Anyone using Lets Go Trade?

Discussion in 'Retail Brokers' started by razorack, May 2, 2002.

  1. razorack


    Hi everyone,
    I have from time to time visited this site- very informative, it seems things are changing rapidly! I am based in Australia so excuse any stupid questions!

    Concerning "lets go trade"

    As a Qcharts user I found them when Qcharts threw a "notification of new partner" up on the screen.
    Their commission is

    Commission Structure

    Number of Shares Traded Per Share Commission*
    (Cents per Share)
    First 1,000 shares per trade 1
    Each additional share above 1,000 1/2

    *A minimum commission of $3.00 per trade applies.

    How does this compare?This seems like a great deal- but they add the following fees-
    Additional Fees

    Software Licensing Fees
    Premium Account $100 monthly fee
    Basic Level II Account Available in the Near Future

    The monthly service fee will be charged to your account during the last week of the preceding month.

    Exchange, ECN and Other Fees
    Archipelago $0.0075 Per Share
    Island** $0.0025 Per Share
    Listed Stocks - Limit Orders $0.0125 Per Share
    Listed Stocks - Market Orders $0.0040 Per Share
    SOES/SuperSOES** $0.1000 Per Order plus $0.002 Per Share
    SOES Cancels $0.25 Per Cancelled Order

    I asked about their insurance they replied-

    Each account is covered by Securities Investor Protection Corporation
    insurance upto $500,000, of which $100,000 is for cash. In addition,
    Penson (our clearing firm) provides insurance through a private
    insurance carrier. This coverage is an additional $24,500,000, of which
    $900,000 is for cash. None of the above coverages protect against
    market loss.

    Does anyone know anything about Penson?

    Thanks for any feedback