Best broker for day trading SPY ETF

[bojangle]

Hello, i want to start trading the SPY instead of the ES. which broker would you recommend based on quality, cost and reliability? Thanks.

 

[rmorse]

Quote from bojangle:

Hello, i want to start trading the SPY instead of the ES. which broker would you recommend based on quality, cost and reliability? Thanks.

In a portfolio margin account, you can trade SPY with 6% to 8% margin. My firm, Victor Securities offers professional platforms and DMA access with good rates based on volume through Penson Financial. We also offer futures trading through Penson Futures if you'd like to trade both.

Bob

 

[chaosclarity]

Interactive Brokers is good.

 

[Visaria]

May I ask why you would switch to to the ETF from the future?

 

[FreakofNature]

Quote from Visaria:

May I ask why you would switch to to the ETF from the future?

Perhaps to reduce leverage due to higher volatility

Just a thought

 

[tickmagnet]

I trade with OH , good commissions and platform.

 

[lindq]

Quote from Visaria:

May I ask why you would switch to to the ETF from the future?

One penny spreads, that's why.

 

[ScalperJoe]

Quote from bojangle:

Hello, i want to start trading the SPY instead of the ES. which broker would you recommend based on quality, cost and reliability? Thanks.

I believe Fidelity offers commission free trades on the IVV, which is the I-shares S&P 500 ETF that mimics the SPY.

 

[rmorse]

Quote from ScalperJoe:

I believe Fidelity offers commission free trades on the IVV, which is the I-shares S&P 500 ETF that mimics the SPY.

Every firm that offers free ETF trading has restrictions:

Are there any restrictions on the commission-free ETF trades?
The commission-free trades on the 30 iShares ETFs must be done online at Fidelity.com, Active Trader Pro, Wealth-Lab Pro, or through Fidelity's wireless channels. Commission-free trades apply to all buy and sell transactions on eligible iShares ETFs. All iShares ETFs are not margin eligible for 30-days from settlement, similar to mutual funds. For margin customers, positions will automatically become margin eligible in their account after 30 days from settlement.

 

[KINGOFSHORTS]

Quote from rmorse:

Every firm that offers free ETF trading has restrictions:

Are there any restrictions on the commission-free ETF trades?
The commission-free trades on the 30 iShares ETFs must be done online at Fidelity.com, Active Trader Pro, Wealth-Lab Pro, or through Fidelity's wireless channels. Commission-free trades apply to all buy and sell transactions on eligible iShares ETFs. All iShares ETFs are not margin eligible for 30-days from settlement, similar to mutual funds. For margin customers, positions will automatically become margin eligible in their account after 30 days from settlement.

That pretty much kills day or swing trading. A few trades and your account practically becomes a type 1 cash account.