Do you think it's a good idea for a website that charges just $1 commission on tradin

Discussion in 'Chit Chat' started by oooooo, Dec 31, 2010.

  1. oooooo

    oooooo

    So...my idea is to create a website that charges just $1 commission on CFDs and other instruments - while the competition currently charges MUCH higher. Like...cfds, Options on gold, CDS, Bonds, etc. I tend to avoid the idea for a forex website - since forex has a terrible reputation these days and when it comes to stocks - there's a huge regulation by SEC which i perhaps won't be able to pass...same goes for futures. But...OTC options, cfds, spread betting - all seem to be very popular especially in certain countries. Other than the super low fixed commission of $1 - i plan to make it so every OTC order will be matched against another customer - that is...like ecn, dma - so my clients will be aware that i am not trading against them and won't scam them if they happen to win a lot. Do you think these 2 ideas: $1 commission and exchange based trading are enough to gain a customer? Or people will always stick to well known names like barclays, c.schwab, etc no matter how high their commissions are...and so on?

    P.S.
    YES I KNOW THERE ARE MANY EXPENCES - I AM JUST ASKING THE PROFESSIONAL TRADERS HERE IF THEY WILL EVER CONSIDER OPENING AN ACCOUNT...NOT IF I NEED A LICENSE OR A COMPUTER PROGRAMMER.

    thanks in avance and...

    happy new year!