I recently stumbled on the Freetrade.com This post is intended to ask if anyone is using Freetrade and if so, to get any feedback info on their service; this post is also to inform anyone that could benefit from this system. This is not an ad for them, I am not affiliated with then in any way, shape or form and I will not benefit from this post either. Freetrade will not advertise to keep costs at a minimum. They say that for the system to survive, the voice has to spread by word of mouth. They only offer customer service via email. I am a small trader, and as such, commissions are of high importance to me. I do not really what to expect from their service. It seems to be the same as Ameritrade (which bought Datek) and they are offering: 25 free trades per month $3 per trade from the 26th to the 100th $2 per trade from the 100th to the 200th $1 per trade from the 201th. These commissions go for market, limit, stop, stop limit, short-sell, OTCBB. They apparently don't have limits on number of shares, or the price of the stock. They will charge the SEC fees and nothing else. There are no monthly fees or anything else. They will charge $10.00 for the Ameritrade Streamer, $15.00 Level II quotes and $30.00 for Streaming news. To start they require 2 years experience with discount brokers, 2 years of internet experience and $5000. Money can only be transferred to and from them via wire. What are the flaws? Any Opinions? Thanks for any comments.
There have been a few posts on freetrade go to search and type in freetrade. I will have funds in new freetrade account tomarrow. I will be happy to let you know what I think (for what its worth)