Profile of Transact Futures
Transact Futures is day trading brokerage based in the US, but they will accept traders from other countries. Transact Futures is a direct access brokerage, and as their name implies, they offer access to various futures markets, but do not offer access to other markets. Transact Futures is not as Internet oriented as some other brokerages, and often prefers traders to contact them via the phone instead. For traders that like instant results, this could be a problem, as Transact Futures sometimes require that you speak to a specific person, who may not always be available.
Opening an Account
An account with Transact Futures can be opened via their web site, but they may still require some physical paperwork to complete the process. Transact Futures offer assistance in completing the account opening process, but only via the telephone. The initial equity deposit can only be deposited via a check or a wire transfer and also requires physical paperwork. Once an account has been opened, and the initial deposit has cleared, trading should be able to commence.
Trading Fees
Transact Futures claims to have low commissions and fees, but does not disclose their commissions or fees via their web site. There is a fee to use their trading software, which can be as high as $ 400 per month, but is reduced incrementally depending upon the number of trades that are made per month. In order to use their trading software for free, a trader would need to make 18 trades every trading day (Monday to Friday), which may be too high for many traders, and definitely too high for beginning traders.
Trading Software
Transact Futures provides trading software called TransactAT. TransactAT allows trading of all of the markets that Transact Futures offers via the same interface, but does not have some of the additional features that other trading software has. TransactAT does not have an API (a programming interface) like some other trading software, but is compatible with the charting software Sierra Chart. A demonstration version of TransactAT is available, but at the moment, this is only available after Transact Futures have been contacted via the telephone. There are currently no order entry programs that are compatible with TransactAT, so traders will need to use the TransactAT interface whether they like it or not.
