Choosing the wrong futures broker can cost you thousands in fees annually. With commissions ranging from $0.25 to $4+ per contract, plus data fees, platform costs, and hidden charges, broker selection directly impacts your profitability.
This complete 2025 guide compares the 9 best futures brokers for day traders, with REAL pricing data, platform reviews, pros/cons, and expert recommendations for ES/NQ futures trading.
$0.25
Lowest Commission (IBKR)
9 Brokers
Compared in Detail
$15-30/mo
Typical Data Fees
0-100+
Volume Requirements
Quick Broker Comparison Table
| Broker | Commission | Platform | Min Deposit | Best For |
|---|---|---|---|---|
| Interactive Brokers | $0.25 | Trader Workstation (TWS) | $0 | High-volume traders, professionals |
| NinjaTrader Brokerage | $0.53 | NinjaTrader (free) | $0 ($400 funded) | Automated trading, custom strategies |
| TD Ameritrade | $2.25 | thinkorswim (free) | $0 | Beginners, education seekers |
| Tradovate | $0.85 | Tradovate (free) | $0 | Cloud trading, mobile traders |
| TradeStation | $0.60-$1.50 | TradeStation (free) | $0 | Options + futures, backtesting |
| AMP Futures | $0.59-$1.50 | Multiple (NinjaTrader, Sierra, etc.) | $100 | Platform flexibility |
| Schwab | $2.25 | StreetSmart Edge | $0 | Multi-asset investors |
| EdgeClear | $0.49-$0.79 | Multiple platforms | $250 | Low-cost, experienced traders |
| Ironbeam | $0.89-$1.50 | Multiple platforms | $1,000 | Education + trading |
The 9 Best Futures Brokers (Detailed Reviews)
#1 Interactive Brokers (IBKR)
Commission & Fees:
- Base Rate: $0.85/contract
- Tiered Rate (10K+ contracts/month): $0.25/contract (LOWEST)
- Data Fees: CME $4.50/month (waived with 30+ contracts/month)
- Platform: Free
Platform: Trader Workstation (TWS)
Professional-grade platform with advanced order types, algorithmic trading, multi-asset support, and institutional tools.
Pros:
- ✅ Absolute lowest commissions ($0.25 for high volume)
- ✅ Best-in-class order routing and execution
- ✅ Powerful API for automated trading
- ✅ Global market access (futures, stocks, options, forex)
- ✅ Excellent margin rates (lowest in industry)
Cons:
- ❌ Steeper learning curve (TWS is complex)
- ❌ Need high volume for best rates
- ❌ $10/month inactivity fee (waived with $100K+ balance)
- ❌ Less educational content than competitors
Best For: Experienced traders doing 100+ contracts/month, automated traders, professionals seeking lowest costs.
#2 NinjaTrader Brokerage
Commission & Fees:
- Rate: $0.53/contract (no volume requirements)
- Data Fees: CME $11/month (waived with 50+ contracts/month)
- Platform: NinjaTrader (FREE)
Platform: NinjaTrader 8
Free, powerful platform designed specifically for futures traders. Excellent charting, order flow tools, and strategy development.
Pros:
- ✅ Free professional platform (no monthly fees)
- ✅ Excellent for automated trading (C# programming)
- ✅ 1,000+ third-party indicators and strategies
- ✅ Great order flow and footprint tools
- ✅ Low commissions without volume requirements
Cons:
- ❌ Futures only (no stocks or options)
- ❌ Learning curve for advanced features
- ❌ Customer support can be slow
- ❌ Minimum $400 to fund account
Best For: Serious futures traders, algo traders, those wanting free professional software.
#3 TD Ameritrade (thinkorswim)
Commission & Fees:
- Rate: $2.25/contract
- Data Fees: Free with active trading
- Platform: thinkorswim (FREE)
Platform: thinkorswim (TOS)
Industry-leading platform with stunning visuals, easy-to-use interface, and the best educational resources.
Pros:
- ✅ Best platform for beginners (intuitive interface)
- ✅ Outstanding education (webinars, tutorials, courses)
- ✅ Excellent charting and analysis tools
- ✅ PaperMoney simulator (practice trading)
- ✅ 24/7 customer support
- ✅ Multi-asset (stocks, options, futures)
Cons:
- ❌ Higher commissions ($2.25 vs $0.25-$0.85)
- ❌ Not ideal for high-frequency traders (costs add up)
- ❌ Platform can be resource-heavy (RAM usage)
Best For: Beginners, traders who value education and support, multi-asset traders.
#4 Tradovate
Commission & Fees:
- Rate: $0.85/contract
- Data Fees: CME $11/month (waived with 50+ contracts)
- Platform: Tradovate (FREE, cloud-based)
Platform: Tradovate Cloud
Modern, cloud-based platform accessible from any device. No downloads required.
