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 ?
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 ?
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.
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.
ProRealTime
FuturesBetting were looking at using the ProRealTime platform.
Did this not work out?
FuturesBetting were looking at using the ProRealTime platform.
Did this not work out?
timsk
Legendary member
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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.
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
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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.
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.
tenbobtrader
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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
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
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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.
Vaco
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http://www.trade2win.com/boards/general-trading-chat/34860-spread-vs-tax.html
That link is my take on have a read, hope it helps.
That link is my take on have a read, hope it helps.
timsk
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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!
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).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!
Tim.
Phil Mibbutz
Experienced member
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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!
Tim.
Sadly, I think that's the case, Tim. The effective spread on YM is 5pt minimum, reducing to 3pt after 200 trades per month. The main advantage of Prospreads is the speed of their platform and absence of SB nobbling, which would make short-term trading possible. Difficult with a 5pt spread, though, even if you can benefit from buying/selling at bid/ask and not pay the market spread.
arabianights
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I don't think that prospreads is designed for traders that would notice the first 200 lots... that's pretty much their way of putting a monthly charge on traders doing at least 10k a month...
promethean
Newbie
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right
spreadbettingportal
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I have made some tests with them, but saw no results.
Will be happy to hear from the forum members regarding their experience with them
Thanks
Will be happy to hear from the forum members regarding their experience with them
Thanks
i was with Futuresbetting.com, then they changed the name to prospreads,i cant find anyone better than these guys, tight spreads, DMA so getting instatnt fills, feels like trading on a pro platform, but spreadbetting.
only futures at the moment but they say Fx Spot coming very soon.
Sure, you are trading the futures at a very high cost. If you feel the tax issue overrides it all, then go for it.
neil
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Minimum bet size?
I think the minimum bet is one Lot of the underlying...thus FTSE would be a minimum bet of £10 per point ?
I think the minimum bet is one Lot of the underlying...thus FTSE would be a minimum bet of £10 per point ?
Yes, you are trading the FTSE 100 future (Z future). £10 per point with a minimum of £5 per tick (0.5).
I heard you were working on fixing the issues. How is that going? Any ETA yet?
