[TheDude]

Hi,

I'm thinking of moving my account to Open E-Cry. I'm looking for honest opinions, both positive and negative. I've read the OEC thread here, but most threads are to do with their charts, and I doubt I would use them for charting.

I'm more interested in the reliability of the execution platform, data feed, support, and desk should I lose my connectivity.

Would you say the platform is of professional standard like TT or CQG? Or, is it really for the hobby/retail trader who doesn't necessarily have to make a living from trading?

It does seem geared to the hobby trader from what I have seen, but the rates do look attractive.


Thanks,

[DugDug]

personally - it is not TT or CQG.
It is also better than just a simple retail platform.
To date - a part from a few small bugs (as per the threads) I have no problems with feeds etc;
The system is easy to use, intuitive and so far reliable.
I think a lot depends on the volumes you might do, the costs of comparable systems and the numbers of trades.....if you are only doing 5-10 a day then OEC should be fine.
no comment on service levels

[macdfx]

I'd add OEC as an additional account; I wouldn't move all my trading funds there (or to any one shop for that matter).

Lots of data and charting info for free for account holders (except that they'll still want to charge you for a demo, go figure).

And their newer platform has expanded equities and options trading due to their acquisitions by Options Express.

Support is (like most firms) commensurate with your account size and trading frequency, so pikers and hobbyists be forewarned; the trading desk is available 24hr in case the platform or exchange link is down.

[Dinerotrader]

As with anything, trying it out for a few weeks will let you know if you like it enough to continue using. It is also one of the few out there that is so cheap to try out, you don't have anything to lose. I always get responses to all my tech support questions very quickly. Lots of OEC threads to learn from here instead of a manual which is nice.

[TheDude]

Originally Posted by macdfx »

I'd add OEC as an additional account; I wouldn't move all my trading funds there (or to any one shop for that matter).

Lots of data and charting info for free for account holders (except that they'll still want to charge you for a demo, go figure).

And their newer platform has expanded equities and options trading due to their acquisitions by Options Express.

Support is (like most firms) commensurate with your account size and trading frequency, so pikers and hobbyists be forewarned; the trading desk is available 24hr in case the platform or exchange link is down.

Thanks for all the replies so far everyone.

Macdfx: This is probably because exchanges generally dont charge for data if you are trading on it, how ever they do if you are only viewing data in a charting app. Therefore, OEC have to pass the charge from the exchange.

I had a really bad experience with Ameritrade back in 2000 when I used to trade stocks. This is why I'm perhaps cautious about retail orientated accounts. Currently my account is with a major FCM and OEC seems a bit cheaper.

I assume funds are segregated for each account.

Thanks,

[brownsfan019]

I use OEC and trade for a living. Ask any questions you want to ask.

I came from using T4 ($500/mo) + data fees. For what I need, OEC does it all. I use them for charting as well as trading.

The feed (knock on wood) has been good in recent memory. The rates are attractive and get better if you trade more volume. Data and platform is free, which is hard to beat.

Take the demo for a test drive and see if it can do what you need.

[TheDude]

Thanks Browns Fan. How long have you been with OEC, and roughly how many trades a day on average?

I'm sure they have what Im looking for - a simple DOM where I can enter and pull with a single click. Nothing fancy

[brownsfan019]

Originally Posted by TheDude »

Thanks Browns Fan. How long have you been with OEC, and roughly how many trades a day on average?

I'm sure they have what Im looking for - a simple DOM where I can enter and pull with a single click. Nothing fancy

It's been a few years now I think with OEC. I can't remember the exact time I switched over, but it's been quite awhile and have not shopped around in recent memory if that helps.

Number of trades per day for me can vary greatly based on what is going on.

The DOM is nice and has come a long way as well. You just have to spend some time clicking around, taking a look at all the options and customizing you can do and then demo it in real-time to get a feel for it. If you just need a simple DOM, I think what they provide will suffice.