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Brown & Co
- Thread starter chasinfla
- Start date
I did 6 months ago as a second account. It had a browser based interface and no routing abilities. Great customer service, but $10 stop and limit orders, $5 market. I wouldn't use them for anything but swing trading, and even then it's a pain moving stops manually through a browser. They said they were working on a better front-end though.
Ive had Brown as my retail customer accoutn for my long term trading for over 15 years...I had never used the net version until recently when I decided to try "investing" again...and found their fills to be the worst ever. Hoenstly, I dont know how it compares to other discount net brokers. I have a feeling they all work the same: they send their orders to regional, smaller exchanges. They told me they do this because it is cheaper than NYSE. That may be true - but we get HORRIBLE fills! Twice in a week, I had to call them to complain about my fills. I knew where I should have gottent he stock because I am also a daytrader and see every trades that happen. They were off by more than $1 on one occassion and 50 cetns on the second. Thats because it went to the regionals, they said..and that they would have corrected the price even if I did not call them...lol...Yea right! This problem goes for the options too. I had to complain about 2 options fills because of bad fills...and they did correct them. But if you are not aware of what is going on..or away from desk...or whatever...in other words, if you are just another "Joe the farmer".....you are in BIG trouble with terrible fills.
I asked them if I can preference my order to NYSE, for example... or CBOE for my options.... they said I can but it will cost me something like $35 for stocks and whatever for options..at that point, I hung up.
I asked them if I can preference my order to NYSE, for example... or CBOE for my options.... they said I can but it will cost me something like $35 for stocks and whatever for options..at that point, I hung up.
I've had exactly the opposite experience of DayTraderNYC. I was a Dreyfus customer, moved to Brown in the take over. Once I click the submit button, I count to 5 and then check executions. I am always filled and within 1 cent of bid or ask I was looking at when I submitted the order. Matters not whether it is big board or naz. I am swingtrading an IRA, btw, not scalping or daytrading.
wow. ok. keep em coming if you got 'em.
I think the deal with regionals is some sort of kickback thing. I know the Cincy was paying for what they 'transaction data' or something like that. I never got too familiar with the details. I also read that the regs were 'looking into' the practice.
I think the deal with regionals is some sort of kickback thing. I know the Cincy was paying for what they 'transaction data' or something like that. I never got too familiar with the details. I also read that the regs were 'looking into' the practice.
I used Brown & Co back in 1997 and 1998 and did alot of short term trading with them and was very happy with them until I started getting those absurd fills that were WAY out of line with the time and sales and what I SHOULD have gotten...This was also before the whole stock game was so popular and Brown & Co was the most competitive on price and commissions at THAT time...I don't know how they are now or what the service is like...But I did like their overall service and the firm itself...Much better experiences with them than most other firms I have been with...
I personally invest through Brown & Co. (nothing to do with Schindler Trading). I picked them because they had the best commissions years ago and I stick with them because I can write checks on my account.
If it weren't for the checking I would switch to Interative Brokers. IB pays better interest on cash balances.
Brown & Co. also has the advantage that you can purchase bonds and mutual funds through them.
If it weren't for the checking I would switch to Interative Brokers. IB pays better interest on cash balances.
Brown & Co. also has the advantage that you can purchase bonds and mutual funds through them.
Oh yeah, I also stick with Brown & Co. because years ago George Brown approved me for writing naked options. I don't want to go through the hassle of getting approved for this again somewhere else.
Brown & Co. has good rates on option trades.
I've always gotten good fills from Brown & Co. but as someone commented, you can't route your trades anywhere in particular.
Brown & Co. has good rates on option trades.
I've always gotten good fills from Brown & Co. but as someone commented, you can't route your trades anywhere in particular.