Best Futures Trading Broker – When it comes to futures trading, the results are directly related to the capabilities of your trading software.
However, this does not mean that you will become a good trader with the best futures trading platform in the world.
Best Futures Trading Broker
However, to be a good trader, you should use one of the best futures trading platforms in this review.
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At the very least, you want to have access to software that offers reliable charts, advanced order management, and order flow analysis.
You will notice a big difference between a professional futures trading platform and any other software aimed at retail traders.
Market Delta is the company that invented the extremely useful footprint charts. Personally, I wouldn’t trade (at least successfully) without them.
Several years ago, Market Delta switched its platform to CKG – one of the older technical drawing platforms in the industry.
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The tools available are extensive and you can easily customize the software to suit your wants and needs.
You get access to a ready-to-use professional day trader setup. It’s the kind of setup you’d find in professional companies.
Each of these panels has a specific purpose and use. In our day trading course you will learn everything in detail and how to apply it for consistent profitability.
Market Delta comes with a FREE 14-day trial, and our subscribers get an extended 30-day trial.
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If you are just getting started with futures day trading and want to keep your budget limited, Sierra Charts is the best futures trading platform for you.
However, in recent years they have invested a lot of money in providing the same tools as Market Delta.
At first glance, you might think that these two platforms are similar. That’s true, but there are also big differences.
You can program Sierra to take profit at a certain level and then move the rest of the stop on the trail until it closes.
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The truth is that there is no one best futures trading platform, only the best one for YOU.
However, if you can cut the budget for either platform, Market Delta is a more stable and professional solution.
At the end of the day, the best way to sort things out is to try both for 14 days and make up your own mind.
If you want to join our live trading room, check out the Day Trader package here. > If you prefer to trade more passively, check out our newsletter, trading ideas and live analysis in the Swing Trader package here >
Best Futures Trading Software In 2023 • Dumb Little Man
The information contained in this post is for educational purposes only and does not constitute investment advice. The risk of trading in the securities markets can be significant. Carefully consider whether participating in such an activity is appropriate for your financial situation. TRADEPRO Academi assumes no responsibility for any liabilities arising from your market exposure or individual trading activities. As you progress as a day trader, your needs will change. The best option for you today may not be the best option a year from now.
Having been a professional trader for over 20 years, my needs will be very different from those new to day trading. Experienced traders care about four things: speed of execution, commissions, available trading products and security of funds.
If you are a new trader, you also need good support and training, as well as a platform that is easy to learn. Brokerage firms that focus on new traders invest much more resources in education and support. These resources cost money, which is why you usually get higher commissions.
A futures or commodity broker executes orders to buy or sell futures contracts on behalf of its clients and charges them a commission for the transaction.
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Before we get into the reviews, I’d like to quickly clear up any confusion you may have about the differences between introducing brokers, futures traders, and broker dealers.
Introducing brokers are intermediaries, the link between the customer, you and the trading room. Their primary role is to recruit, train and provide merchants with front-end support. IBs do not receive any property or money from the client. Instead, they work with a futures commission trader to do the clearing.
An FCM, in turn, a futures commission merchant, accepts orders to buy or sell futures contracts, options or currency swaps. The representing broker represents the FCM to the client. In return, the FCM pays a commission to the IB. You can think of a commission as a referral fee.
Finally we have broker-dealers. A broker-dealer is a financial company that trades securities on behalf of clients, but may also trade on its own behalf. A broker-dealer acts as a broker or agent when executing orders on behalf of its clients and as a dealer or principal when acting for its own account.
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While this knowledge won’t improve your day trading, I think it’s important to know where you’re investing your money.
So you are about to read a truly unbiased review by a professional trader that I believe is based on the strengths and weaknesses of each futures broker that made it to our list.
All futures brokers reviewed here are reputable brokers, otherwise they would not be included in our list. Again, it really depends on your experience and needs.
One component we left out of our review is broker-provided charting software, as none of them compare to the third-party products available on the market today.
Futures Trading Software Platform
When evaluating our list of futures brokers, we considered several components. When evaluating another broker not reviewed here today, you should consider all of these key factors.
All components are rated on a scale of 1-5 (5 being the best) or 1-10 (10 being the best) depending on their importance.
Commissions – 1-10 points: Commission structures and rates are the most important thing to evaluate when looking for brokers. Why? Because it determines your business expenses and the amount you have in your account at the end of the day.
Customer Support – 1 – 5 Points: We consider a number of factors including response time, live chat, video training… to name a few.
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Products – 1-5 points: Some brokers specialize in certain products such as futures or options, while others offer multiple products.
Innovation – 1-5 points: It is important for your broker to keep up with new tools, products, order types and other technologies coming to market.
I opened my first account with IB in 2004 and since then I have been convinced that they are the best broker on the market for the professional trader.
Four things are important to me: execution, commissions, available products and security of funds. IB has been a leader in this field for 20 years.
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IB has always run its business conservatively and I am confident that my money is safe. IB currently has more than $12.7 billion in equity capital, more than $9.0 billion more than regulatory requirements.
Combine that with the most competitive commissions in the industry and a huge selection of trading products and you have, in my opinion, the best futures broker.
I should note that IB does not offer lower intraday margin requirements like FCMs do through EdgeClear or Optimus.
They don’t have a minimum account size, but they also don’t offer intraday margin. For example, if you want to trade a Micro E-Mini S&P 500 contract, you should maintain a balance that is currently around $1,200.
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I would like to warn you that the leverage offered by FCMs through Edge Clear and Optimus is too high. In my opinion, this is one of the main factors contributing to the absurdly high failure rate for retailers.
Honestly, I think Optimus and EdgeClear are pretty much a tie. I decided to favor EdgeClear (no pun intended) because when it entered the industry a few years ago, the company caused a stir with its aggressive commission structure and forced others to follow suit
The founder of the company was a professional trader, which I think gives the company a unique insight into what day traders really need and want: low commissions, a solid trading platform, and education. EdgeClear White Labels MotiveWave, a trading platform that I have personally used for the past few years.
Optimus could be in second place, but I decided to put them in a very close third because of EdgeClear’s push for lower commissions and our member reviews. Optimus has been around for a long time and provides a lot of education on his blog and YouTube channel.
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If you can’t decide between the two, I would demo both Quantover and Motivewave and make a decision based on which platform you prefer.
Fourth on our list is TD Ameritrade with its ThinkOrSvim platform. TD Ameritrade offers the best training for new broker traders reviewed today.
Although they made our list, I believe the only traders who should consider TD are new traders who want to trade long-term strategies.
They are a good start
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