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Hi. I'm used to be a futures trader in Brazil, and this year I sent a little money to USA to trade ES. I'm really enjoying trading ES, but I always think by myself how safe the IBs are. Most of them were created after 2000s. Very new companies. Some of them don't even ask you for documents. In 10 minutes you got you account opened and it's ready to receive you money. Some of them appears to be like amateurs conducting a company, not experts with market experience.
I'm asking so because I think about sending more money to trade a little bigger than I'm trading now, but I'm really afraid.
Have you guys knew about any IBs bankruptcy? Have you ever lost money because of this?
Can you help answer these questions from other members on NexusFi?
hi,
i think there is not really a probleme with small Initial Brokers - they do not even have your money and can do nothing with your account ! They just make the connections + organisations+end-user-stuff.
ie i am with mirus-futures but my money "has" RCG (via accont at the Bank of America) - both huge companies.
so if the "small+new IB" goes down it has nothing to do with my account.
btw - after the Lehmann-crash i was thinking about what would happen if the Bank of Amerika also .... -- but then nothing is save anymore -- and then some guys came +saved the world
Thank you, guys. I'm now deciding between Mirus/Zen-Fire and Velocity/TT. Both have similar prices for E-minis. My big question now is which of the routing technologies is better, ZenFire or TT. I'm also considering the availability of an API to remote access it. Zenfire has the API for free, but TT requires you to subscribe to X_Trader Pro (more than $1,000) to have access to the API.
But these questions may be discussed in another thread.
From what I have heard, you will prefer Zen Fire over TT if you deal with tick data (volume, range, renko, tick) because their data is all unfiltered.
Ask your broker their opinion. Dan @ Amp Futures was a strong believer in the above. I've been extremely happy with Zen, so would recommend it. Can't comment about XTrader however.