Leaving Ameritrade Izone

Discussion in 'Retail Brokers' started by mialex, Jun 8, 2005.

  1. mialex


    Recently I posted on a software issue with Izone's trading site. That issue was resolved favorably.

    This week I experienced 3 cases of shameless poor execution, in which i was selling at the bid, and in which the orders simply were there, waiting for the price of the stock to fall.

    After the first case, I contacted Izone and they did not even reply to my email.

    So, I had it.

  2. GTC


    Could kindly give some recent examples of the poor executions you faced with Izone. Izone claims to have the same order execution priority as Ameritrade's orders'. Did Izone ever reply your inquiry regarding the poor executions?
  3. mialex


    I emailed Izone with a complaint about one particular instance of poor execution, and they did not even bother to reply.

    I then called Ameritrade, since i still have a small account with them, and on the phone they said that even though they used the same clearing company, the priority for the execution of the trades, was higher for Ameritrade.

    When Izone was Freetrade, I hardly ever saw delays in the execution of an order.

    Two recent examples of delays:

    MLNM: On Jul 21st I wanted to buy MLNM at $10.40, I placed the order, and MLNM traded under my bid price before it went higher. My order was not executed until I increased my bid to $10.46 On Jul 22nd, I tried to sell MLNM at 10.59, 10.53 and finally gave it away at 10.41.

    RNAI: On 7/26th, Placed an order to buy 4.45, increased it to 4.47, then
    4.50 and then gave up. I was too upset to keep chasing the stock. Then RNAI went to 5.60, making this situation a double grrrrr for me.

    In all this cases, I was able to see the stock trading at my price level or at a price in which my bid or offer would have been the best, with no execution by Izone. With Freetrade, I never saw any such outrageous delays or flagrant poor executions.

    There must be a reason why Izone does not offer the Quote Scope as Freetrade did or as Ameritrade does. Quote Scope allows you to buy and sell with just one mouse click over the Level II price at which you want to buy or sell ur stock.

    The thought that they want to get rid of the smaller accounts has crossed my mind.

    I have not left Izone for another broker because I am looking to switch to Forex altogether.
  4. They sell order flow. Expect to get screwed often.
  5. steve23


    I would not trade with Izone

    even if they paid me.
  6. GTC


    Interesting. I asked the order execution priority question to Ameritrade recently. According to Ameritrade's (email) client services, the order execution priorities for Izone and Ameritrade are the same. May be Ameritrade's (email) client services and Ameritrade's (phone/live) client services have difference in opinions.:(