I am thinking about joining EchoTrade, but I have heard that even though their commission schedule is very competative, they charge you extra fees for Clearing. Something like $.003 per share for Clearing. Is this true?....if so, do other firms charge a clearing fee? ie...Bright, IB?? If someone can clear this up I would greatly appreciate it! RB
Echo's rates are clearly defined on their website. There is no substantial difference in fee structure between Echo and BT. I don't understand the purpose for starting a thread for this question when the answer is very easy to find. See below link for Echo's website and if still confused pick up the phone and call Rob Keller or PM me. http://www.echotradeonline.com/fee_schedule/fee_schedule.htm
Yeah, how dare you ask a question like this when there are much more important issues to discuss, like "Trading is a zero sum game." Good night man, come to your senses!
No where on Echo's website does it mention this .003cents/share clearing fee. I know that this is a fee that is charged on top of commissions, because I was told so by someone who trades there. Don't give me that 'pick up the phone' BS. I want to post a new thread and ask some questions. I am not slandering anyone and I certainly am not a threat to anyone by posting a thread on ET. I don't think that starting a thread uses any disk space on your computer. Does it?....didn't think so! Now, what is this .03cents/share EXTRA fee that Echo charges on TOP of .01cents/share?.....Rob Keller want to take a stab at this one?
Don't sweat it. I am always surprised when the first post someone makes is somewhat caustic. I would bet that skibum posts here as someone else usually anyway. For a person with 1 whole post, he sure seems to be tuned in to the logistics here. Either that or he has been patiently waiting for just the right opportunity to make a worthwhile contribution, but your question was just too much for him to pass on and in a crazed moment he let you have it. This is not what this board is all about, but it certainly is what it has become over the last 2 months.
actually this fee is put in a pool for disenfranchised older traders(over 35) who can no longer make a living trading. it pays for new job training, relocation programs, feed the hungry trader programs, and such and such......it also helps the previously profitable traders make payments on their porshe's or mercedes bought during the bubble years.
I have successfully traded with Echo for over 15 months and the rates are as they are posted on the website. 1 penny per share! This penny is subdivided on our daily sheets for echo and the clearing firms accounting purposes. Here is an example of a recent trading day's activity. I traded 191,400 shares this particular day, I paid $574.20 in Clearing costs, which is $0.0030 per share and I paid $1,339.80 in Execution costs, which is $0.0070 per share. As you can see THIS ADDS UP TO ONE PENNY PER SHARE! So yes, all echo traders pay $0.0030 in clearing costs, BUT that is the accounting name for what is included within your 1 cent commission rate. Hope this clears up your extremely urgent concern! (given the multiple threads). And finally, the pick up the phone post was dead on, Rob Keller has been nothing but helpful in my experiences, so call him or for that matter dont call him cause i enjoy the personal service i get from him and dont need new traders distracting him away from me.
inandlong quote "Don't sweat it. I am always surprised when the first post someone makes is somewhat caustic. I would bet that skibum posts here as someone else usually anyway. For a person with 1 whole post, he sure seems to be tuned in to the logistics here." I have been trading with Echo for a little over a year and hate to see misinformation spread about Echo. That is why I was inspired to make my first post. Apparently Rogerblank wants to spread misinformation. Why else would he start two threads at the same time on this topic. I completely concur with JCM2's example of commissions. My sheets are calculated exactly the same.