so you are saying that for something as liquid as SPY , for example, I would get slower fills with EDGX than IEX? I use SMART with IB =so have no idea..
That's what I'm saying. Route half to SMART and half to IEX. The effect with SPY might be less noticeable but on average you should see improvement.
One thing I don't quite understand is if the limit order fills immediately within 1 sec than it's not free. So my question is you cannot put a limit order on the exact ask or bid or would 1 sec still go by? Seems pretty inconvienent for momentum stocks rallying or on big news since you've hope it gets a pullback for your order to get filled.. Also, I've heard they'd a extremely buggy platform. Like type in symbol and nothing comes up. Close client and something else comes up. Had they fixed this yet?
You are 100% incorrect. Exchanges like NYSE, EDGX, ARCA, BATS all have maker/taker models for pricing. meaning they pay the person that adds liquidity and then charges those that take liquidity more. They pay for order flow for the SOLE purpose of attracting liquidity. TradeZero routes your orders direct to exchanges where rebates offset any fees making the trades TOTALLY FREE.
You're talking about the basics which I'm not. I understand the mechanics. You don't understand what other HFT players pay and how they operate. Go ahead, drop your limit orders and let them sit there - good luck!