What are the characteristics of a reliable futures broker? The most crucial need is that they provide reasonable fees for the future. Checking the expenses of trading stock index contracts, we sized them up in this regard.
The second need is that they provide easy access to various exchanges (like the CME, CBOT, NYMEX, etc.). A desktop platform that simplifies technical analysis is one of the most critical factors. As a last consideration, we choose brokers who charge little or no withdrawal costs; in other words, brokers that offer outstanding customer service and a high safety rating. Now that we know what we’re looking for, we can compare Dorman Trading with PhillipCapital.
Consumers must access the futures markets through the services of FCMs such as Dorman and Phillips. A futures commission merchant (FCM) is a business that solicits or accepts buy or sell orders from consumers for futures or options on futures in return for money or other assets. FCMs are in charge of collecting customer margins. After the futures contract expires, the FCM’s job is to ensure the assets are delivered.
Clearing members in the futures market are what FCMs are known as in Europe.
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Dorman Trading Overview
There are various services available to those dealing with the futures markets, from financial to electronic to commercial, that Dorman Trading provides, including clearing transactions and allocating orders. Dorman Trading is based in the USA.
Bernard Dorman, a Chicago Stock Exchange dealer, created Dorman Trading in 1956. Family-owned Futures Commission Merchant is one of the oldest in the world (FCM).
Dorman Trading, LLC (FCM) is an example of a clearing house. It does not interact directly with individual dealers. According to NFA regulations, clearing businesses can’t target non-resident consumers directly. Like Russian traders use ITG DIRECT, clearing businesses function through a network of brokers (IB, GIB, or FIB). It is a go-between for traders and clearing companies, ensuring mutual cooperation and acting on their behalf.
There are a variety of trading systems available. Orders are submitted immediately to the electronic trading market from a trader’s computer on any trading platform. All varieties and styles of introducing brokers will receive substantial support from the company’s experts.
A variety of account types are available to customers, including personal, corporate, partnership, joint, limited liability company, and trust.
Account managers get daily and monthly reports on all trades completed during the trading session. The portal keeps a record of every report that’s been submitted.
Trading strategies can be implemented on a trader’s account using iSystem or Collective2. Customers can also use these tools to examine their own trades.
The firm also provides free quotations, commodities charts, futures contract details, and information on the most popular instruments in its Trading Resources area.
PhillipCapital Overview
Over 189 different assets may be traded on PhillipCapital’s multi-asset platform. Forex trading, CFD trading, spread betting, and share dealing are all options offered on PhillipCapital.
There are several forms of financial assets that PhillipCapital deals in. Whether tangible or intangible, every asset that has a financial value associated with it is considered to be a financial asset. Financial assets include Forex trading, CFD trading, Spread Betting, and Share trading. Investing with PhillipCapital is as simple as trading forex, CFDs, spread bets, or shares. Depending on where you are in the globe and with whom you have an account, the assets, and products you may access on the PhillipCapital trading platform vary.
With PhillipCapital, you will need a minimum deposit of $200. You can sign up for a demo account to acquaint yourself with the PhillipCapital platform.
PhillipCapital can accommodate traders of all levels, from novices to seasoned veterans.
The administrative body and regulatory status of a broker, such as PhillipCapital, are critical considerations in your search. Regulators have little control over brokers who trade without their oversight. There is a chance that you might lose all of your money if you invest it.
There’s a headquarters in Australia for PhillipCapital, which has been around since 2008.
PhillipCapital is supervised by the Financial Conduct Authority (FCA). Thus, the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), and the Financial Services Authority (FSA) monitor and audit PhillipCapital for compliance.
Because of the laws in place, it is improbable that regulated brokers will attempt to influence market pricing. Phillip Capital Limited will honor your withdrawal request if you submit it. PhillipCapital might lose its regulated status if it breaks any regulations.
Dorman Trading vs. PhillipCapital Service & Feature Comparison
Costs
The exchange & NFA, order routing, and clearing costs were not included because they apply only to certain items, not brokers. If the Micro E-Mini contract is available, we will utilize it; otherwise, we will use the E-mini contract.
PhillipCapital charges inactive accounts or deposit fees if you want to withdraw money from your account.
Financial research tools and instructional materials are available through brokers’ online trading platforms. A brokerage firm must continue providing these products and services to generate profits. To avoid losing money, you should be informed of the numerous trading costs that brokers charge their consumers.
Account Types
Regardless of what sort of trading you want, you’ll be able to find an account type that suits your needs.
- Trial account.
- ECN account
- STP account
- Basic account
Education and Research
An awareness of the trading tools and the markets is crucial for successful trading with PhillipCapital. Utilize all educational resources to the fullest extent possible. This contains both internal and external educational resources provided by PhillipCapital.
PhillipCapital has a wide range of instructional materials available. Spend as much time as you need to understand how the markets work. Be sure to familiarize yourself with the features of your trading platform. Manage and reduce investment risk by engaging in buy/sell trades, learning to take advantage of global trading peaks, and more.
PhillipCapital trading can benefit from an analytical approach.
Spend some time exploring the PhillipCapital platforms so that you may improve your market thinking. Even if it’s unfamiliar territory for many, it’s what the market demands of you.
