Once you have a basic grasp on how futures trading works, it’s time to find a broker to trade with. But which one is the best?
Pricing
Futures are priced similarly to options. A commission is charged on a per-contract basis, but there is no base fee per-trade. At the same time, you are charged “per side”, meaning that you will be charge for purchasing and selling the contract.
Most brokers will charge NFA and exchange fees in addition to the normal commission. The NFA Assessment Fee is approximately $0.02 per side. Exchange fees vary according to the exchange and to the contract being purchased; you can be paying nothing, or you can be paying $1 per side.
The following are NerdWallet’s recommendations of the best brokers for futures trading:
Lightspeed Trading
Commission (per contract, per side): $0.60
Other Charges: Exchange Fees
tradeMONSTER
Commission (per contract, per side): $1.50
Other Charges: NFA and Exchange Fees
TradeStation
Commission (per contract, per side): $1.20
Other Charges: NFA and Exchange Fees
Deal: $1.00 per contract if you trade 301-1,000 contracts per month
$0.65 if you trade over 1,001-10,000 contracts per month
$0.45 per contract if you trade 10,001-20,000 contracts per month
$0.25 per contract if you trade over 20,000 contracts per month
E-trade
Commission (per contract, per side): $2.99
Other Charges: NFA and Exchange Fees
Deal: $0.99 per contract for the first 90 days when you fund a new account with at least $10,000. Account must remain funded for at least 6 months.
Interactive Brokers
Commission (per contract, per side): $0.85
Other Charges: NFA and Exchange Fees
Deal: $0.65 per contract if you trade 1,001-10,000 contracts per month
$0.45 per contract if you trade 10,001-20,000 contracts per month
$0.25 per contract if you trade over 20,000 contracts per month
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