I was charged a ridiculous overnight short fee

Discussion in 'Retail Brokers' started by GotherL, Dec 4, 2019.

  1. GotherL

    GotherL

    Turns out that formula is right. And the fee wasn't $564 that came from other fees. It was like $385.

    I am asking tradezero to see if they can waive some of this fee for someone ignorant but I doubt it. They probably just made this fee to cheat unexpected customers.
     
    #11     Dec 4, 2019
  2. zdreg

    zdreg

    1. 7x sounds like a locate fee.
    2. are you informed of the market rate before entering the order?
     
    #12     Dec 4, 2019
  3. Daal

    Daal

    Which day of the week did you short? You got to remember there is the T+2 settlement
     
    #13     Dec 4, 2019
  4. GotherL

    GotherL

    Read my above post.

    200 sharesx0.275x7x market rate
    that turns out to be $385
     
    #14     Dec 4, 2019
  5. GotherL

    GotherL

    It's an offshore broker no PDT rule.
     
    #15     Dec 4, 2019
  6. zdreg

    zdreg

    It is a separate division. They are also in the US.
     
    #16     Dec 4, 2019
  7. trend2009

    trend2009

    asln short rate on IB is 549%. so if the broker charged you 7 times of market rate, it would be 549%/250*7*200*5.5=169. but the short rate at your broker may be over thousands%. who knows what is the exact calculation formula given the above number here?
     
    #17     Dec 4, 2019
  8. zdreg

    zdreg

    If the rate is not shown when entering the order it can deceive many customers..
     
    #18     Dec 4, 2019
  9. Shouldn't you divide by 365 instead of 250?
     
    #19     Dec 4, 2019
    MoreLeverage likes this.
  10. Who does TradeZero clear though? 700% sounds right for ASLN.
     
    #20     Dec 4, 2019