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As a Canadian university grad looking to start a career as a professional trader, I recommend Swifttrade as a great place to start. This is where I started (Vancouver office) and the education I received was well worth the 3 months I spent there without pay. There's no doubt in my mind that the fast pace momentum scalping at Swift propelled me through the learning curve 100x faster than trading from home. I traded between 200,000-350,000 shares a day on about 400-600 trades. With that much volume, you can't help but learn the markets.
Here's how/why I rated each category:
Quote & Execution Speed: 4 ProsperPro (their prop software) was simple and once you learn the hotkeys, execution was lightening fast. If you hit the bid/buy the offer off any of the ECNs expect an instant (.2sec) fill. There's no typing, no mouse clicking, just hotkeys. It's efficient. I didn't rate it a 5 because sometimes, the system would hiccup and we'd get a grey box that froze our system for about 30 secs. Also, at the time I was there, we used Q-Charts that had some data delays.
Range of Services: 1 You are a specialized Nasdaq scalper of one, maybe two stocks. That's it. You're in or you're out, no holding stocks for 15 mins, no diversification.
Training and Tech: 3 I had a great mentor who taught me a lot. Tech support was poor when things went down. This rating will vary from office to office.
Commiss & Fees: 5 I didn't have to provide any capital, plus they didn't charge any commiss or desk fee, also no charge for bullets. Only thing I had to worry about was ECN fees (that everyone pays) and the SEC fee (that everyone pays). Of course, when you're momentum scalping, I did pay a lot of ECN fees for taking liquidity away.
Reliability: 3 Not much to say here, they're average.
Bottom line: Great stepping stone for the new trader. Maybe you'll fit what they're looking for and can make a paycheque out of it, but if not, you just got the equivalent of $5000US worth of training for free.
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| Quote & Execution Speed |
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| Range of Services |
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| Training & Tech Support |
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| Commissions & Fees |
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| Overall Reliability |
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considering they dont reallt have any clients anymore, they pass the buck down to the proptrader,,, |