Reasons not to use Mirus Futures, Rosenthal Collins Group

[NetTecture]

Hello,

before commiting to them for my futures trades.

Anyone has any comments or reasons NOT to use Mirus Futures or the Rosenthal Collins Group?

I am in the process of opening an account with them, and this question is PURELY a sanity check

Thanks for your help.

 

[eurotrader1]

Mirus Futures

I'm considering doing the same. I noticed that nobody bothered to answer your query. have you since opened your account and what is your impression to date. Cheers.

Hello,

before commiting to them for my futures trades.

Anyone has any comments or reasons NOT to use Mirus Futures or the Rosenthal Collins Group?

I am in the process of opening an account with them, and this question is PURELY a sanity check

Thanks for your help.

 

[arabianights]

I've heard only good things about Mirus, not heard of RCG. Hope this helps

 

[rathcoole_exile]

yes, i can vouch for Mirus ... although I think I clear with Dorman, I'll have to check. But either way, they're one of the better set ups...

 

[eurotrader1]

Thanks guys, I'm definitely leaning towards Mirus though I would much prefer to find a UK or European broker who can offer comparable rates on the FESX. Cheers.

 

[NetTecture]

I got a lot of answers on elite trader. ALl of them positive.

 

[candles]

I've heard only good things about Mirus, not heard of RCG. Hope this helps

x2

 

[eurotrader1]

Cheers guys. Would be nice if a UK or European broker offered the same sort of pricing and services as available through US based brokers. Would really prefer to keep my account and trading local rather than sending money abroad with attendant forex issues etc. Spoke with someone at BFL recently and the arrogance/conceit put me right off. If anyone is aware of any other European brokers would appreciate hearing.

x2

 

[chilltrader]

Cheers guys. Would be nice if a UK or European broker offered the same sort of pricing and services as available through US based brokers. Would really prefer to keep my account and trading local rather than sending money abroad with attendant forex issues etc. Spoke with someone at BFL recently and the arrogance/conceit put me right off. If anyone is aware of any other European brokers would appreciate hearing.

Try Alpari

 

[lakai]

Yeah .. RCG sucks when it comes to statements. Their system is primative comparatively. Other than that its fine.

 

[zoo]

I'm in exactly the same position. I am looking for a cheap broker that deals in the markets I'm interested in. Cheap brokers don't seem to exist in Europe/UK - they are sooo expensive. I have the same dilema about sending my money to US because of the cheap brokerages. So I'm looking for security and good rates. My short list is (in order, based on various criteria, i.e. cost, service, security etc):

1.RCG
2. Mirus
3. Velocity
4. Infinity
5. Amp
6. Open E-Cry
7.Tradestation
8. Interactive Brokers
9. Activ

Have I picked any duds?
How are users of Mirus or RCG getting on?

Thanks everyone.

 

[eurotrader1]

Previous posters have been positive about Mirus and they were recommended to me by my mentor as well. Haven't switched yet as I'm still trying to find a European/UK based broker. Only one I've come up with in the UK so far has been BFL but they are still more than double the price than what I currently pay. For example, for the DJ Euro Stoxx 50 BFL quoted me €5.50 round turn, my current broker is €2.40 round turn. These are the sort of rates our own European/UK brokers should be offering yet they still seem happy to loose business to the US. I put it down now to either arrogance, disdain, or a complete lack of interest for the average retail trader.

 

[bennie83]

Previous posters have been positive about Mirus and they were recommended to me by my mentor as well. Haven't switched yet as I'm still trying to find a European/UK based broker. Only one I've come up with in the UK so far has been BFL but they are still more than double the price than what I currently pay. For example, for the DJ Euro Stoxx 50 BFL quoted me €5.50 round turn, my current broker is €2.40 round turn. These are the sort of rates our own European/UK brokers should be offering yet they still seem happy to loose business to the US. I put it down now to either arrogance, disdain, or a complete lack of interest for the average retail trader.

I trade ftse future and my current UK broker charges £8 round turn. For the S&P emini $12. I am not putting up with this now. Seriously I don't know how they do any business. Amp Futures (US) have offered some great rates, so they have climbed up my shortlist.

 

[eurotrader1]

I trade ftse future and my current UK broker charges £8 round turn. For the S&P emini $12. I am not putting up with this now. Seriously I don't know how they do any business. Amp Futures (US) have offered some great rates, so they have climbed up my shortlist.

Agree with you 100%. I firmly believe UK brokers aren't interested in the average retail trader but prefer to target the professional and/or large lot traders instead. I currently use Futurepath Trading based in the US. It is their fees I quoted in my previous post. Mirus charges €2.24 round turn for Euro Stoxx 50. Unfortunately neither one offers the FTSE, which I'm interested in as well.

Berkeley Futures (BFL) quoted me £2.50, per lot, per side inclusive of exchange fee for the FTSE future.

 

[neil]

try www.interactivebrokers.co.uk

 

[zoo]

Agree with you 100%. I firmly believe UK brokers aren't interested in the average retail trader but prefer to target the professional and/or large lot traders instead. I currently use Futurepath Trading based in the US. It is their fees I quoted in my previous post. Mirus charges €2.24 round turn for Euro Stoxx 50. Unfortunately neither one offers the FTSE, which I'm interested in as well.

Berkeley Futures (BFL) quoted me £2.50, per lot, per side inclusive of exchange fee for the FTSE future.

