Lime/Wedbush target market is black box traders, not high touch traders. Also, they have a minimum account size much higher than $100K, and they have a minimum monthly volume to open an account. Bob
I believe that Cobra Trading would be the perfect fit for your trading needs. We do offer per share pricing and we have no additional fee for a broker assisted trades. Please feel free to email me directly at ch@cobratrading.com if you would like to talk specifics. Also, feel free to visit our website at www.cobratrading.com.
youre right. 250k min account. reg pma 6.7X I heard a friend of mine talking about it and he is friends with alistair brown. I trade with someone who is at wedbush so dont really need it. most of their business is hft/BB but they do accept others who are discretionary.
thanks for the info. going to evaluate all of my options probably try a few different ones out and find what works best.
Victor, Cobra, et. al. What kind of monthly commission levels are we talking about for it to make sense to move away from IB? $100? $1000? $5000? I'm assuming there are platform fees as well. OK to speak generally. I know it comes down to case by case and individual volume.
From Cobra Trading's perspective, we do have a software fee ($125 for CobraIQ), but that fee is rebated if you do 75,000 shares in a month. That being said, 75,000 shares at $0.004 would be $300.00 in commissions. So, if you can trade 75,000 shares, you would save $75(.005-.004) + all of IB's exchange fees. Hope that answers the question. If you were a very inactive trader, we do have our VENOM platform at www.venomtrading.com that has no platform fee and $5 per ticket pricing.
Chad, If you're going to compare costs against IB, please do so accurately. In particular: 1. IB's sliding scale for cost+ starts at 0.0035 per share. (you state 0.05 which would be for our all inclusive fee package) http://www.interactivebrokers.com/en/p.php?f=commission&p=stocks2 2. your exchange rebates are also less than IB for adding liquidity; 3. your exchange fees for removing liquidity are higher than IB; 4. the number of ECN's and direct routes available are much less compared to IB; 5. you are not offering liquidty rebates for NYSE and AMEX.
No insult intended to IB. We clear through IB as well as Penson. I was just trying to give a general response regarding commissions to a thread of an unhappy IB customer. Happy trading ET members.