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It's always wise to interview several different brokerage firms. You'll want to find a firm that can meet your needs. If you are interested in trading FX futures, you'll want to be sure to ask: - Is this firm CME Clearing House-guaranteed?
Computer/System Requirements/Order Access Type
- For traders who want to trade directly — what front-end systems does your firm support? (CME Globex Trader®, any ISV front-ends?)
- Do you have a front-end that I can trade CME® Globex® products through? Is it CME-certified?
- Is the front-end connected via the Internet or a direct line, such as a DSL, T1 or cable?
- What are the computer system requirements?
- Do you have a technical support phone line for customers? What hours is it available?
- Is there another method of order entry and execution (such as a telephone backup)?
- What other features are offered with the front-end, such as charting tools and depth of market? Are these at an additional cost?
Costs and Fees - Are there additional costs involved with a phone order?
- What is the total fee for a round-turn (entry and exit) trade per unit?
- Are there any other fees that I will incur, including potential fees for trading at more than one exchange?
- What amount do I need to deposit to open an account? How many contracts will that amount allow me to trade on GLOBEX?
- What is the minimum account size the firm is willing to accept?
- Who receives the interest on my funds?
Performance Bonds - What are the performance bond requirements? Are they different for trades held overnight?
Statements/Disputes - How will I receive my statement?
- How are disputed orders handled?
Full Service Brokers - Does the broker have knowledge of the fundamental and technical factors affecting the currency futures markets?
- If you are working with a full service broker, what is his or her track record?
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