So, cutting thru the attempt at glossing over things. One would have to withdraw cash from Schwab if they currently have over $100k spread across a cyber & schwab account in cash & want to keep SIPC protection. This integration is real great. kill the API, kill basket trading, non-realtime position screen, horrid routing, shorter trading day, etc, etc, etc and this was for our benefit right? A couple weeks ago when the dow screamed up during the late afternoon several hundred points, I could easily get into the CT website near the market close & couldn't get into schwab.com. I guess putting your high volume, ultra fast traders in with every long term once a year investor who keeps refreshing schwab.com to get quotes is to our benefit too. To be frank, you CT people would have much more credibility if you were just outright & honest with what we're going to lose. Give us a full list. You guys have it. You're doing the integration & deciding what not to do.
I'm not sure why you feel I'm 'glossing' anything over--I'm not the boogeyman, I'm actually trying to help. You can withdraw cash if you like, but again, if you hold money market funds, they are NOT considered cash positions, but rather securities. The integration is going smoothly. However, if you trade using API or baskets, then I apologize as I'm not so sure we will keep your business. I assume that there was a problem with your platform when the Dow was screaming up several hundred points. Our high volume, ultra fast traders use CT Pro/SS Pro 99% of the time when trading. With all-time volume at the Nas and NYSE, you probably will run into a delay when trading on a web-based platform (and Schwab wouldn't be the only broker experiencing a delay). In order to avoid 'glossing' over anything, I have a list of items that will (almost certainly) not make the migration to SS Pro. This is a partial list and I will provide more when I'm given additional details. Baskets API Trader Order Flow Hammer Executed ECN Orders Open ECN Orders Thanks,
Your assumption is invalid. I had 2 web browsers running. The schwab website login started & stalled. I logged into the CT web site & I got right in & zipped around the site. The Schwab website eventually responded but was extreeeemely slow. You have logs. Look at the response times before blaming the customer. And, if I really must defend myself for going into the Schwab website instead of putting the order in thru SS Pro, I went in the website to confirm my commission charges (which rose after being told they would remain what they were with the Schwab CT Pro account when that integration was done). Remember that promise? Let's hear some more about order routing. That's what traders care about. Will all orders passed thru StreetSmart Pro by CT clients after the integration go to a market maker before hitting the market? And will it be for all orders of stocks on NYSE, AMEX, & NASDAQ? And, if yes, is that really direct access?
Seaside, Consider using CT Pro or SS Pro (w/hot keys) for the quickest executions possible. Since we're splitting hairs regarding order routing, market makers and web-based browser delays, I would again advise you to use those platforms and execution types for split-second executions. I can tell you that neither Schwab nor CyberTrader have raised their fees. The only caveat that I can think of is you are considered a 'non-active' trader who trades less than 120x/yr or 10x/month---in that event, your rates are $12.95 for the first 1000 shares and $.015 thereafter. Otherwise, there was a mistake on the account or you were charged SEC fees or the like). That was our promise and let me know if things don't work out for your account. As for order routing, orders sent through Smart Ex will route through a market maker. In order to trade direct, I would advise using ARCA as an option (direct access) and allowing their order type to sweep the market. Thanks,
Smart Ex seems misnamed. LOL. Maybe Dumb Ex would be better or RipMeOff Ex. Other than ARCA, is there a "smart" routing option that doesn't just hand the order off to a MM?
Look people! CT is basically going to Ameritrade+1. This is a holy shame and I know about this first hand. I was one of the traders contacted about the concern of this change over. I was told that if this change over was going to upset the top accounts that it would not happen, yet it seems to be a full fledge forward to do it. I don't know how to say this any lighter with the current advisement and explanation of what will happen. Someone needs to tell the top guys this is a HUGE ASS MISTAKE!!! I am not going to waste time pointing out the obvious issues of the transition for I am sure its known over and over. The top dimbwits running this change over should call a spade a spade and quit the scherade. My best advice would be leave CYBERTRADE ALONE THE WAY THAT IT IS! It pisses me off that the top big wigs think they can cost cut by changing sheeeeet that they not know a damn thing about! If this goes through I can bet """my ass""" that the one that is pushing this will have a new job within a year after the transition. NOTE TO BIGWIGS: Want to cut cost and make more money? Forget the damn cost cutting horse crap and move your users into the current Cyber set-up. You will gain more traders/investors, and make up for it by commissions and fees. Go threw with this weak ass integration and consider your job on notice. P.S. Cyber Rep you have been nothing less than helpful on keeping us up to date. This is more than we ever hoped from the top Schwab slackies running this train wreck. Final saying: Leave Cyber alone or kiss the CyberTrader target client goodbye!!! I wonder if the guys that construed this demise where the ones buying up all that Sub-Prime debt? It truly seems like the same mentality. Do the peeps in charge of this remember the classes they took about "target market" and demographics? I think I have said enough. Good luck to all on this quagmire.
My feelings exactly. They probably brought in some newly-minted MBA consultants who charged them millions to come up with this dumb idea. I have yet to hear a reasonable explanation for why they are doing it. How much money can they possibly be saving? It's not like they had to invent the cyber platform. They already had it, and everyone pretty much concedes it is the best platform around. so they ditch it, spend money to spiff up their own crappy platform and generate enormous ill will. Unbelievable.