Commisionless brokers

[SteveH]

short and wrong.

1.you didn't even ask how they handle monies. don't even consider if you have to make out the check to them instead of a well capitalized clearing firm.
2. you didn't suggest to look at their balance sheet.
3. you didn't suggest to check for customer complaints.
4, term longer term trader is likely an oxymoron
5. for some traders longer term is 2 minutes.
6.if you don't trust a firm with a market order it is the wrong firm period.

Robinhood is fully insured. You get cash back up to 250K from your account if they go under and no entity is going to be taking your stock held in street name out from under you. It's a name change in a ledger if it comes to that. There's no Jon Corzine thing going on here because there's no futures accounts from which to pilfer.

My answer is correct. Don't daytrade with them, use limit orders and you'll get what you want as price trades through your order.

"Trust" has nothing to do with market orders. You put one out there and you're advertising, "I'm here! Please screw me!" You get what you deserve.

Everyone knows that IB is conservative, solid, has competitive commissions and virtually trades anything on the planet. But the OP didn't want that. He wanted free and RH is going to be as good as it gets at that level.

 

[FSU]

On my option exchange maker/taker fee schedule C2 in general provides the best rebates for adding on single leg orders. The BOX charges $0.05/options for public customers. https://boxoptions.com/fee-schedule/

I see the same thing Bob, C2 gives .42 cents back on single leg equity customer orders adding liquidity in penny classes, which is the best of all the exchanges. On non penny classes, Bats and Pearl are the best at .85 with C2, Nasdaq at .80 rebates (as of December).

 

[ajacobson]

interesting offer. Bob can you elaborate on this.



GET OFFER




Lightspeed Trading offers robust brokerage and technology solutions for the sophisticated trader. Through their proprietary software and third-party relationships, they offer both out of the box and custom trading solutions to meet your trading needs. Their experienced desk offers unique platform insight and top-notch customer service, all with an ultra-competitive pricing structure. Committed to their clients and continually investing in the latest trading technologies and tools giving their customers the edge they need. Put simply, Lightspeed is the broker for the sophisticated, active trader.

 

[Robert Morse]

https://www.lightspeed.com/10k-2018/

OPEN A NEW ACCOUNT AND Get up to $10,000 Cash Back

• Open a new account and Lightspeed will rebate 50% of your equities and options commissions for the first three months up to $10,000 cash back
• Offer available to new customers who utilize any of our DMA trading platforms (Lightspeed Trader, Sterling, or RealTick)
• Use promo code “10K2018“

Promotion period starts the day the account is opened and ends after 90 calendar days. Rebate will be deposited directly into your Lightspeed account within 45 days of the end of the promotional period. Cannot be combined with any other offer or discounted rates.

Offer available to new customers only. Only NASDAQ, AMEX, and NYSE listed stocks, and listed options contracts, are eligible. Does not apply to non-exchange listed stock, i.e. OTCBB and Pink Sheets. Does not apply to accounts using WebTrader. Account must be funded with, and maintain, a minimum of $25,000 in equity at all times during the promotional period. Rebate does not apply to routing or regulatory fees.* $1 minimum.

 

[Robert Morse]

If anyone here does not have an account with us and wants to give us a try, go to this link, sign up for an equity/option account (Cash, margin, DT margin), choose your platfrom and Robert Morse as your sales person. Minimum account size is $25,000
https://secure.lightspeed.com/AccountOpening/step1.php
Domestic PMA is a different link ($175000+) Email me and I will send you that.

Foreign accounts are done with paper applications. I can help you get the right one if you email me. I can also help choose a platform if I know more about you and your trading.

Bob

 

[qlai]

Offer available to new customers

Hate it when companies do this! Cable companies do this all the time. What message does it send to existing customers? Why not include existing customers to enjoy temporary perks? Practically forced me to cut the cord! I understand it's not your call Robert, just venting .

 

[Robert Morse]

Hate it when companies do this! Cable companies do this all the time. What message does it send to existing customers? Why not include existing customers to enjoy temporary perks? Practically forced me to cut the cord! I understand it's not your call Robert, just venting .

The purpose of these promotions is to give a new client the opportunity to try our services. As is, for a Direct Market access broker, our base stock rates are among the lowest in the industry and the same for our option and futures rates.

 

[KellZho]

I came across a broker that I never heard of before at RobinHood.com. They don't charge any commisions for trading. Is anybody using them, If you are how is they're service?

scataphagos, thanks for the reply. It makes sense.

I also have a question. I have heard that IB has one of the cheapest commissions. If you have an algo that makes lots of trades, even that $0.005 per share commission adds up and makes a big amount. Are there brokers that charge you a fixed monthly with unlimited trades?

The firm I trade through offers sort of fixed monthly trade fee, but there is a breakdown by trade volume; still it turns out a good deal.