Just bought 1 contract of CME Micro Bitcoin futures at IBKR and they charged me $7.52 commission. Does that seem right, especially for a micro contract? Wondering if its a glitch because today is the launch date of the contract.
The symbol is MBT Here's the CME specs: https://www.cmegroup.com/trading/equity-index/us-index/micro-bitcoin_contractSpecs_futures.html Not sure about the interactive brokers commission, but here is the commission table for NinjaTrader. https://ninjatrader.com/PDF/ninjatrader_futures_commissions.pdf Based on the commission table, it is $2.76 per contract per side if you bought a NinjaTrader lifetime license key. Is IBKR more than double? And intra day margin is only $500. Let the ES like day trading begin!
It's a rip-off! Try to buy one bitcoin with micro contract and commission is $75 (10x 0.1 BRR "MBT")! However full contract with five bitcoins (1x 5 BRR "BTC") would cost you just $15. Try to buy five bitcoins with micro contract and you will go broke ($376 buy, $376 sell).
You have to choose BRR then choose the 0.1 mult. See here: https://www.interactivebrokers.com/en/search/search.php?q=micro+bitcoin