Best broker for day trading SPY ETF

Discussion in 'ETFs' started by bojangle, Aug 4, 2011.

  1. bojangle


    Hello, i want to start trading the SPY instead of the ES. which broker would you recommend based on quality, cost and reliability? Thanks.
  2. rmorse

    rmorse ET Sponsor

    In a portfolio margin account, you can trade SPY with 6% to 8% margin. My firm, Victor Securities offers professional platforms and DMA access with good rates based on volume through Penson Financial. We also offer futures trading through Penson Futures if you'd like to trade both.

  3. Interactive Brokers is good.
  4. Visaria


    May I ask why you would switch to to the ETF from the future?
  5. Perhaps to reduce leverage due to higher volatility

    Just a thought
  6. I trade with OH , good commissions and platform.
  7. lindq


    One penny spreads, that's why.
  8. I believe Fidelity offers commission free trades on the IVV, which is the I-shares S&P 500 ETF that mimics the SPY.
  9. rmorse

    rmorse ET Sponsor

    Every firm that offers free ETF trading has restrictions:

    Are there any restrictions on the commission-free ETF trades?
    The commission-free trades on the 30 iShares ETFs must be done online at, Active Trader Pro, Wealth-Lab Pro, or through Fidelity's wireless channels. Commission-free trades apply to all buy and sell transactions on eligible iShares ETFs. All iShares ETFs are not margin eligible for 30-days from settlement, similar to mutual funds. For margin customers, positions will automatically become margin eligible in their account after 30 days from settlement.
  10. That pretty much kills day or swing trading. A few trades and your account practically becomes a type 1 cash account.
    #10     Aug 16, 2011