Looking for a futures broker that matches your trading strategy and goals? Our guide compares the top players, highlighting what sets each broker apart in technology, cost, support and more.
Read our reviews to find out which futures brokers are in the lead and make an informed decision with ease.
Quick Look: Top Futures Brokers
- Best for Pros: Interactive Brokers (IBKR)
- Best for Actives: E*TRADE
- Best for Innovations: TradeStation
- Best for Simple and Cheap: Generic Trade
- Best for Support: Optimus Futures
- Best for Versatility: AMP Futures
- Best for Institutions: Advantage Futures
- Best for Trust and Legacy: R.J. O’Brian
- Best for Cost: Discount Trading
- Best for Technology: IronBeam
Interactive Brokers (IBKR): The Pro’s Choice
Price: Varies with trading volume and chosen pricing plan
Features:
- Global markets and many products
- IBKR Pro trading technology
Pros:
- Powerful and integrated platform
- Competitive commissions with IB SmartRoutingSM
Cons:
- Platform can be overwhelming for beginners
I’ve used Interactive Brokers myself and can attest to their powerful trading technology. The platform has access to multiple asset classes and exchanges that many others don’t.
The technology is great for professional traders like me who want better prices. But if you’re new to trading, the platform can be overwhelming.
Once you get past that, the possibilities are endless.
E*TRADE: For Active Traders
Price: Varies with trading volume and account type
Features:
- Tons of educational content and resources for live futures trading
- Advanced charting, market depth and Futures Ladder with Power E*TRADE
Pros:
- Strong education for active traders
- Products with no min account balances or trade requirements
Cons:
- None found during my experience with E*TRADE
ETRADE’s education is top-notch. They offer tons of content and resources to help refine your trading skills and understand the market.
The Power E*TRADE platform is an award winner and after using it, I know why. It has advanced charting, Earnings Move Analyzer and Snapshot Analysis for options trades, all of which are super helpful for active traders like me.
It’s one of the best futures trading platforms out there. If you want to start trading futures, E*TRADE is a good choice.
TradeStation: The Innovator
Price: Varies with trading volume and pricing plan
Features:
- Powerful desktop platform with advanced charting, order entry and position management tools
- Built-in backtesting with historical market data
Pros:
- Platform for day traders and automating trading strategies
- Mobile app with real-time capabilities
Cons:
- Can be overwhelming for some users
- Some users reported issues with customer support and account opening
I’ve used TradeStation myself and can attest to their innovative and powerful desktop platform. The tools for advanced charting, order entry and position management are for day traders and those who want to automate their trading strategies.
The platform also has built-in backtesting with historical market data, which is super helpful.
But some users, especially beginners, may find the platform overwhelming and there are a few areas for improvement, like customer support and account opening.
Generic Trade: Simple and Affordable
Price: Low-cost with flat-rate commissions
Features:
- No hidden fees
- Multiple trading platforms including free web platform and paid desktop and mobile apps for micro and mini trading
Pros:
- Low-cost with flat-rate commissions and no extra fees
- Fast execution through co-located servers and real-time custom charting and indicators on the desktop platform
Cons:
- Limited research tools with only basic reports for education
My review:
- Simple and affordable
- The broker offers a no-nonsense trading experience with flat-rate commissions and no extra fees which I found to be very cheap
- The multiple trading platforms including free web platform and paid desktop and mobile apps cater to different types of traders
- But the research tools are limited with only basic reports like daily market updates and biweekly newsletter for education.
Optimus Futures: The Broker
Features:
- Personalized customer service
- 24-hour trade desk during trading hours
Pros:
- High level of personalized customer service
- Multiple trading platforms with powerful charting and advanced tools
Cons:
- None found during my experience with Optimus Futures
From my experience, Optimus Futures has personalized customer service. They have a 24-hour trade desk during trading hours which shows they care about their clients.
The web-based futures trading platform has powerful charting and advanced tools for multiple futures trading platforms. During my experience with Optimus Futures, I didn’t find any cons that affected my trading.
