Cannon Trading Review

Category: Reviews | Author: Trading Brokers | Date: December 28, 2023

Cannon Trading, a well-established entity in the trading industry since 1988, is the subject of our scrutiny today. Over the years, Cannon Trading has earned recognition for its extensive experience, expertise, and a diverse range of trading services. In this review, our focus will be on unraveling the key features and services that define Cannon Trading’s offerings.

We will systematically assess their regulatory framework, trading platforms, educational resources, account types, and more. Additionally, we’ll shed light on both the pros and cons associated with choosing this broker. Our objective is to present an impartial overview, equipping you with the information needed to discern whether Cannon Trading aligns with your specific trading requirements. Without further ado, let’s embark on a detailed exploration of what Cannon Trading brings to the trading landscape.

Pros & Cons

  • Regulated by the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC), ensuring a secure trading environment
  • Wide variety of trading platforms, including popular ones like Ninja Trader and OEC Trader
  • Experienced team of brokers providing personalized support and guidance
  • Wealth of educational resources, including webinars, tutorials, and market analysis
  • Competitive commission rates and low margins for cost-effective trading
  • No direct access to stocks, ETFs, or cryptocurrencies, as Cannon Trading focuses primarily on futures and options markets
  • Limited funding options, with wire transfers being the primary method accepted
  • No specific information on minimum deposits for some account types, requiring consultation with a Cannon Trading representative
  • The website could be more user-friendly and provide clearer information on account types and funding methods

Summary

Cannon Trading

Cannon Trading

Cannon Trading is a futures brokerage firm that has been serving traders for over 30 years. They offer a variety of services and tools to help traders navigate the futures markets. As stated by the CEO, “There is still value in service to the client, still value in knowledge.” The company partners with multiple clearing firms to provide secure transactions and works to stay current on the latest technologies and market developments. Cannon Trading offers a variety of trading platforms, including popular ones like Ninja Trader and OEC Trader, as well as their proprietary platform. They also offer connectivity to the iSystems Automated Trading System Platform, which allows clients to browse hundreds of automated trading systems and monitor all of the activity in real-time on the website.

One of the key strengths of Cannon Trading is its experienced team. Many of their employees have been with the firm for many years, contributing to a culture of professionalism and integrity. This is reflected in their track record, with only one CFTC issue in 30 years, a remarkable record for a firm in the retail space.

Cannon Trading offers a variety of account types to cater to the diverse needs of traders. Each account type is designed to meet the specific needs of different types of traders, from beginners to experienced traders and professional institutions. Cannon Trading also provides a wealth of educational resources to help traders stay informed and make informed decisions. They offer webinars, tutorials, and market analysis, and their team of experienced brokers is available to provide guidance and answer any questions traders may have. Funding your Cannon Trading account is straightforward, with wire transfers being the primary method accepted. This is a secure and efficient method of transferring funds directly from your bank account to your trading account.

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Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

Cannon Trading is regulated in the United States by both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). As a futures commission merchant, Cannon Trading is required to register with and conform to the strict rules and regulations enforced by these bodies.

Being an NFA member means Cannon Trading adheres to strict standards when it comes to ethics, business practices, and financial procedures. The NFA aims to safeguard market integrity and protect investors through their regulatory oversight. Similarly, the CFTC is an independent federal agency that regulates the U.S. derivatives markets, including futures, swaps, and certain kinds of options.

Their oversight includes monitoring market activity, licensing industry professionals, and protecting market users and their funds from fraud, manipulation, and abusive practices. Of course, no broker is perfect, so it doesn’t hurt to also look around at other regulated options as well. Please see a list of regulated brokers for some alternative options. But all in all, regulation-wise Cannon checks out.

Platforms & Tools

Cannon Trading offers a variety of trading platforms to cater to the diverse needs of traders. With more than 10 different platforms to choose from, Some of the popular platforms include:

  • Ninja Trader: Ninja Trader is a popular trading platform among futures and forex traders. It’s known for its advanced charting capabilities, custom indicators, and algorithmic trading support. The platform offers a comprehensive range of features that can help traders analyze the markets, develop trading strategies, and execute trades. It’s a great choice for traders who want a robust and flexible trading platform that can be customized to their needs.
  • OEC Trader: OEC Trader is another platform offered by Cannon Trading. It’s a comprehensive trading platform that offers a wealth of features, including advanced charting, technical analysis tools, and a user-friendly interface. OEC Trader is designed to handle the demands of professional traders but is also accessible for beginners. It offers a high degree of customization, allowing traders to set up their trading environment exactly how they want it. This platform is particularly known for its speed and reliability, making it a good choice for traders who need to execute trades quickly and efficiently.
  • Cannon Pro Online Trading Platform: The Cannon Pro Online Trading platform is a simple, yet powerful software recommended for day traders and position traders working mostly with futures and options. It’s compatible with both Windows and Macintosh operating systems. The platform offers a free demo account, allowing traders to get a feel for the platform before committing to it.
  • iSystems Automated Trading System Platform: Cannon Trading is one of the first firms to offer connectivity to the iSystems Automated Trading System Platform. This platform allows clients to browse hundreds of automated trading systems, with the ability to view overall performance, monthly profit/loss, trade logs, and all the relevant risk/reward statistics.
  • MarketDelta Cloud: A web-based platform with streaming real-time data, single-click trading, easy order entry (DOM), advanced charts, automated trading, and market scanner. It also offers server-side OCO execution.
  • FireTip: A platform known for its user-friendly interface, offering streaming real-time data, single-click trading, and depth of market (DOM). It includes trade from chart capabilities and technical indicators, along with historical data.
  • R | Trader: This platform provides streaming real-time data and single-click trading, along with depth of market (DOM) and trade from chart features. It also offers market depth quotes and client-side OCO execution.
  • R | Trader Pro: Similar to R | Trader, with additional features for professional traders, including advanced order entry and aggressive trading margins.
  • TransactAT: A platform with a fast engine capable of advanced order entry, designed for day traders who require quick and efficient market access.
  • E-Futures International: Ideal for traders who switch between futures and options, swing trading, holding positions, and day trading futures. It offers a full range of order types, real-time charts, DOM, and option chain with various indicators.
  • OEC Trader: A platform that provides traders with a customizable interface and access to a wide range of trading tools and resources.
  • CQG Trader: Known for its robust analytics and charting capabilities, the CQG Trader platform is suitable for traders who need advanced charting tools.
  • Shogun Trade Executor: A recently added platform that offers a tailored interface for experienced traders with specific trading needs.

In addition to these platforms, Cannon Trading provides a range of trading tools including:

  • Futures Trading API: Cannon Trading offers a Futures Trading API interface, which is mostly used by systems, programmers, high-frequency traders, and algorithmic futures traders. This tool allows for the development of custom trading strategies and automated trading systems. It’s particularly useful for traders who want to implement their own trading algorithms or strategies.
  • Free Cannon Pro Options Trading Platform Demo: Cannon Trading provides a free demo of their Cannon Pro Online Trading platform. This demo allows traders to try out the platform and practice their trading strategies without risking real money. It’s a valuable tool for both new and experienced traders who want to familiarize themselves with the platform’s features and functionality before trading with real money.
  • Personalized Broker Support: Cannon Trading provides access to seasoned brokers who can offer guidance and advice on futures and commodity trading. This personalized support can be invaluable for traders, particularly those who are new to the markets or who are facing challenging trading conditions.

Education

Cannon Trading is committed to providing a comprehensive educational experience for traders of all levels. Here’s a list of the educational resources they offer:

  • Online Educational Material: Cannon Trading offers an extensive library of online educational materials. This includes a variety of articles, guides, and tutorials covering a wide range of topics related to futures trading. For example, they offer a “Top 50 Futures Trading Rules” guide, which provides beginners with valuable insights into how to navigate the futures markets effectively. These resources are designed to help traders understand the markets better and develop effective trading strategies.
  • Managed Futures/Automated Programs: Cannon Trading provides discussions on managed futures and automated trading programs. These discussions are designed to help traders understand the potential risks and rewards associated with these types of trading strategies. Traders can have conversations with licensed professionals who can provide expert advice and guidance.
  • Cannon Trading Scholarship: Cannon Trading offers a scholarship program to provide financial assistance and recognition to students who have a knowledge and passion for the commodity and futures markets. This is a unique initiative that not only helps students financially but also encourages them to deepen their understanding of the markets.
  • Trading Tools & Resources: Cannon Trading provides a variety of free trading tools and resources. This includes trials of their trading platforms, educational webinars, and articles on various trading topics. These resources can help traders stay informed about the latest market trends and develop their trading skills.
  • Daily Support and Resistance Levels: Cannon Trading provides updates and live alerts for breaking news and daily support and resistance levels. This service can help traders stay on top of market movements and make informed trading decisions.
  • Expert Advice and Day Trading Learnings: Cannon Trading offers webinars and real-time trading signals from Ilan Levy-Mayer, the Vice President of Cannon Trading. These resources can provide traders with expert insights and advice, helping them to navigate the markets more effectively.
  • Personalized Broker Support: Cannon Trading provides access to seasoned brokers who can offer guidance and advice on futures and commodity trading. This personalized support can be invaluable for traders, particularly those who are new to the markets or who are facing challenging trading conditions.

