Hi all, I need help about use market orders on E mini Nasdaq: the broker charges too ? There is a wide spread related on what you see on screen in real-time? Example: my charting tool (or TWS) displays 1438/438.5 , if I send a buy/sell MKT at what price will be filled my order? (obviously there is difference between fast or stable market) but is it true that your broker can cheat with MKT order? Have a nice weekend
with IB your order is immediately sent to the exchange (it is actually converted to a limit order above the prevaling offer as globex does not accept market orders). The firms doesn't do anything but attempt to send your order to the exchange as fast as possible. In your above example, assuming the market is stable and no one beats you to the offer, you will be filled on the offer. Most direct access brokers will do the same (they may not accept market orders but they will route the order to the exchange with no delay). However, if your broker is selling order flow, the odds if getting a better fill and/or a bad fill would be increased dramatically.
Thank you def, in poor words,any customer of InteractiveBroker has a secure and equal fill of proper MKT order (matching sequentiallly the offers in the book). kind regards