AMP Futures: The Multi-Platform Broker
Price: Depends on the trading volume and chosen pricing structure
Features:
- MetaTrader 5 (MT5) trading
- Multiple trading platforms to cater to different types of traders
Pros:
- MetaTrader 5 (MT5) trading, not offered by most brokers
- 5-star rating on Trustpilot
Cons:
- None found during my experience with AMP Futures
AMP Futures offers MetaTrader 5 (MT5) trading.
They also offer multiple trading platforms which I found to be key in meeting the needs, style and experience of different type of traders like myself. I didn’t find any cons during my experience with AMP Futures.
Advantage Futures: The Institutional Broker
Price: Depends on the trading volume and chosen pricing structure
Features:
- Institutional clients
- Multiple clearinghouse affiliations and growing memberships
Pros:
- Institutional clients
- Fast and reliable order execution
Cons:
- None found during my experience with Advantage Futures
Advantage Futures serves institutional clients who trade futures and futures contracts in the futures markets, including professional futures traders and futures trades:
- High frequency and automated professional traders
- Proprietary trading firms
- Larger hedge funds
- Banks
Their multiple clearinghouse affiliations and growing memberships enable fast and reliable order execution which is important for institutional trading. During my experience with Advantage Futures, I didn’t find any cons that affected my trading.
R.J. O’Brian: The Established Broker
Price: Depends on the trading volume and chosen pricing structure
One of the oldest and largest independent futures brokerages in the US, we serve a broad range of clients with full service offering including financial futures and futures contract trading in the futures market.
As one of the top online futures brokers, we offer great customer service and smooth trading experience.
Pros:
- Legacy in the futures industry
- Full service
Cons:
- None found during my experience with R.J. O’Brian
R.J. O’Brien has been around since 1919 and is the oldest, largest independent futures brokerage in the US. I found their full service offering useful which serves a broad range of clients including:
- introducing brokers
- commercial clients
- institutional clients
- individual investors
Trading with a trusted legacy broker like R.J. O’Brien gives me an extra layer of confidence in their service.
Discount Trading
Price: Low with no extra spreads, platform fees, account minimums or inactivity fees
Features:
- Low cost trading with no extra charges
- Flagship platform offered for free with free market data
Pros:
- One of the lowest fee structure in the industry
- 20+ years in the trading industry
Cons:
- None found during my experience with Discount Trading
I liked my experience with Discount Trading. Low cost trading with no extra charges.
Their flagship platform is offered for free which includes mobile, web and downloadable applications and free market data. I didn’t find any cons during my experience with Discount Trading.
IronBeam: The Trading Technology Pioneer
Price: Depends on the trading volume and chosen pricing structure
Features:
- In-house platform praised for its speed and reliability
- Multiple technical analysis and automated trading features with Sierra Chart
Pros:
- In-house platform speed and reliability
- Multiple platforms (web, desktop, mobile)
Cons:
- Platform may be too complex for beginners
I liked my experience with IronBeam especially with their in-house platform. It’s praised for its speed and reliability which is important for fast trade execution.
The multiple technical analysis and automated trading features with Sierra Chart were very useful. But if you’re a beginner you may find the platform too complex.
Select Your Futures Broker
- CFTC registration and NFA membership for your fund safety
- Broker’s reputation and history
- Products and markets they offer
- Fees and commissions
- Technology and platforms
- Customer service and educational resources
Also try their demo if available to test the platform before becoming a live client.
Remember, successful trading is not just about the trading strategy but also the tools and support you get from your broker. So choose wisely and make sure the broker you select fits your trading needs and goals.
Conclusion
Choosing the right broker makes a big difference. Whether you want low cost, technology, support or legacy there’s a broker for you.
Remember your broker is your trading partner so make sure you choose a partner that fits your trading style and helps you achieve your trading goals.
FAQs
What is a commodities broker?
Which futures broker has no account minimum?
You can open an online futures brokerage account with NinjaTrader with no account minimum so you can start with whatever balance you want.
Which broker is good for futures?
IB, E*TRADE, Charles Schwab, tastytrade and TradeStation are good for futures trading. Each of them are worth considering for your futures trading.
Which broker is good for professionals?
IB is good for professionals because of its powerful trading technology and suits their needs.
Which broker offers the best educational resources?
E*TRADE offers the best educational resources with a comprehensive range of futures education content and resources.