini S&P can you post a decent commission you get for ES on CME.

Sierra Chart looks good but its complicated for DOM only. Anyone using DOM for trading with SC on Futures.

Good Luck Trading!

 

[random12345]

Thanks all for contributing to this thread.

Ill avoid the Forex discussion which is deviating from the main purpose of thread.

Guys trading E-Mini S&P can you post a decent commission you get for ES on CME.

Sierra Chart looks good but its complicated for DOM only. Anyone using DOM for trading with SC on Futures.

Good Luck Trading!

I'd be amazed if you can beat $3.32 with volume that low - sounds like a very good deal for non CME members to me.

It's too bad you're being a bit stubborn re OTC fx based on your experience of Oanda, who are one of the very worst out there and cater for the lowest common denominator of trader.

 

[Eurex]

Update:

I've removed a broker from my list since sales guy lied about the Test Platform and after checking it on NFA site his company was fairly new to offer such low commission and Low margins. its was SC with TT_net with $2.82 RT for ES.

Imp Note: Guys Platform may be solid but if its connectivity with a particular broker is not tested then a good trading Platform can fail and not having SIM Environment is a serious drawback.

Anyone interested in sharing his Platform choice and cost with ES.

Good Luck trading!

*************************************************************************************************************************************
90% of the Traders fail and 10% are the winners! Sometimes its the Lowest Common Denominator that matters!
*************************************************************************************************************************************

 

[random12345]

You need to remember that the CME charges non members $1.16 per side... or $2.32 per RT - so you're asking for an extremely small broker commission for light volume. You don't want to get involved with anyone offering you 25 cents an RT their end at your level of volume! - that could pretty much only be BS. But it's your funeral.

One of the cheapest I know of are Advantage Futures out of Chicago - they are highly regarded on Elite within the US, but I don't know about their international experience - see http://www.advantagefutures.com/open-an-account/commissions/ for their schedule and you can also see they offer pretty much every platform. Even so they are only a few cents cheaper than the likes of Mirus/Velocity/Infinity.

I gather that AMP Futures will match any quote you get, but they haven't been around as long as Advantage. I also know that Dorman are known to offer cheap bespoke quotes, but you're probably not up there yet.

Once you do 2,000 cts you can look at getting or leasing a seat perhaps and THEN your costs will spiral downward, you gotta walk before you can run. I've seen a rough cost analysis done here - http://www.variancefutures.com/institutional/services_cme_comparison.php

No need to be a smart a$$ regarding lowest common denominators when we were trying to help you get a clue re 6E...

Update:

I've removed a broker from my list since sales guy lied about the Test Platform and after checking it on NFA site his company was fairly new to offer such low commission and Low margins. its was SC with TT_net with $2.82 RT for ES.

Imp Note: Guys Platform may be solid but if its connectivity with a particular broker is not tested then a good trading Platform can fail and not having SIM Environment is a serious drawback.

Anyone interested in sharing his Platform choice and cost with ES.

Good Luck trading!

*************************************************************************************************************************************
90% of the Traders fail and 10% are the winners! Sometimes its the Lowest Common Denominator that matters!
*************************************************************************************************************************************

 

[cablemonster]

Speak to Howard @ deep discount trading. You wont get cheaper. Use a free platform like ninja direct. Better still use LMAX.

 

[Eurex]

E-Mini S&P competitive commission quote

Speak to Howard @ deep discount trading. You wont get cheaper. Use a free platform like ninja direct. Better still use LMAX.

This thread was for Euro Futures but ive changed my product to E-Mini S&P which suits me.

Looks like E-Mini S&P has good harmonic rotations and does a lot of volume.

I like DDT Pricing but i'm sceptical that with low commission their customer support may be some lag and since CTS T4 has a web version which can be handy in case of any issue. Going with CTS T4 and DDT looks cheap with reliability of CTS T4.

I still have time and i guess ill wait before switching so as not to face the same issue like high margins and commissions.

Please post your commission quotes for E-Mini S&P and margin for daytrade.

Good Luck trading!

 

[T44]

I researched US brokers earlier this year, I think you have already found the cheapest in Deep Discount Trading for the size you quote. Your a/c will actually be with Crossland LLC. For account opening you won't find anyone better than Howard at DDT, although had a few issues with Crossland themselves, like debiting a credit!!
I have sinced moved to Dorman, mentioned earlier in the thread, they do CTS T4, decent CS and intraday margin rates, contact John Texidor there for an individual quote, probably 20 c more per r/t which was worth it to me for consistent margin rates across a range of products. Also mentioned earlier was Advantage, I hear good things but you'll only get half of exchange margin for day trading unless things have changed, which may affect your strategy, and a strict min $10k to open an account here.

Good luck.

 

[Eurex]

I researched US brokers earlier this year, I think you have already found the cheapest in Deep Discount Trading for the size you quote. Your a/c will actually be with Crossland LLC. For account opening you won't find anyone better than Howard at DDT, although had a few issues with Crossland themselves, like debiting a credit!!
I have sinced moved to Dorman, mentioned earlier in the thread, they do CTS T4, decent CS and intraday margin rates, contact John Texidor there for an individual quote, probably 20 c more per r/t which was worth it to me for consistent margin rates across a range of products. Also mentioned earlier was Advantage, I hear good things but you'll only get half of exchange margin for day trading unless things have changed, which may affect your strategy, and a strict min $10k to open an account here.

Good luck.

I'm getting an impression that Low Commissions and Low Margin requirement requires more RT and >$10k account size.

Dorman - Rates i found are $.30c/RT more than DDT and Margin 15-20% intra-day. Its the Intraday Margin.

AMP - Cheap rates but if found this on NFA- http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0216620&case=2005-INV-18B&contrib=CBOT

DDT - What was the issue with DDT and Crossland. Ive found lots of good reviews about DDT on some old forum.

Velocity Futures - On NFA. $1.25M Fine.

Mirus Futures - Looks ok. Not much on NFA.

If i keep searching on NFA site soon their will be no broker left who offers Low commissions, Low Margins ,Good Customer Service with No actions against them 🙂


Good Luck Trading!

 

[T44]

I'm getting an impression that Low Commissions and Low Margin requirement requires more RT and >$10k account size.

Dorman - Rates i found are $.30c/RT more than DDT and Margin 15-20% intra-day. Its the Intraday Margin.

AMP - Cheap rates but if found this on NFA- http://www.nfa.futures.org/basicnet/Case.aspx?entityid=0216620&case=2005-INV-18B&contrib=CBOT

DDT - What was the issue with DDT and Crossland. Ive found lots of good reviews about DDT on some old forum.

Velocity Futures - On NFA. $1.25M Fine.

Mirus Futures - Looks ok. Not much on NFA.

If i keep searching on NFA site soon their will be no broker left who offers Low commissions, Low Margins ,Good Customer Service with No actions against them 🙂


Good Luck Trading!

Ha yes exactly, which is why I've ended up with Dorman paying a bit more, think I negotiated it down a bit, paying .20 more than DDT.

Had some CS issues with Crossland, such as debiting instead of crediting a wire transfer, and a random withdrawal of intraday margin on GC. Also some issues with missing statements.
Dorman, touch wood, have been perfect so far!