Recmmendation of broker for large amount of small orders

For example, I may need to adjust all my positions of sp500 companies on close every day. That will be 500*21=10500 orders per month. If I do this with IB, then I will be charged at least 0.35*10500=$3675 per month

I know there are some FREE brokers, but I am not sure if they can still be free for so many orders per month.

I am looking for a good broker with API, no/very low minimum charge per order, low commission and better low margin fee.

Thanks.

 

You don't give necessary basic details to answer the question...

 

i would also like free commissions and low cost, low margin, no account balance and a loaner car would be nice. maybe a bently for me and poopy each.

 

no you don’t need that nor any retail brokers would offer.

for daily rebalancing spx etf, it is the job of custodian and/or trading algo. commissions are the cheapest part of the consideration.

give state street a call, they can discuss that with you.

 

Why don't you go with IB's zero commission plan? If your reply to this is that the order execution is worse: I don't think so, at least not by a lot. There were studies confirming this that were discussed elsewhere in this forum. You didn't specify your projected order size. For larger orders, the zero commission plan might not be the best. Also, I'm not sure if you meant to say "near the close" or indeed "on close" is in MOC orders. To my knowledge, the usage of MOC orders is limited in most zero commission plans.

 

Thanks. I think IB zero commission plan is only for people who only trade a few times a week. If volumes go up they will put you on pro plan. Am I right. Yes, I use MOC... Where can I get the the unlimited MOC plan?

 

I kind of go through my trades and now the requirement is lowered. Hope someone can recommend a broker.

* low or no commission fee on MOC order with volumes to 200 symbols/trades per day.
* able to borrow and short stocks
* has an API to support MOC order

That's all. no requirement on margin fee or interest rate.

thank you all

 

if you are a special needs kid, go to a special needs school, but nothing is free though i am afraid.

 

You don't have to say anything if you have nothing to say. hope your mom taught you that

 

did you reach out to state street or bny mellon? i was taught that if there is an urgent problem, i need to find a solution, making cold calls is a start.