Direct access retail broker that uses Laser Platform

Discussion in 'Retail Brokers' started by HappyUpside, Mar 29, 2011.

  1. Hope I'm posting in the correct place. Are there any direct access retail brokers who offer the Genesis Laser platform? Have only seen prop firms using Laser, really want to use Laser but not go thru prop firm, want to trade my own money and be able to deduct all my trading expenses.

    Thank You
  2. Barbaris


    When I tried to fix my contract with Genesis in March 2011 they said Genesis quit retail business and all clients moved to direct access broker as Wang Investments with clearing in Penson. Now I am worried a little bit with Wang because there is no information and feedback in internet. I took into my consideration that Wang is the member if FINRA I read the report about it. I am sorry for my poor English
  3. Hi Barbaris, your english is great need to check mine :) Couldn't find much on Wang so closed my account and went with Speedtrader. Very happy with them, low commisions and no issues up this this point.
  4. One day you'll all hear the story with Genesis. Once the authorities are through dealing with them.
  5. Got to ask... What were they doing? Never had any irregularities of any kind with them, thought they were (Genesis) a fantastic direct access broker. Didn't want to leave them but as we know they shut it down.
  6. I'd love to answer your question but it's going to have to wait.

    There's a reason they shut everything down as fast as they could.
  7. Barbaris


    I considered Speedtrader to go with them but I am used to trading with Laser. I understand Wang just bought client’s base from Genesis but never had any experience with wide retail chain. It is likely that I will move to Speetrader if I get any unsatisfied issue. At the present time there are enough minor bugs in software but Laser is very fast. Mostly I am worried about security policies.

    I would be grateful if you have a word to compare Sterling and Laser.
  8. Fair enough Red, and yes it was a fast shutdown. You'll have to come back and let us know someday.
  9. Hi Barbaris, I got the DAS pro platform which if i remember correctly is a step below the Sterling Pro(or whatever their top platform is called) which is $250 a month. As far as order execution they both execute orders equally as fast. Personally I think Laser is much faster for scalping i.e. punch in symbol hit the tab button quickly down to amount of shares one wants to trade and your done. Also when in scalping mode the cursor on mouse moves much faster on Laser than DAS if you want to catch those quick moves for profit. Now if you don't scalp then their both the same. The one thing I was put off by Speedtrader in the beginning is they give you Level I for free but it's only the ask-bid and no other qoutes below it. Where Genesis gave you basic Level I(just like Level II) but not as deep for very cheap. If you want basic Level I with ST you have to pay, total Platform charges per month are $100 with Level I but waived if you trade more than that per month in commisions which I do but thought I was mislead a little(or maybe should say that I needed to ask better questions and not assume) because Genesis Level I gave you a lot of qoutes,not quite Level II but enough to get an idea, obviously Level II is not one of my main tools.
    If you have any specific questions feel free to ask.
    Oh! sounds like Wang uses Laser? What are the commisions and monthly platform fees their charging?
  10. Barbaris


    Hi HappyUpside.
    Great thanks for your comments.
    To tell the truth I decided to stay with Wang just because I got account and clearing in Penson but not unknown broker.I hope it will help me if something goes wrong.

    I use a daytrading strategy and Level II is the base for my trading system. Having low commission is very important for me also. I got the same commission in Wang as in Genesis. Total monthly platform fee with completed Level II is lower than 200$.I signed non-distribution agreement and cannot share exact number of commission but it is very similar to Speedtrader’s offer. I am trying to find more info about Wang to be more confident in the future Wang and Laser. As soon as I understand this is factually start-up for them.
    #10     May 13, 2011