Find out what trading platforms the futures brokers use

When it comes to deciding on trading platforms, you want flexibility. Does the commodity broker offer wireless or online trading? If it's online trading, for example, does the futures brokerage firm allow you to execute a trade from any computer? Does it offer real-time prices? Does the commodity broker offer financial and technical analysis? Perhaps you don't want to execute a trade, but instead you want to perform a simulation trade. A good commodity broker should offer this feature. After all, you'll be risking a significant amount of money. One factor you'll need to consider is that prices will vary depending on the features you want.

I recommend: Look at Lind-Waldock’s website. Lind-Waldock is a Chicago futures brokers firm that offers 3 pricing levels: Lite, Standard, and Professional. Choose one that will fit your budget and trading needs. Like Lind-Wald, ExpressFutures.com, a discount futures brokerage firm, offers 3 trading platforms that you can use.

Ask futures brokers how quickly they will execute your trades

Timing is everything. Futures prices can change in just a second. If you use a trading system that is based on buy-and-sell signals, you need a reliable futures brokerage firm that will execute your trade immediately. You will need to have access to real-time futures prices. That way, you can time your buy or sell decisions. You will want to ask the futures brokers how they route their trades. Another question you'll want to ask is their percentage rate on executed trades.

I recommend: Look at both ClearTrade Commodities and Interactive Brokers LLC. ClearTrade’s MTRADE PRO gives you real-time trading access. You can also trade on multiple exchanges. Interactive Brokers uses IB SmartRouting that searches for the best price and dynamically routes your order to find the best execution.

Ask commodity brokers about commission structure

You need to check a future broker's commission structure. Some commodity brokers can charge you higher rates because you've decided to hold trades overnight. Commissions vary at different futures brokerage firms. Some charge flat rates. Depending on how frequently you trade and your account balance, futures brokers will charge you less.

I recommend: NobleTrading Inc’s website has a breakdown of the commission for futures. Heritage West Futures Inc. gives a good explanation of how its commission structures work.