Login

New to Benzinga?

Register

Already have an account?

Discount Trading Review

securely through Discount Trading's website

1 Minute Review

Discount trading is a no thrills futures trading broker that offers a multitude of options available to start trading. Low commissions, no inactivity fees, and powerful platforms to start trading.

Best For

  • High volume / High frequency futures day traders
  • Futures investors looking for the lowest futures margins
  • Traders ​needing ultra-low commission rates
  • Traders looking for great customer service and fast account opening

Pros

  • Ultra-low commission rates ($0.49 or less)
  • $500 (or less) Day Trading Margin on most markets
  • No monthly inactivity fee
  • Five different ​trade ​routing solutions
  • ​O​ver 20 of the most popular platforms in the industry
  • A completely free trading platform that includes free Level 1 Streaming Futures Quotes ● Support team that answers phone calls quickly

Cons

  • Tough to find the best platform for your needs, due to the sheer number of options available
  • Geared for traders with at least some experience trading the futures markets

​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 ​low​est​ 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 trade​price​ 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.

TradingView

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

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

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 MemberMember OwnerMember License
E-mini Futures$1.18$0.35$0.47
Currency Futures$1.60$0.32$0.52
Financial Futures$1.25$0.19$0.37

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:

  • Name
  • Address
  • Date of birth
  • Social Security number
  • Occupation
  • Financial profile
  • Income
  • 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 send​pop​ 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:

  • Individual
  • Joint
  • Trust​s
  • IRA accounts
  • Corporations
  • Partnerships
  • 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.

Trust

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.

Sole Proprietorship

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.

General Partnership

Partnership accounts are registered in the name of the partnership and you’ll need a Fed ID number to open the account.

Hedge

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.

Foreign

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.

Next Steps

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.