Ah yes 10 mins is a joke.(in other words Im kidding around it's a lightning fast system) .obviously this guy didn't interpret it as such even though I was quite explicit when I said it takes about 1 sec to fill. Thats all I will say about this platform.
I'm always suspicious now when a broker sells order flow. I had the opportunity to compare some executions between IB and another well known retail broker. When I placed a limit order with the retail broker to buy or sell between the posted bid and ask prices, my order was never displayed to the market. That is, the bid and ask prices remained unchanged. When next there was an execution above my sell price (or below in the case of a buy), my order went through at my posted price. I almost never received price improvement. On one 500 share purchase of an NYSE listed stock, the difference between the 2 brokers was $0.05/share. My point is - once you get down to 1 cent per share or less, execution is everything. I no longer trade anything significant with a broker that doesn't allow me to select the exchange where the trade will be executed.
So, IB is as cheap as it gets? .01 for the first 500 .005 for 500+ No ECN fees Everyone here agrees? I was hoping for better news than this, but hey, I'm an extremely cheap person to begin with!
Well, XoomTrade offers 0.005 with $5 max. plus ECN fees It looks good to me unless I am missing something. I am not sure how good their executions are Agras
I think I pay alot less. I use Realtick through Daytradz. If I am carefull with execution, I get credit for liquidity. What this means is that I pay about a $7 commision, but get a $2 per 1000 shares credit. I have some trades that I come out ahead on.
XoomTrade Base Commission: $5 per 1000 shares NYSE Direct: FREE NYSE SDOT: FREE AMEX Direct: FREE Island: FREE SOES: $2 per 1000 shares ARCA: $2 per 1000 shares Trac: $3 per 1000 shares NTRD: $3 per 1000 shares BRUT: $5 per 1000 shares BTRD: $5 per 1000 shares DORS: $5 per 1000 shares ATTN: $9 per 1000 shares BULLETS: $15 per 1000 shares Cancels: FREE Direx Platinum Software Fee: $39.99 (waived after 100,000 monthly share volume) Best Regards, XoomTrade Support www.xoomtrade.com
hoodooman, thxs for your question. There is no minimum for our exclusive offer to ET members. If you traded 100 shares on ARCA the commission would be $.70 (plus SEC Fee). 100* .005 = .50 100* .002 = .20 If you any further questions visit our website, www.xoomtrade.com , or give us a call (1.866.683.4739) . Make sure to let us know you are an ET member Best Regards, XoomTrade Customer Support email: support@xoomtrade.com