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Picking a Broker

Updated: Jan 4, 2021

Picking a broker can seem light a daunting task, due to the fact each broker has its own rules and many use different charting systems. It can be extremely over whelming due to the vast amount of options traders have these days. It is no secret that many of us at Gorilla Futures use NinjaTrader but what if you cannot use NinjaTrader or simply want to use someone else, we will go over all the options out there and hopefully make your decision a little bit easier.



NinjaTrader

As mentioned above we are big fans on NinjaTrader for a few reasons. For one there customer service is one of the best out there, extremely fast and can easily remote into your computer to give you a hands on approach if need be. Not only is there customer service great they usually have the cheapest prices around when it comes to commissions. Now one draw down with there commission setup is the fact that you have to buy a lifetime license that at the moment cost $1099.00. You either pay for some of your commissions up front with a more expensive entry fee or you pay for them via a higher commission on the back end. Gorilla Futures members can receive up to $100.00 off a lifetime license if they would like to participate in a group buy. Here is a link to view commissions per license and per symbol. If you plan on funding your account you can do so with a minimum of $50.00 to trade the Micro E-Mini S&P 500.


TradeStation

TradeStation is a web based broker that comes with a lot of bells and whistles. There are zero data fees, in the futures world this can be rare to come by. Not only are the fees at a minimum they also offer a free platform. Since this is a web based system you will be able to access your charts on the go! With all these perks comes a few downsides the initial and maintenance margins can be a little much for new traders, here is a link to see for yourself. Now only that you will also need to fund your account with a minimum of $2000.00. This amount can be a little steep for some. If you would like to open an account here is a link to do so!


Think or Swim

With one of the best trading platforms out there TOS should defiantly be considered when looking for a charting package and a broker via TD Ameriatrade. With this great trading platform do come with a few downsides. First of throughout 2020 the TOS charting platform has had it fair share of issues that now of October seem to have gotten better. Now if you are a futures trading you wont get to take advantage of the free commissions on stocks you will have to pay a fix rate of $2.25 per side + all exchange fees. This can easily start to add up if you are a day trader taking multiple trades a day. Here is a link to see the commission structure of TOS. If you would like to fund a margin account with TOS you will need to have a minimum of $1500.00 in that account.


Now these are our top 3 brokers and charting packages, there are tons of other good names out there. Each of the three have there fair share of pros and cons that should be considered before moving on.


What broker do you like the best?


Gorilla Futures receives nothing in exchange for recommending these brokers.



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