Best Futures Brokers for Trading in 2023: A Comprehensive Guide

If you’re looking to venture into futures trading or switch brokers, look no further than NinjaTrader.

The best broker for futures trading is one that offers low commissions, user-friendly platforms, excellent customer support, and updated research options. Traders also require charting and testing tools to aid in decision-making.

NinjaTrader is an outstanding trading platform for both beginners and advanced traders. It provides a comprehensive collection of technical analysis tools that are perfect for beginners using a demo account. Additionally, NinjaTrader offers a two-week free trial upon registration.

You can obtain NinjaTrader’s software for free by funding a brokerage account or by renting the software. With the software, you’ll have access to charts, simulated trading, and market analysis, which are essential for futures trading.

Another great option is Tickmill. This unique trading platform allows you to invest in oil, indices futures, forex, precious metals, and more. You can open a stock or trading account with a minimum deposit of 1,000 GBP/EUR/USD. Tickmill provides access to popular exchanges, quick execution, low commissions, and customizable services for high-volume investors.

For active futures traders, Tradovate is an excellent choice. Tradovate offers a commission-free trading approach and cloud-based services. You can access the integrated experience seamlessly across any device at any time.

Tradovate is the first online futures and options brokerage to combine next-generation technology with flat-rate subscription fees. You can access the technology-centered broker on any screen size and platform.

Magnifi is a market that allows you, as an investor, to utilize traditional brokerage tools and AI to make the best decisions for your portfolio. It provides comprehensive information on various assets, allowing you to make informed investment choices based on your futures trading strategy.

If you’re an experienced investor or a beginner who requires customer support, Magnifi is an ideal platform. It offers commission-free trading, an AI-powered investment assistant, a mobile app, and over 15,000 potential investment options.

When it comes to futures trading, Plus500 is a derivatives broker that offers futures trading services, including CFDs. The platform provides access to various trading tools and markets to help you build your portfolio. However, Plus500 is not recommended for beginners due to its commission-free structure.

Discount Trading is an excellent choice for futures traders looking for deep discounts. It offers some of the lowest trading fees among futures brokers in the market. The commission ranges from 49 cents per contract for traders who make only one futures trade per month to just 19 cents for active traders with over 50,000 contracts per month.

Optimus Futures is a discount futures broker suitable for both novice and experienced traders. It has low account minimums, quick account approvals, easy funding and withdrawals, and offers free platforms and low margins for trading CME Group’s mini futures. Optimus Futures also provides dedicated staff to assist with your trading needs and offers educational resources to help you learn more about the futures markets.

Common Trade offers some of the lowest commission fees for futures traders, with a maximum of $0.59 per trade. The company prides itself on transparency and keeps its costs lower than other futures brokers by eliminating the need for salesmen and brokers.

TradeStation provides two distinct account types: the basic TS GO account for new traders and the more comprehensive TS Select account for advanced traders. The TS GO account does not require a minimum account balance, while the TS Select account requires a minimum deposit of $2,000.

Interactive Brokers offers low commissions for futures traders, ranging from USD 0.25 to 0.85 per contract. It allows you to trade commodity futures and futures options globally on over 30 market centers. The platform also offers competitive margin rates and powerful trading tools such as ComboTrader,

SpreadTrader, and Index Arbitrage Gauge. Interactive Brokers provides educational material for beginner futures traders as well.

TD Ameritrade requires a low minimum account balance of $1,500, but charges $2.25 per contract, per side, in addition to trade and regulatory fees. It offers online trading capabilities and over 60 futures products. TD Ameritrade’s Thinkorswim platform provides advanced features and fast order execution.

Ultimately, the best futures broker will depend on individual preferences. Factors such as platform features, commissions, margin fees, and customer support should be considered when choosing a broker.

It’s crucial to determine the overall cost and value of each trade and to consider the level of customer support offered by the broker. Personal priorities should guide the selection process. Remember, not all traders have the same preferences when it comes to a broker’s platform. Just like painters have different preferences for paintbrushes, individual traders may have unique requirements.

If you’re new to futures trading, it’s advisable to practice with a demo account before committing real funds. A futures demo account allows you to make trades and see the outcomes without risking or gaining any real money.

You can find a list of the best futures brokers in the above list.

Note: Futures trading requires the use of margin, so it’s generally not possible to trade futures in a cash account. However, if you trade options, cash accounts do not pose any obstacles. Keep in mind that there are limitations on the types of options-related strategies you can use with a cash account.

Q: How much capital is required to start day trading futures?

A: You need to have a sufficient amount of capital to start day trading futures, and it’s important to accept the fact that you may lose that capital. Some futures brokers require a minimum deposit of $10,000 to start day trading futures.

Day traders often buy a large number of shares and wait for a small price movement before selling. Day trading carries a significant amount of risk.

It may be best to practice with a demo account first. A futures demo account allows you to make trades and see how they would pan out without the risk of losing or gaining any real money.

For more information, check out Benzinga’s guides on how to trade futures, how to invest in oil futures, and how to start online gold trading.

Please note that 79% of retail investor accounts lose money when trading CFDs with this service provider. You should consider whether you can afford to take the high risk of losing your money.

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