Hi Euro & Bennie, Mirus do offer FTSE future, they've quoted me approx £2.95 a round turn! Compared to £8 a round turn with my current broker!!! When I went with my current broker a few years ago I was not clued up on anything. I reckon UK/European brokers rely on uninformed traders like I was back then in order to do business. I tend to do 10 RT trades per day. With my current broker its £80 in commissions! So, with Mirus it would only be £29.95, that's a saving of £50.05 per day! That has to be the way to go.

 

[zoo]

By the way I've changed my shortlist. I'm based in the UK and I'm looking for a reliable cheap broker. I primarily trade FTSE future, Emini S&P, DOW future and sometimes Brent crude. My shortlist has used the following criteria: Range of markets, overall cost (including commissions & platform, data, other fees if applicable), customer service, reliability/security & reviews, suitability for non-US customers (i.e. UK), how much I like the platform. Then I have given an overall score. I hope this helps everyone here because we all seem to be searching for the same thing and I would welcome any thoughts. So based on my criteria the shortlist is as follows (in order).

1. Mirus
2. Infinity
3. RCG
4. Amp

discussed.
1. has all the markets I want, excellent prices, very good customer service, nice platform (I would choose Ninja Trader), very good reviews, funds can be held in ponud sterling without having to be converted - a bonus, customer funds can be held with RCG in London if you wish.
2. Unfortunately doesn't offer FTSE future, great customer service, very good prices, very good reviews, absolutely fantastic platform (AT), funds have to be converted into dollars or euros.
3. Offers all the markets, a little more expensive, very good service, sturdy and reliable, excelent for international customers, decent platforms (some you have to pay for which is a let down compared with competition).
4. has all the markets, the best prices of all, excellent service, Ninja Trader platform, very good reviews, except for one I heard about Amp continuously converting a customers deposit into a different currency for no reason and the customer lost lots of money due to currency fluctuations. This has put me off a bit. Otherwise it would be the winner.

What do you think guys.

 

[Xeno]

I'm in the same situation. I'm a Ninja user, and based in the UK. Have become thoroughly fed up with futuresbetting (now 'pro' spreads) from Ninja.

So, I'm looking at mainly Mirus and IB. IB do look big and quite good, and with somewhat more of a UK presence.

However, I do a lot of automated stuff, and speed is important. I demo'd Zen Fire with Ninja, and it was very fast. Load of charts was very fast too. Level 2 data sometimes went to fast to see the numbers.

It's connected to 4 servers, all in the US, about 120ms to talk to them.

I demo'd IB too, and it was much slower - also connected to US servers (110ms) However, it's quite a different platform and demos aren't necessarily good for testing speed. I also understand that you'd normally be connected to a European server (I think in Switzerland)

I'm not sure whether this would tell you much about execution speeds.

So, I've heard good things about Mirus, and Zen-fire. Zen-fire appears very fast and I like their approach. Hooks in very well with Ninja too, so that's looking like the winner in my book, but I'd be interested to hear more discussion.

cheers

 

[bennie83]

I'm in the same situation. I'm a Ninja user, and based in the UK. Have become thoroughly fed up with futuresbetting (now 'pro' spreads) from Ninja.

So, I'm looking at mainly Mirus and IB. IB do look big and quite good, and with somewhat more of a UK presence.

However, I do a lot of automated stuff, and speed is important. I demo'd Zen Fire with Ninja, and it was very fast. Load of charts was very fast too. Level 2 data sometimes went to fast to see the numbers.

It's connected to 4 servers, all in the US, about 120ms to talk to them.

I demo'd IB too, and it was much slower - also connected to US servers (110ms) However, it's quite a different platform and demos aren't necessarily good for testing speed. I also understand that you'd normally be connected to a European server (I think in Switzerland)

I'm not sure whether this would tell you much about execution speeds.

So, I've heard good things about Mirus, and Zen-fire. Zen-fire appears very fast and I like their approach. Hooks in very well with Ninja too, so that's looking like the winner in my book, but I'd be interested to hear more discussion.

cheers

Hi Xeno,

Like you guys (based in UK) I have done some thorough research into this. Personally, I would avoid Interactive Brokers like the plague. A lot of IB customers get very touchy when their broker is talked about negatively (perhaps because deep down they know the faults all too well), and no doubt many will disagree! Their customer service is poor, there is no denying this. I also found their platform offensive. Many people will say that I am inexperienced and do not understand the 'great' functionality and blah blah blah, neither of which is true by the way. I just think there are so many better alternatives out there. IB is also way more expensive than what I have been quoted elsewhere, both in terms of commissions, data fees and other misc fees. So to say they are the cheapest is also a myth in my book.

You should note that will need to pay the Ninja license fee ($60 a month I think) if you are doing bracket trades/automated trades with Mirus. I spoke to them about this.

What sort of volume and commissions are you looking at for your chosen contracts?

I hope the above helps you a bit.

regards

 

[Xeno]

Hi Xeno,

You should note that will need to pay the Ninja license fee ($60 a month I think) if you are doing bracket trades/automated trades with Mirus. I spoke to them about this.

What sort of volume and commissions are you looking at for your chosen contracts?
regards

Thanks for the info. I already paid for the lifetime license of Ninja. I think I just need to pay them a bit more for multi broker.

I'll probably be less than 500 per month, which gives something like 3 euros per roundturn for FDAX.

cheers