For quite some time now, I've been opening "test accounts" with several brokers to test execution, data, customer service, and ease of operation. I hope that my findings will help the MC community...
I’ll exclude equities accounts and categorize these worst to best:
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-11) Interactive Brokers (2 accounts, 1 for 2 years and 1 for 3 months)
PROS: All in one account, structured for CTAs/Hedge funds
CONS: Everything else… Platform, customer service, website, data,… Seriously this is the worst brokerage I’ve ever dealt with so I’ll elaborate a bit. On the surface, they look like the best option because of the all-in-one account, but the cons outweigh the pros with every other aspect of this firm. The TWS platform, data, and website are stuck back in the 90s!! Bugs everywhere! The data is filtered by the brokerage and it's a PAIN pulling any of it. 3rd party data providers are annoying, expensive, and confusing. IB also owns and runs a HFT firm alongside their brokerage which just makes me raise an eyebrow at what they're really doing with that 1 second data limitation. The worst part about them is the customer service reps who will hang up whenever they feel like it. It’s extremely confusing why so many traders/CTAs feel like they’re the only option!
-10) Global Futures (0 accounts)
PROS: They talk BIG
CONS: I couldn’t get past the rude representative on the phone who claimed that he was an owner. He was argumentative and made fun of some of my questions as he put me on speaker phone and giggled with his other representatives about what I was asking.
-9) MB Trading (3 accounts for 2 years and several client accounts for 9 months)
PROS: Cheap FX trading, Helpful compliance department
CONS: FX Data is different for every FX accounts, Rude and unhelpful customer service, Incompetent accounting department (every monthly client report was incorrectly calculated), sub parr connection to 3rd party platforms, clients almost left me because of their level of professionalism
-8) TS (1 account for 3 years)
PROS: Data, Platform, and Broker are all in one, good customer service, EL based platform
CONS: Data, Platform, and Broker are all in one
![Smile :)](./images/smilies/icon_smile.gif)
-7) FXCM (1 account for 3 years)
PROS: Best for FX (ask for custom spreads)
CONS: Doesn’t support anything other than FX
-6) AMP (1 account for 9 months)
PROS: Free CQG data, Automated “all accounts follow authorized account” feature
CONS: CQG data is filtered
-5) Mirus (2 accounts, 1 for 4 months and 1 for 1 month)
PROS: Zenfire data is free and great unfiltered quality, customer service is great and very knowledgeable, Automated “all accounts follow authorized account” feature
CONS: Only the mainstream futures instruments are offered, Even though Zenfire is great I wanted Rithmic over Zenfire
-4) Open E Cry (1 account for 1.5 years)
PROS: Seems like a good firm. Free Open E Cry data
CONS: Nothing bad. Competition is just a touch better than them in everything. Suggest an Introducing broker because of slow, but good customer service
-3) Cannon Trading (1 demo account for 5 months)
PROS: Introducing broker for Open E Cry. Amazing customer service.
CONS: Again, competition is a touch better in every way.
-2) Vision Financial (1 demo account for 3 months)
PROS: One of the largest firms in the industry, they are the clearing firm, withstood previous economic disasters while others couldn’t, even at their size they’re still a private company, Free Rithmic data, instrument selection is great, Account setup is 5 pages of ease, customer service is good, Automated “all accounts follow authorized account” feature.
CONS: They’re huge so an introducing broker is definitely recommended if you need much attention
*******************UPDATE: Optimus ended up not working out. Details excluded--for now.******************
-1) Optimus Futures
PROS: Started out well. Lots of hopes and dreams.
CONS: Everything after the first 6 months..
During this taxing adventure, I’ve learned a lot. A few tidbits that stick out are that there isn’t much info out there like this review grrr, service is much more valuable than a few pennies, introducing brokers are a win/win for all involved, choose right the 1st time while running client accounts, and that IB isn’t the only choice!!!!!
![Wink ;)](./images/smilies/icon_wink.gif)