Are you in US? DDT requireres full margin for daytrading for non-us. Might be an issue if you only want to keep enough money for trades and ur daytrading.
DDT, with whom I had an account, recently moved from Wedbush to Ironbeam.... and did so without any explanation at all. I asked DDT about clearing, and they said Wedbush no longer in the picture. I thought Howard inferred Ironbeam would clear its own trades. If they're clearing through Dorman now, that statement isn't correct either. When I asked Wedbush about the "why", they hemmed and hawed and said they didn't have an explanation for me. They also said Ironbeam would "continue to be a customer of Wedbush". All of these statements don't mesh. ?? Something went on they don't want to tell everybody about. Maybe it was just something personal??
comagnum said: "I would be cautious - they don't have much excess cash" ____________________________________________________________________ Just to be clear on this - this comment was directed at FCM - Ironbeam which was being discussed. A quick look at Ironbeams financials on the CFTC site showed they do not have very much excess capital over what is required, you can do your own DD on Ironbeams financial and compliance/regulatory track record on the CTFT cite. http://www.cftc.gov/MarketReports/FinancialDataforFCMs/index.htm
"As a non-clearing FCM, Ironbeam maintains a clearing firm/carrying broker relationship with Wedbush Securities, Inc. (NFA ID#0086156)." From their disclosure document http://ironbeam.com/pdf/Disclosure_Document.pdf
The smaller FCMs can't handle much in overnight positions, because the CFTC require all FCMs to put up 8% of your margin with their own capital. Eg, your margin requirement is $100,000, you must put up $100,000 and the FCM must put up $8000. That is why many smaller FCM focus on day-traders.
I'm giving them a try; only took a week to approve the account, wire funds, and have everything set up. So far so good.