Good Broker for new daytrader...

Discussion in 'Retail Brokers' started by who281, Jan 3, 2009.

  1. hcking

    hcking

    check out T4 by CTS - cheap and realiable platform
     
    #11     Jan 7, 2009
  2. tomu

    tomu

    I am not sure what you actually mean when you say you are a very active trader. But you might want to consider per share commissions instead of per trade. You should use excel and your past 2 months trade data to do some math to figure out what is the best deal for you.

    For per trade pricing :

    I think Justtotrade is the cheapest $2, but have read on here that the software isn't built for active trading.

    I believe Ameritrade still has a $5 a trade deal with Quotetracker which is good deal for per trade pricing and a good software.


    For per share pricing:

    I would recommend Efficient Executions if you trade more than 100,000 shares a month. Otherwise if you trade less than that you will have to pay a $250 software fee each month. But if you do trade over 100,000 shares a month then they have the lowest rates and good customer service.

    If you trade less than 100,000 shares a month then IB is your best bet for per share pricing. Just make sure you read the fine print, most firms will offer a per share deal but there will be a minimum charge per trade. Some charge a minimum or $4 per trade on per trade pricing which is a horrible deal. IB's minimum is $0.70 per trade which isn't bad. But if you do alot of 100 share trades then that minimum adds up very quickly resulting in a bad commission rate. The firm I spoke of above has a per trade minimum of only $0.10.

    So take these numbers and plug them into a spreadsheet and figure out which is the best deal for you.
     
    #12     Jan 8, 2009
  3. LOW COMMISSIONS AT LIGHTSPEED.
     
    #13     Jan 8, 2009
  4. Which is better lightspeed or IB ?
     
    #14     Jan 8, 2009
  5. I see lot of people don's use margin here , I do. That's why I chose just2trade 3 1/2 % , they gonna have a new platform in any day.
     
    #15     Jan 8, 2009