I heard Andover is charging prop traders 6 cents per share commission + software + pass thrus! Trader keeps 100% of profits and has to put up 10K.
Can someone verify this as it seems exorbantly expensive, especially as previous posts on this thread mention much more reasonable rates.
I trade prop at Andover, NY. .006 + ECNs + SEC & NASD pass through fees. No software or sitting fees. Bullets $25/ thousand. Unlimited buying power (theoretically $20 million), 100% payout. Only put up $10 thousand. Came in with 2 year prior experience and expectation that I would trade decent volume (about 3 million per month).
I scalp NASDAQ stocks but they do NY also which I believe works out to be cheaper, but am not sure. Before I decided on moving (about 4 months ago) had to do some negotiating to get this rate but seems to be pretty much standard rate at most firms now. I will probably be negotiating to see if I can get it down lower since the competition is offering better rates, rumors are .002 for 6 million shares a month. You MUST keep informed on other companys rates and then negotiate your own rates down.
Every Andover office is pretty much free to set their own rates and squeeze for whatever they can get.
All ECNs are .005 except 2 of them, (INCA & BRUT I believe), so all together it works out to less than .01.
We should start a separate thread where everyone can post the rates they are getting at their firms. By keeping rates hidden from the public the customers are the only ones getting screwed, I'd still be paying .025 per share if I wasn't willing to negotiate and jump from firm to firm.
The rate sheets they'll show you that are supposedly written in stone are worthless, they'll negotiate if you ask, specially in this environment.
Good Luck.
Can someone verify this as it seems exorbantly expensive, especially as previous posts on this thread mention much more reasonable rates.
I trade prop at Andover, NY. .006 + ECNs + SEC & NASD pass through fees. No software or sitting fees. Bullets $25/ thousand. Unlimited buying power (theoretically $20 million), 100% payout. Only put up $10 thousand. Came in with 2 year prior experience and expectation that I would trade decent volume (about 3 million per month).
I scalp NASDAQ stocks but they do NY also which I believe works out to be cheaper, but am not sure. Before I decided on moving (about 4 months ago) had to do some negotiating to get this rate but seems to be pretty much standard rate at most firms now. I will probably be negotiating to see if I can get it down lower since the competition is offering better rates, rumors are .002 for 6 million shares a month. You MUST keep informed on other companys rates and then negotiate your own rates down.
Every Andover office is pretty much free to set their own rates and squeeze for whatever they can get.
All ECNs are .005 except 2 of them, (INCA & BRUT I believe), so all together it works out to less than .01.
We should start a separate thread where everyone can post the rates they are getting at their firms. By keeping rates hidden from the public the customers are the only ones getting screwed, I'd still be paying .025 per share if I wasn't willing to negotiate and jump from firm to firm.
The rate sheets they'll show you that are supposedly written in stone are worthless, they'll negotiate if you ask, specially in this environment.
Good Luck.
