this is a division of ameritrade. feedbacks on this is really appreciated!! their commissions are really competitive.
freetrade.com
- Thread starter bladerunner
- Start date
I recommend them highly. Not sure if they pass muster for highly active daytraders. The most I put in is 5 trades in a day and that's rare. Trades usually fill immediately, but sometimes there is a delay of as much as 10 seconds but doesn't happen often. Fills are the same as many other brokers I've had. GL
If you read their page about how they intend to make money, you'll note that the last item they mention is that they get paid for order flow. Order Flow means that they have arrangements with certain market makers wherein they'll get a commission on your order, and that comes out of not giving you the best fill available. It also means that the market maker may be dealing with some securities more, or some less, favorably than others.
So if you're entering a position of 500 shares, let's say, I don't know what they get in the way of that payment, but let's assume the MM is kicking back one cent per share to freetrade. Then roundtrip, those orders will cost you $10.
So if you're entering a position of 500 shares, let's say, I don't know what they get in the way of that payment, but let's assume the MM is kicking back one cent per share to freetrade. Then roundtrip, those orders will cost you $10.
Like I said, I have not noticed any difference between fills compared to any other broker I've had. In fact I put in a market order yesterday to buy QQQ when the bid was 25.28, order was one of those longer ones, I was wondering why it didn't fill immediately, usually fill immediately. It took about 10 seconds to fill and I got 25.23 the low of the day. Later there was a bad tick at 25.21, so 25.23 was the low of the day and I got it in a market order. Just luck, yes, but fills are competitive.
I would also recommend FreeTrade. Great service, and the commissions are so low. I usually trade 1000-2000 share lots and haven't experienced any problems getting filled.