Cyber dual ticket charges.

Discussion in 'Retail Brokers' started by rtharp, May 2, 2001.

  1. Ouch I just heard. Any order that lasts over 2 minutes gets a dual ticket charge. That's got to hurt business.

  2. #1 reason I'm gonna switch brokers to a per share one.
  3. Baron

    Baron ET Founder

    What does "any order that lasts over 2 minutes" mean?
  4. If it's a partial fill and the unfilled portion is not filled til after 2 minutes you are charge 2 full commissions
  5. Baron, It means that for a 2 minute period, you can do as many trades in that stock in the same direction for 1 ticket price. So you can buy 2k csco, buy another 2k up .02. then sell them all up a dime, and then buy another 2k when it retraces a nickle, and sell that again. If it's all done in under 2 mins, it's all for just 2 tickets. 1 buy, and one sell, even though you technically did 2 roundtrip trades, and actually 3 buys.
  6. rfoulk


    The time frame used to be 5 minutes. Which wasn't enough. Now it's 2 minutes?

    Cyber is nuts!

    I cancelled my account a few days back. Had been thinking about it for a while. High prices, poor reliability, and now higher prices again ...

    Cyber is making a killing on people that aren't paying attention to their own bottom lines.

    Foruntately for the rest of us there are a number of much more affordable (and reliable) brokers to choose from.

    Paying $50K to $150K per year on commissions is just absurd. What exactly could a broker possibly do to deserve that?

  7. mjt


    Do other brokers who charge by ticket allow you a certain time frame and only charge one commission? I just assumed that multiple orders = multiple commissions, regardless of the amount of time inbetween those orders.
  8. mamt8r


    i thought cyber use to charge the 5min rule on your original order. meaning, if you put in a buy, for say 1000 MSFT, get hit on 200 and had to go up at that time 1/16th for the other 800 and got filled on it all within the 5min of the original order, you were charged one ticket.????? NO???
  9. Dustin



    That's how it was supposed to be, but I don't think Cyber's back-office could calculate it correctly.

    BTW-During the online new President interview he said that something like <3% of trades fall into the 2-5 min partial fill range, so they don't feel bad about lowering the rule from 5 mins to 2 mins. 3% seems a bit low to me.