This thread is pretty much for my own benefit, just in case I ever consider going back with them after forgetting the issues I've had. First, frozen quotes. I was constantly distracted having to look at time and sales trying to figure out where the current trades were occurring because there was either a stack of frozen bids or asks. Second, when you first enter a stock in a level 2 box, the ecn order times are all listed as the current time, not the actual quote time. Probably not a problem for all traders, but definitely an issue for me. Third and most importantly, order routing. Let's say there are 300 shares bid at 10.50, 300 at 10.51 and 300 at 10.52 and I want to sell 900 shares. I would expect to place a sell order of 900 shares at 10.50, and get filled immediately unless someone beat me to it. However, with Cyber's order routing, I would get filled 300 shares at 10.52. Then 2 seconds later I would get filled my second 300 shares at 10.51. Then another 2 seconds later I would get filled my final shares at 10.50. No kidding, this is really how it works. I even had a trade where there was a market maker bidding fewer shares than I wanted to sell. I placed a CyberExchange order to sell all of my shares at that price, and my entire order was sent to that market maker, who filled his displayed size...and the rest of my order was canceled. A good routing algorithm would have seen that there weren't enough shares being bid, and would have only sent an order for that amount to the market maker, with the rest being sent as a limit order through island or another ecn. Other than that, they were great!
Do CyberTrader charge a minimum of $1 fee for each partial fills (on the same day) of a single order?