broker suggestions

Discussion in 'Trading' started by freewilly, Jun 15, 2009.

  1. Currently I am using TD ameritrade. I am very happy with it except sometimes:
    1. Data feed is down, so backfill (mostly intraday backfill) data is lost.

    2. Execution is a little bit slow for my style.

    I was thinking to open another account with Scottrade Elite, but review shows it is even more unreliable than TD ameritrade.

    I can't use IB, the commission is too expensive for me. I often buy 10K to 200K shares for one stock at once. I pay only $10/order on TDameritrade, but on IB, I would pay hundreds dollar per trade.


  2. With your $1 million plus account Schwab charges only $8.95 flat a trade for stocks over $1.00 a share.
  3. l2tradr


    he didn't say what price these stocks he trades trade at...if he buys 200K shares I will have to assume penny stocks, in which case stick with a broker that charges a flat fee.
  4. no, not quite a 1 million account.

    I buy most stocks under $10.

    Anyway, any broker is more reliable than TD Ameritrade (I am very happy with, but during peak time it is slow)?

    I still would like to have trade-based fees. Share-based fees just do not work for me.


  5. l2tradr


    Have a look at TradeKing.
  6. The first thing you need to do is call and get your commissions reduced. I use Ameritrade and only pay 7 bucks. I do give them about 100 per day in commissions. The key is to tell them you are going to move to scottrade.

    Last Friday AMTD went down right after I put in a buy 10k share buy order on WFC. Talk about annoying. Luckily the stock went up .20 but as I told the CS rep it could have just as easily gone down and so she gave me 10 free trades. What can you do....

    The worst thing about ameritrade is the fills on orders above a few thousand shares. Maybe it's just the low volume summer thing but lately my fills have been horrible.

    Another major problem with AMTD is the cash rate, since I assume you daytrade as I do you know that your not getting shit for interest on all that cash. I have a 72k account and last month I got less than 5 bucks in interest.

    I guess maybe its time to take the training wheels off and move to IB. Can anyone offer some advice?
  7. Hi, Risk,
    Forget about IB, the fee is way too high. I closed my account with IB.

    Yes, the fill lately on Ameritrade is going down. It seems the server can't handle the load.

    For your account size, the fill should not have much problem, although TD does have some hiccups lately.

    I am happy with $10/trade with TD ameritrade for the service they provide. My fee actually is much lower than that because I trade a lot. $7/trade for you is not too bad.

    I didn't have much do the trading today, instead I was searching for some reliable broker today, but turned out TD ameritrade is still the best.
  8. TD offers $5 per trade through It's the same as the regular TD acct minus phone support and all the handholding. So if you're experienced enough, it's a pretty good option.
  9. I think they shut Izone down to new clients
  10. Risk,
    I think you are right, but that does not mean you can not negotiate the commission if you trade actively. I have much reduced fee for my non Izone account. $7/trade is not too bad.

    Again, I'd be happy with $10/trade with them. I like them.

    #10     Jun 16, 2009