On the hunt for the lowest day-trading futures margins or the best futures broker? Or maybe you’re dipping your pinky toe into the markets and need to know how to trade futures from scratch. Rest assured, you’ll be able to find what you’re looking for at Discount Trading, whether you’re a seasoned pro or a new futures trader.
The aptly-named Discount Trading firm offers ultra-low commission rates and day-trading margins to clients worldwide. You’ll also find some of the lowest futures day - trading margins available. The Chicago and Indiana-based broker offers over 20 different futures trading platforms and 5 trade routing solutions. You’ll also find a completely free platform with live streaming quotes.
Isn’t the total trade cost per tradeprice one of the most important issues for most investors? You can absolutely check that box with Discount Trading.
Who’s Discount Trading For?
Looking for a no-fuss, low-cost way to find a trusted online futures broker? Discount Trading can offer you options whether you’re based in the U.S., Europe, or anywhere else in the world. Discount Trading accepts clients from almost anywhere in the world. You’ll get the best bang for your buck, and lots of platform options. Live streaming quotes, research, and news, and a free mobile platform are all part of the full Discount Trading package.
Beginning futures traders can find a worthy partner in Discount Trading, particularly because you’ll never see inactivity fees, hidden fees, or minimum volume requirements. You are free to trade daily, monthly or just once in a while. You’ll also have access to a 24/6 trade support desk if you need help setting up your trading platform, or have any questions.
Discount Trading’s Platform and Tools
You’ll find a plethora of platform options housed by Discount Trading. Specifically, you’ll have access to over 20 different futures trading platforms and 5 trade routing solutions. Discount Trading supports various industry-leading platforms on Mac, PC, smartphone or tablet: Sierra Chart, Multicharts, Firetip, MarketDelta Cloud, Rithmic, X Trader, CTS T4, MotiveWave, QST, CQG and many more. Here’s an overview of a few popular options you’ll be able to access.
You’ll find charting tools on TradingView, real-time data, and browser-based charts, whether you’re advanced or a beginner. TradingView also offers all charting options without a complex installation or set-up process. All you need is a browser to get going.
Sierra Chart offers advanced technical indicators and charting capabilities on its platform for professionals. Real-time, historical, charting and technical analysis options are all available through Sierra Chart.
CGQ Desktop offers an easy-to-use product with a fresh spin on trading, market data, charting and analytics with optimum customization options. You don’t have to download any software so it’s a snap to access the markets.
Discount Trading’s Research Offerings
Do some research on the different platforms Discount Trading offers. You can also take advantage of an instant demo with live quotes for $50,000 with the Firetip professional platform. Just punch in your name, email address and phone number to get started.
One of Discount Trading’s most popular platform is Firetip. Firetip is compatible with both Windows and Mac. It is great for both professional and novice traders. You’ll get direct market access, charting, news, account details and statements from Firetip, plus:
- Low commission rates
- Select-market $300 day-trade margin
- Free version available with free streaming quotes
- Unlimited charts (Pro Version)
Firetip was developed by traders for traders, with easy order entry for beginning traders and advanced platform options, according to Discount Trading’s website. Firetip’s demo is designed as an introduction to the platform and its functionality and is an excellent way to research in as close to a live trading environment as possible.
Note: Daily statements and fees are not applied within the demo environment and are not reflected in final profit and loss calculations within the Firetip demo. Other major factors, such as latency fill price and execution times, might also be slightly different in a live trading situation, according to Discount Trading. This demo isn’t a fully accurate representation of actual profits or losses that may occur in a live trading environment because it’s difficult to simulate a live trading environment.
Discount Trading also offers futures news and research and you can keyword search news. Daily research and trade ideas are also offered to existing clients through the client website portal. Discount Trading’s Commission and Fees
Discount Trading’s Commission and Fees
Discount Trading offers a completely free platform with live streaming quotes for no charge, plus you’ll find commission rates as low as $0.19 per side for high-volume online futures traders — as long as you require no broker assistance. Broker assistance means you’ll pay a higher rate. High-volume traders can also qualify for an Exchange Membership, which reduces your exchange fees when you trade.