Pros:
- ✅ Cloud-based (trade from anywhere, any device)
- ✅ Clean, modern interface
- ✅ Competitive commissions ($0.85)
- ✅ Good mobile app
- ✅ Free platform
Cons:
- ❌ Limited advanced tools vs desktop platforms
- ❌ Smaller ecosystem (fewer third-party tools)
- ❌ Internet dependency (cloud-only)
Best For: Mobile traders, those who travel, traders wanting modern cloud solution.
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#5 TradeStation
Commission & Fees:
- TS Select: $1.50/contract (no monthly fee)
- TS Go: $0.60/contract + $99/month platform fee
- Data Fees: $20-40/month
Pros:
- ✅ Powerful backtesting engine (RadarScreen, OptionStation)
- ✅ Good for automated trading (EasyLanguage)
- ✅ Multi-asset (futures, stocks, options, crypto)
- ✅ Excellent research tools
Cons:
- ❌ Higher costs if choosing TS Go plan
- ❌ Platform can be overwhelming
- ❌ Minimum $5,000 for margin accounts
Best For: Strategy developers, backtesting enthusiasts, multi-asset traders.
#6 AMP Futures
Commission & Fees:
- Rate: $0.59-$1.50/contract (depends on platform)
- Platforms: NinjaTrader, Sierra Chart, Trad ingView, etc.
- Min Deposit: $100
Pros:
- ✅ Choose from 20+ platforms
- ✅ Very low minimum deposit ($100)
- ✅ Competitive commissions
- ✅ Good customer service
Cons:
- ❌ Some platforms have additional fees
- ❌ Not as well-known as major brokers
Best For: Traders who want platform choice, low minimums.
How to Choose the Right Futures Broker
1. Calculate Total Cost Per Round-Turn
Don't just look at advertised commission. Calculate TRUE cost:
Example ES Trade:
- Commission: $2.25
- Exchange fee: $1.20
- NFA fee: $0.02
- Data fee (monthly $15 ÷ 100 trades): $0.15
- Total Cost Per Round-Turn: $3.62
At 100 trades/month: $362 in total costs vs advertised "$225"
2. Match Broker to Your Trading Style
| Trading Style | Best Broker | Why |
|---|---|---|
| Scalping (50+ trades/day) | Interactive Brokers | $0.25 commission = massive savings at high volume |
| Day Trading (5-20 trades/day) | NinjaTrader, Tradovate | Balance of low cost + professional tools |
| Swing Trading (5-10 trades/week) | TD Ameritrade, Schwab | Higher commission OK with low volume, great research |
| Automated Trading | Interactive Brokers, NinjaTrader | Robust APIs, backtesting, strategy development |
| Beginners (learning) | TD Ameritrade | Best education, support, simulator |
3. Consider Platform Compatibility
If you want to use specific charting software:
- TradingView: Tradovate, AMP, TradeStation
- Sierra Chart: AMP, EdgeClear, Ironbeam
- NinjaTrader: NinjaTrader Brokerage, AMP, Interactive Brokers
- Quanttower: AMP, Rithmic connection
Hidden Costs to Watch For
⚠️ Common Hidden Fees:
- Inactivity Fees: $10-50/month if you don't trade
- Platform Fees: Some brokers charge $50-300/month for professional platforms
- Data Fees: Real-time data can cost $15-150/month depending on exchanges
- Overnight Fees: Some brokers charge extra for holding positions overnight
- Withdrawal Fees: $25-50 for wire transfers
- Market Data Certifications: Pro traders may pay $100+/month
💡 Money-Saving Tips:
- Trade 30-50 contracts/month to get data fees waived
- Start with non-professional data ($15/month vs $100+)
- Use broker promotions (many offer first month commission-free)
- Avoid inactivity fees by making 1 micro trade/month minimum
- Use ACH transfers (free) instead of wires ($25-50 fees)
Broker vs Prop Firm: Which is Better?
| Factor | Futures Broker | Prop Firm |
|---|---|---|
| Capital Source | Your own money | Firm's money (after passing eval) |
| Profit Split | Keep 100% | Keep 80-90% |
| Initial Cost | $500-$5,000+ deposit | $49-$300 evaluation fee |
| Buying Power | Limited to your account | Up to $300K+ |
| Rules | Flexible (your rules) | Strict (daily loss limits, consistency rules) |
| Best For | Traders with capital, want full control | Skilled traders with limited capital |
Recommendation: Use a broker when you have $5,000+ and want full freedom. Pursue prop firms when you have proven skills but limited capital - they provide 10-100x leverage after passing evaluations.
Frequently Asked Questions
Which broker has the lowest futures commissions?
Interactive Brokers offers the lowest futures commissions at $0.25 per contract for most futures (ES, NQ, CL, GC). However, you need to execute 10,000+ contracts per month to qualify for this rate. For traders with lower volume, NinjaTrader Brokerage offers $0.53/contract with no volume requirements, and Tradovate offers $0.85/contract with a free platform. When comparing, also factor in data fees ($4-15/month per exchange) and platform costs.
