Tradovate LLC, a new online brokerage firm for active, self-directed futures traders, announced last week that the firm is now launched and accepting business. Tradovate is the first futures brokerage firm to offer flat-rate membership fees, dispensing with the industry-standard commission structure. Its cloud-based platform is accessible from any device, operating system or browser.
Tradovate Holdings, LLC Founder and CEO Rick Tomsic said: “We set out in 2014 to offer a seamless, simplified approach to futures trading for active traders, representing a fundamental shift in the way business is done. We’ve introduced next generation, cloud-based technology so clients can trade with high-quality execution from any device. Typically commissions represent over half the total cost of a trade. Through our flat-rate, commission-free membership structure, we’re giving traders the ability to control and greatly reduce their transactional costs.”
Ryan Hansen, Tradovate President, said: “Self-directed traders want easy-to-use trading platforms that offer terrific functionality, speed and reliability. We have not only those critical features, but cloud-based technology that provides the ability to trade on demand from anywhere – on a mobile phone, tablet, laptop or desktop – 24/7, without any platform fees. As futures trading is all about transparent markets, it’s time for a new model in the futures space that brings transparency to the relationship and makes the brokerage firm the client’s partner.”
Traditionally, the industry has charged commissions for every trade. Tradovate is offering three different membership plans to accommodate different types of traders, from those who trade one contract at a time in a transaction, to those trading in larger sizes over multiple exchanges and accounts. In each case, the subscription fee is flat for unlimited transactions per month. Tradovate is offering a two-week free trial to allow prospective clients to use the technology on their own devices, trading in simulation based on real-time market data.
Clients can access the full range of futures products on major exchanges from any and all of their devices. Among the resources available are depth of market and customizable, real-time charts.
The Tradovate team already has extensive experience in developing user-friendly technology that has been widely adopted in the futures space, Tomsic said. Tomsic founded Open E Cry, LLC in 2001 and served in various senior executive roles at optionsXpress, Charles Schwab and GAIN Capital. Before joining Tradovate, Hansen held leadership positions within the futures and FX trading industry at firms including Gain Capital and Open E Cry.