Any Success Stories When Negotiating Bank's Commisions ?
- Thread starter Nobert
- Start date
I tried Tradestation. The sales rep was open. But he continued with increasingly detailed requests. He ended up insisting on every trade I have done with timestamp on every trade. I gave him full overview of the amount of trading and commissions paid. He kept on insisting on every trade with time stamps. I denied.
I can see that he stopped working for Tradestation a couple of years ago.
Robert Morse
Sponsor
Check this out. My direct email is below if you have any questions. Promo Code: SUPER https://www.lightspeed.com/lp/big-game Please choose me as your salesperson.
https://www.lightspeed.com/open-an-account
https://www.lightspeed.com/open-an-account
@Robert Morse normally CQG charges .10 cents transaction fee for 1 micro but Lightspeed charges .35 cents . Do you pass on the whole .35 cents to CQG ?
Robert Morse
Sponsor
CQG charge for CQG Desktop billed through Wedbush futures for our clients is $35/Month + $0.35/fill, (Maximum Cost $625, includes mobile). How Wedbush Futures and CQG split that is not up to Lightspeed. The $0.10/fill is for other CQG products not Desktop or QTrader. As an example Sierra Charts & MultiCharts using CQG, Wedbush futures charges $20/Month + $0.10/fill. Lightspeed has no control of the FCM pricing for our clients of the software they enable and contract for.
Promo code? Hope this was a joke. You are better than that, Rob. By the way, I always get confused what you are doing here when your signature states that you work in "institutional sales".
Now that is a convoluted answer. So, your parent company keeps the 25 cents it charges for the desktop. Was that so hard to say?
It's like saying that I in the Microsoft Windows team have no say over why customers are charged 200 bucks for the OS when Linux is given away at a lower cost. Microsoft charges this fee and our windows team has no say over how much Microsoft charges and passes on to some midlayer providers.
It's like saying that I in the Microsoft Windows team have no say over why customers are charged 200 bucks for the OS when Linux is given away at a lower cost. Microsoft charges this fee and our windows team has no say over how much Microsoft charges and passes on to some midlayer providers.
I did. The tip:
1. Accumulate HUGE trading volume. I was trading a huge volume at the time and that was the no. 1 major deciding factor for them to give me a discounted rate because they know, if I walk, they will have a lot to lose.
2. Talk to a manager, at least one who's authorized to make the deal and not some low-level representatives who still have to speak to the manager. Preferably, talk to them towards the end of the day when they are in a hurry to go home and they are more willing to relent. LOL
3. You will have more luck with a brokerage or a bank that's not a discount brokerage already like IB or RobinHood which already have low commissions to begin with and there is not much room to maneuver. It's all about the bottom line for them.
But I was only able to negotiate successfully once in my whole trading career though. Those joints are really stingy and now with retail traders all flocking to trading, there might not be much incentive for them to accommodate you.
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OCC rebate when it hits - not common in retail, but fairly common in the Prime and Professional community. Generally, it is part of any beginning-of-year discussions. This year options were very active so if you are paying commissions it can be material. If you're trading for free, it's baked into the broker's assumptions.