these guys advertised a bit and ended up trying them out. on thing with them was they let me try them out with only 3K deposit. they have me on a tier starting at .007 down to .002 if i do over 3M. only been with them few weeks. they are at www.cygrouponline.com
150K shares/day. How much commission per 1000 shares?
- Thread starter bouncy
- Start date
bouncy i think you're full of you no what saying you're paying $6 a thousand for 150 k shares a day retail. i'd bet 10-1 there's no way you're overcoming 1k plus a day in commissions and sec fee's. you're on here fishing. if you were trading naz at $6 a thousand plus ecn fee's you'd be at about .008 or $1400 a day including sec and ecn fee's. what firm is charging you .006 a share for 150k shares?
He didn't say he was paying ECN fees - only SEC. If you take a lot of liquidity, 0.006 isn't all that bad, but there is better, as others have pointed out.
http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc
shows you can get a "bundled rate" of $0.005 all-in ($1 minimum per order) with no minimum volume/month, or "unbundled rate" of $0.00215 plus ECN/SEC/NASD/etc. fees for the first 3M shares per month, $0.0015 for every share over that ($0.70 minimum per order). These are for orders entered manually through TWS and some API-entered orders.
http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc
shows you can get a "bundled rate" of $0.005 all-in ($1 minimum per order) with no minimum volume/month, or "unbundled rate" of $0.00215 plus ECN/SEC/NASD/etc. fees for the first 3M shares per month, $0.0015 for every share over that ($0.70 minimum per order). These are for orders entered manually through TWS and some API-entered orders.
Depends on his style of trading. If he trades penny Naz stocks for size and just plays the spread all day long (aka rebate trading) then the volume makes sense. It's not that hard to make a penny or two on 10K share positions several times throughout the day. It's just mentally draining.
i trade more volume than i should given my style, probably. who doesn't? my bad days i always push to make back losses too hard and often overtrade them, ending the day trading over 250k shares. on a nice clean day, i often trade under 150k shares.
my style isn't to trade penny stocks, but i don't want to get into it any more than that.
i am getting a mixed signal here: the above post says IB basically would charge me $5/1000 shares for 3M a month, which isn't close to the $3/1000 shares quoted earlier - but IB is one of the main companies out there, from what I can tell at least.
So, is $5/1000 shares the actual going rate for my volume of 150k shares/day?
my style isn't to trade penny stocks, but i don't want to get into it any more than that.
i am getting a mixed signal here: the above post says IB basically would charge me $5/1000 shares for 3M a month, which isn't close to the $3/1000 shares quoted earlier - but IB is one of the main companies out there, from what I can tell at least.
So, is $5/1000 shares the actual going rate for my volume of 150k shares/day?
def
Sponsor
IB offers 2 rates, bundled and unbundled, the bundled rate is .005 per share. However, this includes SEC fees. The unbundled rate starts at .0035 and slides down to .001. On top of that you have all other charges and rebates. The package our clients choose is dependent on their type of trading as some styles will benefit with bundled and other unbundled. The .003 mentioned earlier most likely doesn't include the additional SEC and/or other fees an exchange may charge.
While IB's rates are competitive with anything out there, there is a lot more to consider besides commissions. Execution quality, interest, margin, financial security, etc are significant factors often overlooked in such conversations as these.
Quote from bouncy:
i am getting a mixed signal here: the above post says IB basically would charge me $5/1000 shares for 3M a month, which isn't close to the $3/1000 shares quoted earlier
There are two rate plans at IB.
$0.005 is the all-in rate with no additional fees or rebates, and no minimum monthly volume.
The unbundled rate ($0.00215 at 3M/month) is before adding ECN/SEC/NASD/etc. fees and subtracting ECN rebates.
If you do nothing but take liquidity in Naz stocks, $0.005 bundled is a good deal, equivalent to an unbundled rate of about $0.0015 if you trade $30 Naz stocks.
$0.005 bundled is a great deal if you take liquidity in expensive Naz stocks. For example, trading GOOG, IB's all-in rate is $0.01/share for the round-trip. With an unbundled plan, ECN fees would total $0.006 and SEC fees would total $0.0116, for a total of $0.0176 (i.e. IB's losing $0.0076/share on you at $0.01 round-trip).
BTW, I routinely see rates quoted as $x/1000 (instead of $0.00x/share), particularly from firms that have been in business for a while. It's certainly easier to say "6 bucks" than "dot zero zero 6"
i am getting a mixed signal here: the above post says IB basically would charge me $5/1000 shares for 3M a month, which isn't close to the $3/1000 shares quoted earlier
There are two rate plans at IB.
$0.005 is the all-in rate with no additional fees or rebates, and no minimum monthly volume.
The unbundled rate ($0.00215 at 3M/month) is before adding ECN/SEC/NASD/etc. fees and subtracting ECN rebates.
If you do nothing but take liquidity in Naz stocks, $0.005 bundled is a good deal, equivalent to an unbundled rate of about $0.0015 if you trade $30 Naz stocks.
$0.005 bundled is a great deal if you take liquidity in expensive Naz stocks. For example, trading GOOG, IB's all-in rate is $0.01/share for the round-trip. With an unbundled plan, ECN fees would total $0.006 and SEC fees would total $0.0116, for a total of $0.0176 (i.e. IB's losing $0.0076/share on you at $0.01 round-trip).
BTW, I routinely see rates quoted as $x/1000 (instead of $0.00x/share), particularly from firms that have been in business for a while. It's certainly easier to say "6 bucks" than "dot zero zero 6"
Anyone else getting sub .003 with a series 7 at a prop firm? I average 3 million a month, what rate can I negotiate for ?