Looking at XpressTrade Brokers
It is not that easy to get information on futures brokers, I have been working for a couple hours and I have a tiny bit of what I would like.
Now I am looking at XpressTrade.com
On this page XpressTrade Futures Claim at nfa.futures.org you can see that they have lost a claim for $3000
It took me a little while but the important numbers are in the “award” column.
XpressTrade cases at nfa.futures.org here you can see they have had 4 cases filed against them but they only had to pay on 1 of them, the other 3 were dismissed.
Four claims are not that great.
I am still looking for information on how much cash reserves they have. I would like to get a list of all the clearing members and be able to compare them.
Looking through the list of members for the Chicago exchange I can see that a lot of them just trade for themselves and quite a few are full service brokers.
I am not sure what percentage but less than a third, probably less than a quarter are discount brokers.
Update:
I emailed them and asked for a financial statement – they replied and said:
Now I am looking at XpressTrade.com
On this page XpressTrade Futures Claim at nfa.futures.org you can see that they have lost a claim for $3000
It took me a little while but the important numbers are in the “award” column.
XpressTrade cases at nfa.futures.org here you can see they have had 4 cases filed against them but they only had to pay on 1 of them, the other 3 were dismissed.
Four claims are not that great.
I am still looking for information on how much cash reserves they have. I would like to get a list of all the clearing members and be able to compare them.
Looking through the list of members for the Chicago exchange I can see that a lot of them just trade for themselves and quite a few are full service brokers.
I am not sure what percentage but less than a third, probably less than a quarter are discount brokers.
Update:
I emailed them and asked for a financial statement – they replied and said:
- http://www.xpresstrade.com/financial_stability.html Please use this link to review information about the financial stability of XPRESSTRADE, LLC.
