FYI CyberTrader is lowering their commissions again. They are getting more and more competitive with other discount direct access brokers. I recieved this notice via email: ---- Our new pricing is available on July 24, 2003 to all clients, for every trade. Equity Trades: $9.95 Options Trades: $9.95 +$1.50 per contract https://www.cybertrader.com/fees/Default.asp ---- I have accounts at CyberTrader and InteractiveBrokers and I find both of them to be good. Both offer fast executions. CyberTrader has better software and better trade reporting. InteractiveBrokers is cheaper if you trade < 1000 shares, whereas CyberTrader is better if you trade > 1000 shares, esp. if you trade stocks < $10 alot where you buy 5000, 10000, 20000 shares.
Cybertrader's fees are all whacked out. They can take their tickets down as low as they want they still clock you on pass through fees. Why would anyone want to pay .005 cents per share for just about every ECN out there.... I talked to cybertrader at the trade show in NYC this past fall, they wanted to charge me an extra fee for tickets over 5k! I told the guy he was off his rocker and he better get in line with other brokers, because big fish dont come that often so you better bag them while you have a chance. I walked away in disgust and will never go back to talk to them.
As long as Schwab owns Cyber they will not be competitive. Charlie doesn't sleep well if he's not overcharging .
who trades at Cybertrader is a sucker... (IMHO) These guys are reeeaaal slick.... and many of their reps are real arrogant and/or defensive! And most of it (their "service") is alll talk and little more, anyway! They screwed me also on the transfer of my account to IB. They really screwed it up, but when asked for some small compensation these greedy pigs wouldn't budge an inch. And their clearing firm Penson sucks also as far as the online data. Despite IB's growing pains and periodic issues... they are the standard in the industry and Cybertrader/Schwab are has-beens who spent the early 90s ripping loyal traders like me a new as***le with their commmisions. Leaving them was one of the best business decisions I ever made. Thumbs down to Charley.... he's a rich tuna who cares less about you! Don't be a sucker, too. Ice
why is everyone so fascinated with IB! does anyone hear trade volume I mean like 2 million a day! you could never use IB with someone like that,
I don't know, how many could be trading 2 million a day? If there were 500 like that that would be 1 billion shares. I don't think so. Maybe you're talking pink sheet .00000001 a share players?
Volume does make a flat fee like $9.95 worth while. But even traders that regularly trade 1,000+ are going to scale in and out, or want to use test size positions. They're going to have several accounts. That's why the flat fee model gets such criticism, it prices smaller traders (in both share size and capital) essentially out of trading. I'm not fascinated with IB. I just think it's really cool. André