It's funny...the SEC aids these practices....Zecco will prolly' say well!... we don't!!! even if we "can".... But in writing they should say that "they can", when addressing clients in a FAQ section, instead of disclosing it "tucked away" in a PDF...... thanks jimrockford... now bout' that Pancacke breakfast and Jamba juice?
ES, I read your post in their forum and await their response. You are a pillar of knowledge. I thank you for the timely reply. I remain humble and studious. Big AAPL
Thank jimrockford....I sir am just a writer...ok i lose money in trading the YM too...see my thread: http://www.elitetrader.com/vb/showthread.php?threadid=90233
Part of being a good trader is being able to recognize when it is actually free. Knee jerk 'if its too good to be true.....' just keeps you out of the game. I get plenty of free stuff. You'd be surprised whats out there.
Just no time....I am trading three products right now... Hey I am thinking of going to an auto insurance auction every other week (Wednesday's) and buy and sell cars...I just need to find a good auto body shop to partner with...(can woodgrain be added to a Porsche?) It's very hard to explain to someone that a third world operator such as Knight paying for order flow has to get the money from somewhere...autorouting to Knight is where many third rate retailers turn to...The Pension/Knight combo internally dominates the "INVESTORS" brokers choices of operation...real traders do not route to Knight as that is not where the good fills can be found...whats the use...I could post over there until I am "red-fingered"...it would not help and I would prolly' get warned....Those folks over there only see free commish and the "investing" mainstream premadonna's attracted to Zecco, would just take offense to my posts. I wouldn't dare post this on Zecco....The fact is that they MAY be misleading clients with their FAQ's section...which will get them shut down...I would be all over that thread if I were Zecco... Hey look...you guys have fun over there...(the thread is still open) I have been blending in some dividend payers month by month (as to not enter a portfiolio in all at one time) over there in Zecco and do not trade activley...The limit orders work eventually...but I would never daytrade over there... They attempt to fill the Forum up with Stock News...but the new accounts trouble seems to flood that forum as it is hard to get through on the phone to a knowledable person at Zecco that has any idea where in the account opening process you are ... ES
The US CFTC has disciplined and fined FX bucket shops for fraudulently advertising "free commissions", which deceived customers by concealing from the customers that the brokers were extracting compensation from the customers via the bid/asked spread. I am not aware of any equivalent sanctions by the SEC against securities brokers. I'm sure there would not be any such sanctions, because the SEC has long permitted the practice of "payment for order flow".
Even if Zecco sends orders to market makers, are they not supposed to honor NBBO i.e., best bid/offer?
So I'm confused here. Is this site worth trading on? Is it truly free or not? Has anyone actually opened an account and traded to see what the charges are?
I have opened an account...I get 4.39% interest on my cash...I have a margin acct...and there is a large short list (Penson/Knight) and limit orders are free also...not any level 2 screens yet...