free level2 quotes @

Discussion in 'Retail Brokers' started by flapus, Sep 12, 2002.

  1. flapus



    I am an European amateur swing trader. I don't need intra day scans, I use EOd scans so I know what I will buy/sell short before the day begins. (use IB)
    I just want level 2 quotes to enhance my buy/sell action.

    I found one broker with free level 2 quotes : speedtrader.

    Does anyone use Open Ex @ speedtrader? Is the data reliable and is the level 2 information OK?

    Why pay 79$ for level 2 from esignal or IB when you can get it for free?

    Or am I comparing apples to oranges?

  2. Htrader

    Htrader Guest

    You get it for free because speedtrader charges enormous commissions. If you trade more than once or twice a day, you'll save alot more at a per share broker. And if you don't, then you have no need for level 2.
  3. I used to use them, they're not bad for someone who is new to direct access. They actually do have per share rates .015 per share. Not bad if you're not trading too many shares each trade.

    I don't know about that Open Ex, but the Speedtrader Pro software was very easy to use and executed trades pretty fast. I think you need to do 20 trades a month to get that software free, which even a semi-active trader should do easily. They are obviously not for really active traders, but if your new to the game they might work for you.
  4. flapus


    I am not going to change brokers for trading. I will still use IB for my trades but I was thinking to just open an account at and use their "free" level 2 quotes.

    I make about 0-6 trades a week, on average 12 trades a month. But I am still using a plan that I make before the market and that I execute. But I think with the level 2 quotes that I can enhance my entries and exits a bit.

    Is it really worth the 79$ that IB asks for it? While I can get it for free at speedtrader? (just opening an account and deposit 2k $)
  5. Why would you trade at IB, their software sucks. I'm sure you can find some brokeage that offer fee level 2 with 20 trades and 1 cent per share. Or just ask them if they can give you a better deal on the commissions. Most firms will lower their rates if you ask.

    Trading for a living is true freedom, as long as your making money.
  6. Not sure if this helps you but it looks like they changed there commissions.

    OPTION 1 *
    Trades/Month Ticket Charge
    0 - 199 $13.95
    200 - 499 $11.95
    500 - 999 $9.95
    1000 > $7.95

    OPTION 2 **
    Shares/Month Share Charge
    0 - 100,000 1.5 cent
    100,001 - 250,000 1.4 cent
    250,001 - 500,000 1.3 cent
    500,001 > 1 cent

    OPTION 3 ***
    Market Limit
    $9.95 $14.95
  7. So transparent is the free advertisement its a shame. Coming soon a new trading platform with great execution and great commission rates. Listening is the key to success and patience is the door Knob.

    The solution is so simple yet so provacative go home and relax. The market sucks find one stock and short it and come back in 90 days. Market going to 7000.