View Full Version : Futures Broker commissons/daytrading platforms

09-15-2004, 08:56 PM
Can anyone recommend any reputable online futures brokers with low commissions? I'm looking to daytrade with about 25-30k and I'd like to get the best deal. So far it looks like IB Direct, FX Solutions, and XPressTrade offer some of the best deals, anyone have any others? Thanks.

09-16-2004, 12:01 AM
I just opened an account with Tradestation, and am using their 8.0 version. I day trade stocks, so unfortunately I don't know much about the futures setup. Check it out anyway at:


09-16-2004, 06:02 AM
I'm looking to daytrade with about 25-30k and I'd like to get the best deal.

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You understand that there is a $25K minimum requirement if you are classified as a PDT (pattern day trader). If you're going to swing trade, that's one thing, but to daytrade (which I wouldn't recommend) is another.

Here is the definition of PDT:

The rules adopt a new term "pattern day trader," which includes any margin customer that day trades (buys then sells or sells short then buys the same security on the same day) four or more times in five business days, provided the number of day trades are more than six percent of the customer's total trading activity for that same five-day period.


09-16-2004, 12:02 PM
The PDT rule does not apply to futures.

09-16-2004, 12:15 PM
I use Interactive Brokers (http://www.interactivebrokers.com/php/main.php) but I trade a tiny account. Pretty sure they are by far the cheapest unless you are doing large volume. I have traded stock, futures, and options there from one account, which is nice.

Here are some resources:

http://www.elitetrader.com/br/ - Check the forums too, I discovered Poker in there. /images/graemlins/grin.gif

http://www.siliconinvestor.com/stocktalk/subject.gsp?subjectid=52773 - May be a bit out of date.

09-16-2004, 01:35 PM
First off let me state I don't daytrade. Having said that I have heard good things about IB. Tradestation is also a good platform, but I don't believe it's as cheap as IB. Also I've heard terrible things about TS's customer service. I don't use them personally so I'm relying on second hand info.

09-16-2004, 03:00 PM
My bad... I missed the key word "Futures" in his title and his post. I'm such a dummy. You're correct, of course.


09-17-2004, 08:21 AM
There are two parts you need to consider, the datafeed/display software and the brokerage. TradeStation does both so the graphics and the order entry systems are nicely integrated. I've been using TS for a few months and it works well.

Barrons did a review of brokerages on March 8, 2004 that you might find informative.

09-26-2004, 10:17 PM
Since you are in Chicago for the absolute lowest transaction costs you could go to the belly of the beast. Check out what kind of deal you can get from some of the clearing firms at the CBOT or CME. The front end trading platform will cost about two hundred to fifteen hundred a month depending on your needs. The more expensive front ends include auto-spreading and auto-trading functions that will automatically leg differnet spreads and strategies for you. The less expensive ones means you must manually enter each order. But the "juice" will be significantly lower than any of those retail outlets and it's the "juice" that will kill you in this racket.

But if you are just going to be an ocassional part time trader with a small amount of transactions if may not work out making retail a better choice. However if you plan to burn 'em and churn 'em all day long you should definitely contact some clearing firms.