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Best equity commissions?
- Thread starter Hooked2000
- Start date
just know that you can get .003-.004 when you move a few million shares a month, maybe lower if you go to less stable firms. you won't get that at your current volume. firms know that guys that don't trade size and are already complaining about commission costs trading under 10K shares a month will most likely be a pain in their ass, thus if you have spoken to any so far and have mentioned the size you trade, most likely they have not taken you seriously.....you have no reason to switch until you put up the volume. for now, focus your efforts on building your system and quit looking for some deal to save you $1000 a month, which is chump change.
I guess to some people 12k a year is chump change. To others it is a AMG payment. To me right now, it means something. I don't understand logic of giving away money. Whether it is commissions or paying too much for a car, house, computer, whatever.
Thank you for your response. I would like to know where the bottom rate is and work my formulas up from there. But I do need to know what to expect.
Thanks again
G
Thank you for your response. I would like to know where the bottom rate is and work my formulas up from there. But I do need to know what to expect.
Thanks again
G
greg,
Why not start with Interactive Brokers and as volume increases you can demonstrate to another broker your size and push hard for lower rates. I've gotten the impression that Genesis negotiates rates pretty often, but I don't have a personal experience. 0.005 is pretty good unless you know you will be getting rebates alot via your methods instead of paying out.
Why not start with Interactive Brokers and as volume increases you can demonstrate to another broker your size and push hard for lower rates. I've gotten the impression that Genesis negotiates rates pretty often, but I don't have a personal experience. 0.005 is pretty good unless you know you will be getting rebates alot via your methods instead of paying out.
i currently pay .015 per share...thats 3 cents round trip.
this does not include sec fees, but does include ecn fees...
its an all in rate...we get no rebates. There are no min ticket charges or volume requirements.
So the other day I did mainly 50 share lots, maybe 100 on something like VLO.
Now i'm with a prop firm, but somebody tell me if this is
a) a fair deal
b) an unfair deal.
btw, we clear through genesis......
this does not include sec fees, but does include ecn fees...
its an all in rate...we get no rebates. There are no min ticket charges or volume requirements.
So the other day I did mainly 50 share lots, maybe 100 on something like VLO.
Now i'm with a prop firm, but somebody tell me if this is
a) a fair deal
b) an unfair deal.
btw, we clear through genesis......
IB's rates at $0.005 per share is awesome for smaller traders (less then 1 million shares a month) and hard to beat. Many fund pros pay a lot more then that.
Getting down to say $0.003 takes about 10 million shares per month. You can come lower but then you have to be among the really big players (millions of shares a day).
To get even lower you have to become a direct member of nasdaq, NYSE and ECN's.
Getting down to say $0.003 takes about 10 million shares per month. You can come lower but then you have to be among the really big players (millions of shares a day).
To get even lower you have to become a direct member of nasdaq, NYSE and ECN's.
it does include ECN fees:
http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc
http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc
People keep tossing around numbers without mentioning that almost all of these sub-0.005 rates are +/- ECN and SEC fees. This makes a HUGE difference. You have to compare apples to apples. If you do nothing but take Naz liquidity in ~$25 stocks, IB's rate is equivalent to $0.0015 at a firm that adds ECN and SEC fees, which is pretty incredible.