Agreed. And the whole "Taken over by Merrill" line is a bit much. Don, are you trying to scare people into your nest? J/K Both are good firms. I'm just happy where I am.
I see no difference since Merrill took over clearing (not took over Echo). Nice try slipping in some ambiguous misinformation though Don. I know you didn't intend anything misleading. LOL
Both great firms, don't know why either firm would get a negative review, they are the two top firms bar none. I would say decide based on where you want to trade, if you want to be in an office then meet with the managers of the offices of each you want to be in, Bright I believe has more offices nationwide to choose from. If you need tutoring, the Bright class might give you some info to get your started in the right direction. If you want to trade remote with great quote speed and support (tech and back office, not trading ideas) then Echo is better, especially for strategies that automate any of the trading through an Active X or FIX connection. I would lean towards Bright if you are newer to trading and need strategy help, and would lean towards Echo if you are experienced and just want to login to great software and not have to think about anything but trading. Either way you can't go wrong, many traders have floated back and forth between the two firms, as there is really no one else that comes close to these two.
Thanks, and I agree with you. It seems that whenever I repeat something I hear from a "transfer" trader from another firm that it is taken out of context. Rob and Jeff have done a great job with Echo. I do like to think that our openness to automation and our Bright programming groups, put is in a great place for those interested in automation...from basic (ActiveX etc.) to full FIX access, etc. In any event, we pride ourself on our interaction, interactive trading groups, access to all sorts of speciality training etc. I am a firm believer in the comaraderie of traders adding to the bottom line. But, hey, if you don't come to Bright..Please, please go to Echo...I seriously mean that. Don
Does Echo charge marking errors or charge for an extra user ID like Bright ?i.e. having access to your account on two computers. Bright has extra charges for just about everything I've heard and was wondering how Echo handles the situation. Bright charges $50 for each marking error (short sale not marked properly) and I hear that its pretty unfair. As most trading platforms can figure that out for you, the redi platform is back in the stone ages and mistakes are common. Sounds like a cash grab on part of Bright and was just wondering if Echo does the same thing? Ive narrowed it down to the two of these firms and these extra fees are the sticking point so Im hoping Echo has a better system. Any comments besides Don would be great.
Echo charges you for more than one login on more than one computer. But you can have multiple accounts tied to one login for no extra charge. They also charge for accidental illegal short trades, but it's more like a couple dollars (has been for me at least). I've never paid anywhere near $50. Another point not made on this thread is that Bright will charge you a large commission up front (like a penny a share), then rebate you the difference to your actual rate at month's end. For example if you trade a million shares a month at a rate of .4 cents per share, at month end Bright owes you $6,000. Not a big deal for some, but if you trade a lot of volume, you could have a lot of your equity NOT in your account. Just a thing that bugs me about them, I think they're a good firm.
We have to adhere to Goldman's accounting policies, and things do change. And, yes, we do charge those causing the errors vs. having to raise overhead to those who don't. We have maybe a half dozen traders who run certain programs that may have an error once in a while. New people aren't charged for mistakes of course. And, FWIw, we have groups who ask to have themselves charged waaay over the penny amount just so they can get a larger rebate...sort of like the IRS refund each month, LOL. And, yes, it does cost a bunch to keep our squeaky clean regulatory history... and well worth it IMO. All the best, Don
Hey, I'm making it. Selling annuities, tax free funds and UIT's. I do NO stock biz at all and I do not cold call. I'm in a bank. Fishing in a barrell not the ocean. You can do 500k in commissions here very easy during normal times. This year will be tough, but it will get better. There are lots of assets up for grabs. Money in motion as people fire their financial advisors. A great time to pick up new relationships.