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Broker for a graduated retail trader

  • #1
  • First Post: Sep 16, 2013 1:27pm Sep 16, 2013 1:27pm
Can someone please post information on brokers for someone with $500K-1M in cash? Specifically looking to get out of the retail space and into something more safe. Goldman, UBS, etc who are likely to be bailed out in case something goes wrong. Basically looking for a broker with great reputation and who pose a risk to the financial system : ). Any idea on what kind of leverage they offer? Fees?

I'm guessing I'll have to go through a prime brokerage service? If so, is it worth the fees?

My top choice would be Goldman but my guess would be that they require a lot more money.

There has to be at least someone on here who has talked to these people? Please, help!
  • #2
  • Edited 8:45pm Sep 16, 2013 7:09pm | Edited 8:45pm
Quoting card
Can someone please post information on brokers for someone with $500K-1M in cash? Specifically looking to get out of the retail space and into something more safe. Goldman, UBS, etc who are likely to be bailed out in case something goes wrong. Basically looking for a broker with great reputation and who pose a risk to the financial system : ). Any idea on what kind of leverage they offer? Fees? I'm guessing I'll have to go through a prime brokerage service? If so, is it worth the fees? My top choice would be Goldman but my guess would be that they...
Not sure if you are serious about this or just one of those what-to-do-if-i-have-$1million-dollars troll threads to suck in people's time. You can find out about "CFH Markets", now known as CFH Clearing. They use Morgan Stanley and UBS as their primary brokers and deal directly with Tier 1 banks. You can't open account directly with prime brokers.
http://forexmagnates.com/cfh-markets...-credit-lines/

Give them a call to see if you qualify as client. They don't advertise fees on website. I assume you know the difference between retail and institutional trader, since you are looking for such a broker.

Quoting lasty
The reputable brokers offer an Institutional service as well as retail.
The institutional side of FXCM and GFT Forex will also play "tricks", depending on how well you keep records and file complaints to make claims. But that was back in 2009 and I'm sure they improved with regulators on their back. CFH Markets (regulated by FCA UK) should be fine for his purpose, if he is genuinely interested.
No longer trading forex. Looking for full time job.
  • #3
  • Sep 16, 2013 8:01pm Sep 16, 2013 8:01pm
Quoting card
Can someone please post information on brokers for someone with $500K-1M in cash? Specifically looking to get out of the retail space and into something more safe. Goldman, UBS, etc who are likely to be bailed out in case something goes wrong. Basically looking for a broker with great reputation and who pose a risk to the financial system : ). Any idea on what kind of leverage they offer? Fees? I'm guessing I'll have to go through a prime brokerage service? If so, is it worth the fees? My top choice would be Goldman but my guess would be that they...
Brokers offer segregated account for safety of your funds.
Leverage is better at a broker than a bank that means less cash down .
A prime broker wouldnt look at you - you need probably $5 mio and trade restricted with Lp's perhaps perhaps 20:1 or 50:1 if you're lucky.

The reputable brokers offer an Institutional service as well as retail.
Look for ones who are regulated and experienced in their field.
Happy Hunting
  • #4
  • Sep 17, 2013 8:59am Sep 17, 2013 8:59am
Thank you for the info. I'll call CFH and inquire. I'm not looking to get high leverage. 1:20 is more than enough for me.
  • #5
  • Sep 17, 2013 11:54am Sep 17, 2013 11:54am
I know pre-crisis HNW clients could open with Rabobank with 500K. They are one of the best for fx pb (most ctptys on ebs). Since 2008 banks got a lot more selective who they take and who not in general, and also its less leverage than before.

But you are only a phone call away from finding out yourself.
  • #6
  • Sep 21, 2013 2:26pm Sep 21, 2013 2:26pm
Quoting card
Can someone please post information on brokers for someone with $500K-1M in cash? Specifically looking to get out of the retail space and into something more safe. Goldman, UBS, etc who are likely to be bailed out in case something goes wrong. Basically looking for a broker with great reputation and who pose a risk to the financial system : ). Any idea on what kind of leverage they offer? Fees? I'm guessing I'll have to go through a prime brokerage service? If so, is it worth the fees? My top choice would be Goldman but my guess would be that they...
Hi Card,

I think Citi FX will work well for you. they have an electronic offering for people with 50k+ account size. dont think other large banks are offering something for semi-pro type traders. The prime brokerage is not expensive spread/commission wise but require good amount of deposit (2mm+).

Also know few people who trade 1mm+ account with Interactive brokers. they charge per trade but their spread is much tighter (aggregated from 5+ liquidity provider banks). Once your average trade size is 20k+, your total trading cost (spread + commission) will be better than other retail traders.

let me know if you have any questions.
Think : Trade : Live Life
  • #7
  • Sep 22, 2013 10:21am Sep 22, 2013 10:21am
Quoting card
Can someone please post information on brokers for someone with $500K-1M in cash? Specifically looking to get out of the retail space and into something more safe. Goldman, UBS, etc who are likely to be bailed out in case something goes wrong. Basically looking for a broker with great reputation and who pose a risk to the financial system : ). Any idea on what kind of leverage they offer? Fees? I'm guessing I'll have to go through a prime brokerage service? If so, is it worth the fees? My top choice would be Goldman but my guess would be that they...
I chose FinFx currently.