What is the best futures broker for beginners?
TD Ameritrade (thinkorswim) is the best futures broker for beginners because: 1) Free, user-friendly thinkorswim platform with excellent education resources, 2) No minimum deposit required, 3) PaperMoney simulator for risk-free practice, 4) 24/7 customer support, 5) Comprehensive tutorials and webinars. The trade-off is higher commissions ($2.25/contract vs $0.25-$0.85 at other brokers). Once you're consistently profitable and trading higher volume, transition to Interactive Brokers or NinjaTrader for lower costs.
Do I need a lot of money to start trading futures?
Minimum capital depends on the broker and contract: Day trading margin (intraday) for ES futures is typically $500-$1,380 per contract, NQ futures $1,000-$2,100 per contract. However, professional traders recommend 3-5x the minimum margin for proper risk management. For beginners, start with Micro E-mini futures (MES/MNQ) which require only $50-$300 margin, allowing you to trade with $500-$1,000 total capital. Most brokers have no account minimum, but $2,500-$5,000 is recommended for realistic futures trading.
What is the difference between futures brokers and prop firms?
Futures brokers provide access to exchanges using YOUR capital (you deposit money, trade with your own funds, keep 100% of profits). Prop firms provide THEIR capital after you pass an evaluation (you pay evaluation fee, trade with firm's money, keep 80-90% of profits). Use brokers when you have sufficient capital ($5,000+) and want full control. Use prop firms when you have limited capital but proven skills - they provide up to $300K buying power after passing challenges. Many professional traders use both: personal broker account for strategies + prop firm accounts for scaling.
What are data fees for futures trading?
Data fees are monthly subscriptions for real-time exchange data, required for live trading. CME Group data (ES, NQ, CL, GC): $4-15/month depending on broker bundles. Most brokers offer: Professional data: $100-150/month for all exchanges. Non-professional (retail) data: $15-30/month for CME + NYMEX. Delayed data: Free (15-20 minute delay, unusable for day trading). Many brokers waive data fees if you trade 30-50+ contracts per month. Budget $15-30/month for data fees when starting out.
Can I trade futures with NinjaTrader for free?
Yes, NinjaTrader platform is completely free with any supported broker connection (including NinjaTrader Brokerage, Interactive Brokers, TD Ameritrade). You only pay for: 1) Real-time data feeds ($4-15/month per exchange), 2) Trading commissions ($0.53-$2.25/contract depending on broker), 3) Optional add-ons like advanced order flow tools. The platform itself has no monthly fee, unlike competitors (Sierra Chart $36/month, Quanttower Premium $70/month). This makes NinjaTrader excellent for cost-conscious traders who want professional-grade software.
Which futures broker is best for automated trading?
NinjaTrader Brokerage and Interactive Brokers are best for automated trading. NinjaTrader offers: Free platform with C# programming for custom strategies, extensive strategy builder (no coding required), 1,000+ third-party indicators and strategies, robust backtesting engine, and $0.53/contract commissions. Interactive Brokers offers: Powerful API for algorithmic trading (Python, C++, Java), lowest commissions ($0.25/contract), institutional-grade infrastructure, and multi-asset automation. Choose NinjaTrader for futures-only automation with visual tools. Choose Interactive Brokers for cross-asset algorithms with coding.
Are there any hidden fees with futures brokers?
Yes, watch for these hidden fees: 1) Inactivity fees ($10-50/month if you don't trade), 2) Platform fees ($100-300/month for professional software like CQG), 3) Data fees ($15-150/month depending on exchanges), 4) Exchange fees ($1.20-2.00 per contract on top of commission), 5) NFA regulatory fees ($0.02 per contract), 6) Overnight/position fees (some brokers charge for holding overnight), 7) Withdrawal fees ($25-50 for wires). Always calculate TOTAL cost per round-turn (entry + exit), not just advertised commission. A '$0.25' commission broker might cost $2.50 total with all fees included.
Final Recommendation: Best Broker for Your Situation
🎯 Choose Interactive Brokers if: You trade 100+ contracts/month, want lowest costs, need algo trading capabilities, are experienced with complex platforms.
🎯 Choose NinjaTrader Brokerage if: You want professional futures-specific platform for free, like automated trading, trade 10-100 contracts/month, want good balance of cost and features.
🎯 Choose TD Ameritrade if: You're a beginner, value education and support over low costs, trade multi-asset (stocks + futures), want the best simulator (PaperMoney).
🎯 Choose Tradovate if: You want cloud-based trading from any device, travel frequently, prefer modern interface, trade 10-50 contracts/month.
Can't choose? Many traders use TWO brokers:
- Primary: Interactive Brokers or NinjaTrader (low cost, high volume)
- Secondary: TD Ameritrade (research, education, multi-asset)
Master Futures Trading Regardless of Broker
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