Commission free trading with direct access

Discussion in 'Retail Brokers' started by 777, Nov 10, 2019.

  1. 777


    Do any of the institutions offering commission free equity trading also offer direct access with those free trades?

    For daytrading, going with firms selling order flow is meaningfully disadvantageous to direct access.

    Is commission free trading plus direct access in equity trading out there?
    guru and tommcginnis like this.
  2. tommcginnis


    You know the answer to this question, Obi Wan. :wtf::cool:

    Does a tadpole have a watertight bum? :p

    ["Now *that* is a poser!" Yes it is. Yes it is.....]
  3. destriero


    TDA/TOS, IB. There are two. Fido if you have the net liq. McGinnis likes to catch.
  4. ETJ


    How large is the portfolio and is any part of it permanent ? You wouldn't be trading commission free, but your rebate could cover your overall commission expense. Not terribly uncommon when your permanent is above $3 - 5 million. Otherwise the rebate is generally embedded in the ordinary commission free schemes.
  5. comagnum


    Fidelity is the only one of the bunch that is not receiving POF, at least that is what they claim. They provide the same DMA they have always offered on their 'Active Trader Pro' with CF. * The do not have DMA to the IEX *

    The other brokers are either forcing you to use a watered down app with less order types, no market depth, & no hot-keys or forcing you to use their 'smart router'.
    Last edited: Nov 10, 2019
    777 likes this.
  6. Not just that, check out how margin and loan rates are jacked up for free commission trading accounts. People who engage in this nonsense have truly zero clue that they are in effect paying more than before.

    777 and comagnum like this.
  7. Of course not. How are they going to make money? Selling your order flow to HFT brings in around $.50 per trade for the brokers. They have to disclose it so you can look it up.

    For example, Tastyworks disclosed that they make per trade $0.52 by selling the order flow, this includes limit orders, so you will only get filled when HFT can fill it on the market cheaper and then give you a worse fill.

    If you are an active trader you need DMA, that's why brokers like Lightspeed are still around :) in fact, if you count all this frontrunning, Lightspeed is still cheaper than a `free` broker.
    777 and drm7 like this.
  8. trend2009


    if I am limit order, how selling hft affects my order fill? I can only think one scenario that the price touches my limit and never breaks it, so I do not get the fill on the hand of hft. but even in that case, my limit is also likely not to get fill sitting on the exchange.
  9. You still have a lot to learn my son :D

  10. trend2009


    if you know, please show me. i am possibly older than you,kid. i am talking about liquid stock like apple, msft, not thin stock.
    #10     Nov 11, 2019