Strong.
  • #8
  • Sep 22, 2013 11:40am Sep 22, 2013 11:40am
Quoting PipMeUpPleas
{quote} I chose FinFx currently. Strong.
What the heck does strong mean in terms of a broker? Certainly can't mean regulated or institional like the OP requested.
  • #9
  • Sep 23, 2013 12:11pm Sep 23, 2013 12:11pm
Quoting lasty
{quote} Brokers offer segregated account for safety of your funds. Leverage is better at a broker than a bank that means less cash down . A prime broker wouldnt look at you - you need probably $5 mio and trade restricted with Lp's perhaps perhaps 20:1 or 50:1 if you're lucky. The reputable brokers offer an Institutional service as well as retail. Look for ones who are regulated and experienced in their field. Happy Hunting
You will struggle to find a real broker that offers segregated accounts for OTC FX.
  • #10
  • Sep 23, 2013 5:33pm Sep 23, 2013 5:33pm
Thanks for the advice, everyone.

I'm not sure about Interactive. I was going to open an account with MF Global. So glad I didn't do it. Citi sound like a good option. I will look into that. I'd prefer to go with some entity that poses a risk to the global financial system. Less likely to go bankrupt and take my account down with them.
  • #11
  • Sep 23, 2013 6:03pm Sep 23, 2013 6:03pm
Quoting TheMaxx
{quote} You will struggle to find a real broker that offers segregated accounts for OTC FX.
Well there are "real brokers" out there who do and some offer credit collateral.

You will find that credit will infact become more important than price for the serious punter and therefore the "real brokers" have solutions to accommodate them.

Brokers are now looking for fund manager business and the strict criteria that is required by them has become important in order to capture that business.
  • #12
  • Sep 23, 2013 6:13pm Sep 23, 2013 6:13pm
Quoting card
Thanks for the advice, everyone. I'm not sure about Interactive. I was going to open an account with MF Global. So glad I didn't do it. Citi sound like a good option. I will look into that. I'd prefer to go with some entity that poses a risk to the global financial system. Less likely to go bankrupt and take my account down with them.
Done be fooled that banks are safe the next time round.
Public outcry last time especially in the US and UK will have riots the next if bailed.
Citibank have been under heavy financial pressure twice in the past 20 years.

Single bank platforms are fine if you don't care about price or platform.
Dont always put all your eggs in one basket.

good luck
  • #13
  • Sep 24, 2013 4:12am Sep 24, 2013 4:12am
Quoting lasty
{quote} Well there are "real brokers" out there who do and some offer credit collateral. You will find that credit will infact become more important than price for the serious punter and therefore the "real brokers" have solutions to accommodate them. Brokers are now looking for fund manager business and the strict criteria that is required by them has become important in order to capture that business.
Name one institutional broker that offers segregated accounts for OTC FX.
  • #14
  • Sep 24, 2013 4:26am Sep 24, 2013 4:26am
you guys are just talking a load of nonsense...

and if the thread starter was serious he wouldn't need to ask the question here in the first place
  • #15
  • Sep 24, 2013 8:16pm Sep 24, 2013 8:16pm
Quoting TheMaxx
{quote} Name one institutional broker that offers segregated accounts for OTC FX.
https://www.interactivebrokers.com/en/?f=ibgstrength has kindly advertised on their website.
  • #16
  • Sep 24, 2013 8:56pm Sep 24, 2013 8:56pm
morgan direct, fcstone, rcgdirect, vcapfx, admd.
  • #17
  • Sep 25, 2013 5:01am Sep 25, 2013 5:01am
Quoting lasty
{quote} https://www.interactivebrokers.com/en/?f=ibgstrength has kindly advertised on their website.
(A) Interactive Brokers is not an institutional broker
(B) They offer Seg Futures, but not Seg OTC FX
  • #18
  • Sep 25, 2013 5:03am Sep 25, 2013 5:03am
Quoting Kevingreene
morgan direct, fcstone, rcgdirect, vcapfx, admd.
Again, Seg futures, not Seg OTC FX
  • #19
  • Sep 25, 2013 5:14am Sep 25, 2013 5:14am
Quoting card
Can someone please post information on brokers for someone with $500K-1M in cash?
can you elaborate why do you want to deposit all that money with broker ? If you swing trade all you need is risk for 1 trade + margin. So if you trade 10mm face value and have 1 atr stop or so, you need 200k.

If you risk 1% which is 10k, then all you need is couple 10 k.

?????

except if you average losses, I guess.... then no money is enough in 1 out of 1000 trades.
  • #20
  • Sep 25, 2013 5:57am Sep 25, 2013 5:57am
people have no clue
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