Value For Investors
Value For Day Traders
Platform & Tools
Commissions & Fees
Futures Online Broker Review
Futures Online is an online discount broker that focuses on providing superior technology for the active futures trader. I know the name seems like they would only offer futures trading but they do also offer FOREX and futures option contracts. Their website and trading platforms cater to active traders who need direct market access with advanced order entry and charting capabilities. Futures Online has dedicated their efforts in making sure that their clients have the necessary tools and customer support needed to give them the best chance of success as they navigate the complicated futures market.
Their customer service is one of the better ones I’ve come across. They have a 24 hour, six day a week trade desk rep who can help with any trading issues you have while the market is open. They also have a live chat option in case you’re unavailable to call-in, which I always find useful for issues that are not of immediate importance. I was never on hold for more than a minute or two and they were able to assist me with questions or concerns I had with my account in a quick and professional manner. When looking at a broker I always make sure customer service is one of the first things I check out because when you are doing business with a company that is handling your money, its important to know that you have capable personnel that can help you out when you need it.
Commission & Fees
Since Futures Online focuses on leveraged products, they do require a minimum account balance of $2,000 but offer a powerful platform with no software fees. Futures trading commissions start at $1.29 per contract with FOREX commissions based on the spreads with some commissions as low as one to two pips (price interest point).
Another nice feature is that Futures Online has a free demo account that you can try out with no capital risk and you will have access to $50,000 in simulated buying power and their powerful platform where you can try out their platform features and practice different trading strategies. Having the ability to check out their products without having to risk any capital is a major bonus and should be taken advantage of if you are interested in this broker.
Platform & Tools
Futures Online offers a powerful, downloadable trading platform called OEC Trader that is free of charge with a ton of customization features, powerful tools and robust charting capabilities. Their advanced order entry window is point and click with “multiple advanced order options (MOC, MOO, Iceberg) and algorithmic orders (time slice, enhanced time slice, time activation, auto cancel) in addition to position reversing and parked orders.” They have a ton of different indicators you can choose from and if you want to make your own you can use their wizard to code indicators and/or back test strategies. If you don’t have a coding background then you can use their indicator store to purchase indicators that fit your style and are usually more robust than the standard ones provided.
You can also use their powerful technology to create automated trading based off your risk tolerance and setups that fit your style of trading. You can run them through a simulated trading account or, when you are ready, you can activate it to trade in a real account. Systems trading isn’t for everyone and should be approached with care and small size until you have confidence in your system.
If you’re an active futures or FOREX trader and you’re looking for a new broker then you need to check Futures Online out. They have reasonable commission rates, excellent customer service and a powerful and sophisticated trading platform. Their customer service was top notch and one of the more pleasant ones I’ve had to deal with. I definitely recommend this broker and if you are interested and want more information you can check out their website via this link.
As always if you have any questions or comments regarding Futures Online, please leave us a message below!