I know what you're saying, but the guy confirmed it over email, I thought their website had just posted it wrong at first... there is no mention of ticket charges. If you PM me I'll send you the link, and you can contact them yourself to see if I'm right or not...
Yeah, but not for a low volume trader. Maybe if you do 10 million+ shares a month, and even then thats ridiculously low with that high a payout.
Like I said, it sounded too good to be true to me as well, but the guy emailed me back and explicitly confirmed it. It is a well-known company, I think, and pretty reputable. Anyone who PMs me can get the name, and if they want to call and confirm (to double-check) that would be great. After all, I don't want to be wrong about the rate either. Specifically, his quote to me was the following: "Itis $.50 per thousand shares or $.0005 per share. We take 20% of the profit at that rate." UPDATE: Another trader who has traded with these guys before confirmed that this is in fact their deal. He also said that they were a reputable firm as well. So far, unless someone can beat this rate, I think I am going to go with this company...
Make sure the pass-through fees are accurate. If they mark up the ECN's rates or "accidentally" set them incorrectly, this greatly overshadows most current commission rates.
ECN fees were quoted to me as typically being $2/1000 shares to add and $3/1000 shares to remove, which is in line.
read this link: a gmmi remote trader was here on et explainin' da rates: www.elitetrader.com/vb/printthread.php?threadid=32809
The guy on the other thread said this: "Commission: $0.55 per fill (if you send in a 1000 share order and you get filled 200, 200, 100, 500, you pay $2.20)" That sounds more like it. I've never heard of .50/1000 with an 80% payout. I guess it's possible, but hard to believe.
50 cents per 1000 shares is not a good deal...thats $5 for 10000 shares...thats very expensive. Paying on a per trade basis is better.