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Range of Investments
The CME Group and Eurex exchanges may be accessed through Dorman Trading and PhillipCapital.
| Exchanges | Dorman Trading | PhillipCapital |
|---|---|---|
| CME | yes | yes |
| CBOT | yes | yes |
| COMEX | yes | yes |
| NYMEX | yes | yes |
| EUREX | yes | yes |
| ICE | yes | yes |
| ICE UK | yes | yes |
The following futures can be traded:
- Currencies
- Energy
- Interest rates
- Stock indices
- Metals
- Commodities
The futures exchanges covered by Dorman Trading & PhillipCapital are as follows:
- CME
- CBOT
- COMEX
- NYMEX
- EUREX
- ICE
- ICE UK
There are many different futures contracts, including those based on the value of other assets such as stocks, indexes, and commodities. Because they successfully control risk and protect against possible losses, futures are popular among traders.
Trading futures contracts necessitate using a margin, a predetermined percentage of the actual transaction value (usually 10 percent of the futures contract price). Stock and other asset exposure can be increased without holding the underlying asset when trading futures. As a result, earnings might skyrocket if the market shifts in their favor. This also applies to possible losses, though.
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Trading Technology
In addition to the Doman Direct platform, there are a variety of alternative trading platforms.
At this point in time, you can choose from the following platforms:
The Dorman Direct trading platform
T4 is Dorman Direct’s proprietary software platform.
The following are some of the characteristics of the platform:
- T4 Sniper
- Options Pro
- Spread Matrix
Only a few brokers, such as Phillips, provide the MT4 and MT5 versions of the MetaTrader platform. Additionally, PhillipCapital provides mobile apps for Android and iOS devices, making it easy to keep track of and execute transactions while on the go.
Other Features
LifeChat Support
Our live conversation with PhillipsCapital & Dorman Trading went smoothly. With PhillipCapital’s live chat app and website, we could send messages and get a response within 20 minutes. There were occasions when there was no answer from the other party.
We contacted PhillipCapital customer service in a variety of languages and countries. Our customer’s problems were solved thanks to PhillipCapital.
Email Support
We contacted PhillipCapital and Dorman Trading several times, and their response times were consistently outstanding. PhillipCapital & Dorman Trading’s response time ranged from four to five days. There were occasions when there was no answer from the other party. We sent 10 emails at various times and received responses from each one within a few hours.
Our questions were answered and managed by the staff. Overall, Phillip Capital Limited’s email help is above average.
Phone Support
There was no wait time when we dialled PhillipCapital & Dorman Trading. A response to the call was made within 5-10 minutes.
Phone help from PhillipCapital and Dorman Trading resolved our queries and difficulties. We put PhillipCapital & Dorman Trading’s multilingual crew to the test by phoning them in different languages. PhillipCapital & Dorman Trading went out of their way to address all of our questions.
PhillipCapital & Dorman Trading’s phone aid was, on the whole, adequate.
For traders to achieve their goals, they must have access to an experienced and competent support team. Dorman Trading provides traders with the most up-to-date technology and skills in addition to its decades of ability in futures trading. A wide range of trading platforms is available at Dorman Trading, which caters to expert traders and those just starting out. Dorman Trading has big aspirations for the future, but they won’t lose sight of the importance of individual traders.
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Our Preference: Dorman Trading Wins Over PhillipCapital
It’s been 50 years since Dorman Trading first entered the futures market. In the cleaning sector, it is one of the most highly regarded companies.
Some of the platforms supported by the broker are designed for novice traders. In contrast, others are utilized by more experienced traders. In addition to clearing and allocating orders to managers, the organization also provides daily reports on all transactions. The broker promises to provide its customers with the best possible service.
Phillips Capital is located on the opposite side of the planet. Futures Commission Merchant and Broker-Dealer Phillip Capital Inc. (“PhillipCapital”), part of the PhillipCapital Group, has been in Singapore since 1975. A Futures Commission Merchant (FCM) formed in 2010 with exchange memberships on the CME, ICE Futures US, NFX, ICE Futures EU, and DME has been in operation since then. Individual client trading is a more minor part of Phillips’ business. They’re more concerned with enabling the exchange of goods and services. This makes me less likely to employ them as a middleman. Even if they are dependable and provide outstanding services, it is necessary to link them with another broker account in most circumstances.
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FAQ
Can I Auto Trade two strategies in one brokerage account?
Auto Trading two different strategies in the same brokerage account is an option. What if the same symbol is used simultaneously in both the long and short strategies?
There isn’t a single issue! A single brokerage account with Dorman & Phillips will let you trade different strategies concurrently, even if they go long and short.
Is PhillipCapital a decent place to invest?
Our investigation into PhillipCapital and Dorman Trading was extensive. Even though PhillipCapital has some valuable features, we believe you would be better served by an alternative to Phillip Capital Limited. PhillipCapital has a long history of providing Forex trading, CFD trading, Spread Betting, and Share Dealing services.
Can I auto trade with my individual retirement accounts (IRA)?
Forex: Cannot trade forex on margin. Without margin, it is highly impossible to Auto Trade Forex. IB does not allow US citizens to trade FX, no matter what sort of account they have.
You can trade futures on margin. Interactive Brokers’ margin requirements for futures trades are three times greater for IRA clients than for non-retirement account holders.
Barry is the Director of Investors Trading Academy and a Senior Financial News Analyst and webinar presenter. As an official presenter, Barry has given live seminars and classes for as many as 3000 traders with the MoneyShow. In 2012 Global Banking and Finance was awarded the title of Best Education in Europe.
Barry Norman brings with him over 30 years of financial knowledge and experience. He holds an MBA in Finance and Economics from UCLA and an undergraduate degree in Economics from the University of Maryland. To date, over 200,000 traders have attended his webinars and seminars
Barry designed the first trading academy for an online broker nearly 15 years ago and was the first to bring education via the webinar format to the public.