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Date/Time: Mon, 22 Apr 2024 16:44:32 +0000



[User Discussion] - Broker/Clearing Firm Choice

View Count: 539

[2023-05-26 12:34:40]
User805518 - Posts: 8
Hi everyone,

I'm new prospect and trying a demo account in order to understand if switching to Sierra Chart, I'm italian and you sorry me if my english won't be so perfect :)

The question is: if I want use Teton Routing Service with Sierra, does exist a difference in whatsoever way, among broker or clearing firm you listed in the section here? Sierra Chart Teton Futures Order Routing: Setup Instructions

or is the same as speed and stability and only service and commission change? forgive this question that maybe silly but it's better ask rather then make a mistake

Thank you
Alessandro
[2023-05-26 13:24:32]
Tony - Posts: 457
I have been doing demo trading with Edge Clear account for a year, they only require a one time USD200 deposit (Teton streaming, without live trading privilege), all you have to pay in coming months are Sierra monthly subscription and Exchange data. I found this is the most cost effective way of having a demo account.

FCM (Futures Commission Merchant) : IronBeam

IB (Introducing Broker) : Edge Clear

Date Time Of Last Edit: 2023-05-26 13:27:57
[2023-05-26 15:36:16]
User805518 - Posts: 8
Thank you Tony, I find a good solution.
My question, may be not well explain was refer to a live account, if would be better wich broker or clearing firm in particular or it is the same..
[2023-05-26 17:17:26]
Tony - Posts: 457
The account I mentioned in post#2 is a live account, just live trading is blocked by Edge Clear until I have enough fund in my account. The only clearing firm I have dealt with is IronBeam, the 2 IBs I had contacted are Edge Clear and Discount Trading (both with multiple FCMs including IronBeam), I am happy with both of them, easy communication, competitive commissions.

I am Not able to answer your questions, since it is not feasible for me to compare a lot of brokers and clearing firms. Maybe Sierra and other folks will have more inputs.

I am pretty sure there are great FCMs/IBs and there are not so great, just like any business or industry. One of the FCM called Phillip Capital I have dealt with is extremely difficult, terrible communication. Also, not all FCMs/IBs are able to open accounts for non-US residents.
Date Time Of Last Edit: 2023-05-26 17:24:48
[2023-05-29 09:35:49]
User805518 - Posts: 8
Thanks for having described your experience with broker/clearing

But in term of functionality like speed execution order for example, if you are using teton that goes directly to the exchange, shouldn't change anything among one broker and other right? or I'm mistake.. is that I'm not able to understand..
[2023-05-29 09:50:01]
Sierra_Chart Engineering - Posts: 14044
Yes it makes no difference:
But in term of functionality like speed execution order for example, if you are using teton that goes directly to the exchange, shouldn't change anything among one broker and other right?

However, margins can be very different, among brokers.
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

For the most reliable, advanced, and zero cost futures order routing, use the Teton service:
Sierra Chart Teton Futures Order Routing
[2023-05-29 12:52:19]
User624595 - Posts: 172

One of the FCM called Phillip Capital I have dealt with is extremely difficult, terrible communication.

@Tony , can you elaborate on this example?
[2023-05-29 13:42:14]
Tony - Posts: 457
@User624595, I selected PC because it supports ACH deposits and withdrawals, after they received my application, they required that I provide criminal record check, since I am not a US resident, after all the trouble visiting local police station, spent the money and sent them the document (with clean record of cause), they told me I can not do ACH at all, since I am not a US resident, so why they didn't told me in the first place? I didn't bother argue with them and switched to IronBeam. I had similar experience with HSBC years back and I always avoid doing business with Asian institutes because of their doing things arbitrarily, I didn't know PC is a Singaporean company, wouldn't have chosen it had I known.
[2023-05-29 13:59:06]
User805518 - Posts: 8
@Sierra_Chart Engineering, thanks for the info it is exactly what I needed to know because I foresee that the awesome think about Teton (beyond the speed) is properly that you can choose the broker you want because of connection doesn't depend on him. About margin you are right I know; I own a tradestation account and want switching first of all because of intraday margin are to high in my opinion.

@thanks Tony for your experience; you saved me time :)
[2023-05-30 18:40:59]
AC060559 - Posts: 17
I use AMP. I have not found a FCM that can beat AMP's commissions and Amp has great day trade margins.
[2023-05-31 12:59:01]
User805518 - Posts: 8
Thank you AC060559, I saw it's good for both margine and commission, in your opinion the service is good too? I mean, when you've problem to fix or technical support

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