I am interested in switching to a direct access broker that has per trade fees. I trade large lots (2000 - 5000 shares per trade) and the per share fees get pretty expensive. I have been reading about MB Trading and Tradestation. Does anyone have any experience with either of them? Or are there any other direct access brokers that have fees on a per trade basis that you can recommend? Thanks for any advice you might have.
I have TradeStation. They don't have per trade fee schedule I don't think. I also use MasterTrader.com. They offer RealTick as one of the trading platform - direct access. They have both per trade and per share schedules. You have to decide which one when opening an account. The per trade (regardless of size) is reasonable. I think something like $8 per trade. And they can give you a better rate if you trade more often. But... RealTick charges $260/month for platform fee. You need to have enough trading volume to have the platform fee waived.
There is no free lunch available. Pay me now or pay me later. Both MB Trading and TradeStation clearly state that the flat rate orders are routed differently than the per share rate orders. Brokers have to make a profit one way or another.