Markets

Cannon Trading offers access to a wide variety of markets across different asset classes. Here’s a detailed look at some of the major markets you can trade through Cannon Trading:

  • Energies: Cannon Trading provides access to energy futures markets, including crude oil, heating oil, natural gas, and gasoline. These markets are essential for traders looking to capitalize on fluctuations in energy prices due to factors like geopolitical events, weather, and supply-demand dynamics.
  • Metals: Traders can access metal futures markets like gold, silver, copper, and platinum. These markets are popular among traders looking to hedge against inflation, diversify their portfolios, or speculate on price movements driven by economic and geopolitical factors.
  • Agriculture: Cannon Trading offers access to agricultural futures markets, including grains like corn, soybeans, and wheat, as well as livestock and dairy products. These markets are influenced by factors such as weather, crop reports, and global demand, providing opportunities for traders to profit from price fluctuations.
  • Equity Indices: Traders can access major equity index futures like E-mini S&P 500, Nasdaq 100, Dow Jones, and Russell 2000. These markets allow traders to speculate on the overall direction of the stock market or hedge their equity portfolios against potential market downturns.
  • Currencies: Cannon Trading provides access to currency futures and options markets, allowing traders to speculate on or hedge against fluctuations in major currency pairs like Euro FX, Japanese Yen, British Pound, Canadian Dollar, and Australian Dollar.

Accounts

Cannon Trading offers a variety of account types to cater to the diverse needs of traders. Here’s a detailed look at some of them:

  • Self-Directed Online Trading Accounts: These accounts are designed for traders who prefer to make their own trading decisions and execute their trades online. With this account, traders can enjoy low commodity futures trading commission rates. The minimum account funding for day trading futures is $2,500. They also get access to quotes and charts, news, and research to analyze trading futures and commodities. This type of account is ideal for those who have a good understanding of the markets and prefer to maintain control over their trading decisions.
  • Broker-Assisted Trading Accounts: For traders who prefer a more guided approach, Cannon Trading offers broker-assisted trading accounts. With this account, traders can benefit from the expertise and insights of experienced brokers who can provide guidance and help execute trades. This is a great option for those who are new to trading or those who prefer to have a professional guide them through the trading process. The brokers at Cannon Trading have decades of experience and can provide valuable insights and advice.
  • Managed Futures Accounts: Managed futures accounts are designed for traders who prefer to have their trading decisions made by professional money managers. These accounts can be a good option for traders who don’t have the time or expertise to manage their own trades. With a managed futures account, a professional money manager will make trading decisions on your behalf, using their expertise to try and generate profits. This allows you to benefit from the potential profits of trading without having to spend time managing your trades.
  • Institutional Trading Accounts: Cannon Trading also provides professional trading institutions with superior trade and clearing services. They offer tailored solutions to meet the specific needs of both traders and professional institutions. These accounts are designed to cater to the unique needs of institutional traders, providing them with the tools and services they need to effectively manage their trading operations.

Funding

Cannon Trading offers a straightforward method for funding your trading account. The primary method they accept is wire transfers, which is the fastest way of funding your Futures Online trading account. Wire transfers are a secure and efficient method of transferring funds directly from your bank account to your trading account. This method is widely accepted by many financial institutions and is generally considered safe and reliable.

To fund your account, you would need to follow the wiring instructions provided on the Cannon Trading website. The instructions include the bank details for the transfer, including the bank name, ABA number, account name, and account number. It’s important to include your name and your account number in the ‘Further Credit to’ field to ensure the funds are correctly credited to your trading account. Remember, it’s crucial to ensure that all the information you provide during the wire transfer process is accurate to avoid any delays or issues with funding your account.

Conclusion

In conclusion, Cannon Trading stands out as a futures brokerage firm that has been serving traders for over 30 years. They offer a variety of services and tools to help traders navigate the futures markets. Their commitment to customer service, education, and providing a variety of trading platforms and account types makes them a solid choice for both new and experienced traders. However, it’s worth noting that while Cannon Trading offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading brokers reviews.

Cannon Trading Logo

$750

Cannon Trading is a futures brokerage firm that has been operating since 1988. They offer a wide range of trading platforms, competitive commission rates, and educational resources for traders of all backgrounds. A key aspect of Cannon Trading is their focus on building long-term relationships with clients through quality service and support.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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