Note: example of individual CME exchange fees per side
|Non Member||Member Owner||Member License|
On the website and you’ll find some unique price structures:
- $1,000 account starting minimum for micro e-mini trading
- $2,000 account starting minimum for trading all other markets
Get a complete breakdown of Discount Trading’s full commission and fees schedule for more information about some of the lowest commission rates available for online futures trading.
Discount Trading’s Security
Discount Trading is registered with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA). You’ll be required to provide certain personal information to Discount Trading personnel. Discount Trading personnel must maintain physical, electronic and procedural safeguards that comply with federal standards for guarding your information, according to the website.
You’ll need to provide personal and financial information to open your account, process requests and transactions, inform you about products and services and more, including:
- Date of birth
- Social Security number
- Financial profile
- Information regarding your trading history
- Information from consumer reporting agencies, such as your credit history and creditworthiness
Discount Trading may disclose the types of non-public information listed above to the following types of 3rd parties, though you can opt-out of disclosure:
- Governmental agencies
- Other regulatory bodies
- Law enforcement officials
- Financial service institutions
- Companies under contract such as vendors
These providers are required to keep customer information confidential in connection with their services. Contact a customer service representative or call 219-769-0366 to opt out of 3rd party disclosure.
Discount Trading’s Customer Support
You can access Discount Trading’s helpful customer support line at +1-219-769-0366 for international calls or 1-800-747-1420 when you need help opening an account. You can also quickly sendpop over a message to Discount Trading using the online form by filling out your name, email address, phone number and a message. Discount Trading’s trade support desk is available 24 hours a day, 6 days a week.
Discount Trading’s VIP line is available for those who do not want a full-service account but help from an experienced broker on occasion. Need help with any of the following? Access the VIP line for:
- Understanding order types
- First notice dates
- Settlement times
- Contract details
- Premium calculations
- Market trading times
- Delivery procedures
- Margin requirements
- Margin calls
Note: that additional fees apply for VIP line access.
Discount Trading’s Tradable Asset Classes
You’ll be able to trade futures and options, including CME, CBOT, COMEX, GLOBEX, NYMEX and select EUREX products. You’ll also have access to all the popular markets, including crude, e-mini, gold, grains, currency futures and more.
You can open the following types of account with Discount Trading:
- IRA accounts
- Limited Liability Companies
- Sole Proprietorships
Individual and Joint
There’s only one owner in a Discount Trading account: just the person who controls the investments within the account and requests distributions. Account-holders who require more than one owner (and one Social Security number) must apply for a joint account.
A trust is a legal entity created for beneficiaries. You can get a revocable trust with a Social Security number and an irrevocable trust with a Fed ID number. You must submit a copy of the trust agreement.
Individual Retirement Account (IRA) and Roth IRA
You’ll get tax-deferred investment growth with an IRA and gain earnings without tax consequence each year. The Millennium Trust Company handles accounts through Discount Trading.
Corporate or Limited Liability Company
Corporate accounts or LLCs are opened under the legal corporate name, along with a short description of the nature of the corporate business. The articles of incorporation must be submitted to Discount Trading, according to the website.
A sole proprietorship is an individual that owns 100% of a business and it’s conducted under a company name such as Harry Jones dba DEF Company. An individual owns 100% of a business.
Partnership accounts are registered in the name of the partnership and you’ll need a Fed ID number to open the account.
You open a hedge account through Discount Trading. You can use long hedges to lock in the future purchase price of a commodity or short hedges to lock in a selling price for a commodity to be sold in the future.
Discount Trading accepts accounts from most countries, including but not limited to Canada, Australia, Europe, and Asia. You’ll need to show your passport or other government-issued ID and possibly other documentation that shows proof of residency or citizenship.
Discount Trading’s Ease of Use
It’s easy to create an account with Discount Trading and as mentioned before, it’s easy to demo Discount Trading’s FireTip because of FireTip’s user-friendly order entry options. However, there are so many platforms available through Discount Trading that it’d take us another year to review each one for ease of use.
Best advice? Play around with each platform’s demo option so you get a sense of your own personal preferences and style. Every trader has different needs and skillset and has different levels of comfort with various products.
The only thing you might really need is a sense of adventure when you access what Discount Trading has to offer. Its 20 different futures trading platforms and 5 trade routing solutions might stymie even the most experienced trader.