I know that until recently their comissions were almost like at Bright's. Maybe they just lowered them, I don't know.
Some responses to fair criticism. Believe me no one is going to buy a house in the Hamptons any time soon with rates as low as $0.70 per thousand shares. Just what do you think it costs to clear and execute a trade as well as maintain a trading floor? As for B/S fees they may seem petty but with such tight margins for error how do you propose we cover the cost of trading, maintaining the account and reporting back to the trader? If we were charging $.01 per share I agree there should be no additional charges but there is additional work involved inhouse in maintaining and accounting for each trader. Short of free with a 95% payout, I don't know where a better deal exists. The down side is the money is not covered by CIPF and repayment of the subloan has to be approved by the IDA. Just like any other US LLC arrangement. You have to take the good with the bad.
As for not making good money at Questrade, all I can say is that we are relatively new on the scene and that this deal has just been introduced. Most traders are struggling just as they are at every other firm. If a trader is making money on a consistent basis elsewhere they are giving the vast majority of it back to the firm. Take a look around, it's an achievement to be just left standing in this environment. Traders and firms with them are dropping like flies. Our goal with this offer is to lower the trader's risk in order to make them and keep them profitable while letting them keep 100% of their profits.
I checked your website... it says that this is a sample deal. Does it mean that you can go even lower? Let's say, I trade 1,5 - 2 mil shares a day. And what is that Laser - something like IB's SMART? What about your executioner - how stable it is?
there are many traders making big profits in this environment, don't be fouled, penny/rebate scalping is only a small microcosm of trading. As principal of a firm you should become better informed.
Curious to what type of trading you provide to new Prop Traders... Or is your goal just to take traders from Swift Trade?
The site says that this is a sample offer meaning that if someone wanted to do rebate trading this is the best deal we can offer. Our commisions don't get any lower. However if you wanted to jump around from stock to stock we could raise the per share and lower the per stock/side/day fee. If someone were interested in a different strategy then we could formulate a different structure for them. Depending on the trader's needs. Laser is our execution platform. It's stable and its fast. Call us or email and we can give you access to a demo if you like.