Lesson 13 of 14 · 2 min
Choosing a broker
A checklist for picking a futures broker and platform — regulation, costs, margins, data and support.
There's no single best broker. There's the one that's properly regulated, affordable for how you trade, and works with your platform.
The checklist
| Check | What to look for |
|---|---|
| Regulation | Registered with the regulator where you live. For US futures, look the firm up in the NFA's BASIC database |
| Commissions & fees | Total cost per round turn: commission + exchange + clearing + platform fees |
| Day-trading margins | How much margin per contract — and remember, lower margin isn't lower risk |
| Market data | Real-time CME data is a separate monthly fee; check the cost for your instruments |
| Platform | Supports the charts you need (volume profile, VWAP, DOM, replay) |
| Minimum deposit | What you need to open — and whether micros are available |
| Withdrawals | How fast and how much it costs to get money out |
| Support | Can you reach a human fast when something goes wrong mid-trade? |
Red flags
Unregistered firms, "guaranteed returns", pressure to deposit more, bonuses that lock your funds, or anyone offering to trade your account for you.
Broker vs platform
The broker holds your account and executes orders. The platform is the software you chart and click in. Some brokers have their own platform; many connect to third-party platforms. Check that your broker and platform work together — see Software compared under Tools.
Quick recap
- Regulation first — verify it yourself.
- Add up the total cost per trade, plus monthly data.
- Make sure your platform connects to your broker.
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