As cheap as IB, but uses Real Tick

[Simba]

Hello Trader,

Just found this brokerage firm on www.DayTradingStocks.com, and I wanted to share this with you (I have no affiliation with these companies, nor do I have any direct experience with the software or brokerage).

If anyone has any experience with these firms, please post your comments.

The link (on DayTradingStocks) led to "Spectre Level IV", www.SL4Trader.com. The website states that the trade commission schedule is as follows:
1 cent per share (up to 1,000 shares) with a $1.00 minimum,
1/2 cent per share for each additional share over 1,000 shares.
This is almost as cheap as IB (Interactive Brokers), except at IB the 1/2 cent break starts at 500 shares; this would would make a trade of 1,000 shares or more $2.50 more than with IB.

What seems to be a huge advantage over IB is that the system is compatable with the following charting software:
Real Tick
Q Charts
E-Signal
Hyperfeed Orbit

Of course, the trader must have a subscription to one of these data vendors, and is responsible for the monthly fee.

When clicking on "OPEN ACCOUNT", it links to:
www.LetsGoTrade.com (apparently the broker).

Simba

 

[Turok]

(First, let's reiterate that IB is not for everyone and this is not an attempt to convince anyone that it is. It is merely an attempt at full honesty. Also, while a fan of IB, I have no association with them other than I can pay for my Beemer this year with what they have saved me.)


Hi Simba,

That is a really interesting (read misleading) thread title you've got there. In the interest of full disclosure, let's count the ways that this system *isn't* as cheap as IB.

1. By your own admission, the base fee structure isn't as "cheap as IB"

2. The website shows that ECN, Selectnet, Soes and listed fees are all passed through and can total as much as 1.25 cents per share (read DOUBLE the price) IN ADDITION TO THE ALREADY MORE EXPENSIVE BASE FEES. (There are NO IB pass throughs)

3. The only Direct ECN connections listed are with Island and ARCA. This limited selection of ECNs compared to IB will cost you in both slippage (lack of direct access to liquidity) and additional fees -- you will have to pay pass through Selectnet and ECN fees to access INCA, REDI, BRUT, MKXT. (IB connects directly to all these ECNs with no additional charge of course)

4. "Software licensing fees" are mandatory and run from $25 to $100 per month. (IB has no software fees)

5. The above software fees DO NOT include data charges. I quote from the same web page --

"Customers must maintain a subscription to QChartsTM Basic or QChartsTM Intermediate." (Basic = $80 per month, Intermediate = $100 per month)

6. And of course, for it to use Realtick as your thread title suggests is possible, you will pay the standard RT data fee (I pay ~$170 per month currently).

Nice try, but it doesn't even come CLOSE to competing with IB. Now, on the other hand, this broker might just be perfect for some traders even with the greater expense. Everyone must make those decisions for themselves -- me, I'll take the speed of all those direct connections and the Beemer.

JB