Hello all.
I'm not allowed to open an account with a firm if it's not locally registered with our country's SEC directly, so pretty much every company is out, I either have to go with Saxo or move to Europe. I currently trade in a stock market where daily volume is ~$1.5 billion, so it's a little illiquid.
I'll start with $250K and I qualify for Saxo's active trader criteria.
For US stocks, they charge $6 flat fee if you buy less than 1000 shares and $0.007 per share if you buy more than 1000 once. This is already a good deal for me, but there's no harm trying to lower my costs.
This would work great while trading stocks like Apple and Cisco in huge quantities, but if I buy 300 shares of a $8 stock I'd be paying $6 for $2400 worth of trade. That's a lot in terms of percentages.
Saxo also charges 3.5% CFD financing fee for all markets while IB charges 1.9% for US (they charge A LOT LESS than 1.9% if your volume is big) and a lot less for some other markets. As far as I know, their costs are pretty much the same on this (don't they borrow at the FED rates?), but it doesn't mean Saxo will get close to 1.9% if I push hard enough.
What do you think?
I'm not allowed to open an account with a firm if it's not locally registered with our country's SEC directly, so pretty much every company is out, I either have to go with Saxo or move to Europe. I currently trade in a stock market where daily volume is ~$1.5 billion, so it's a little illiquid.
I'll start with $250K and I qualify for Saxo's active trader criteria.
For US stocks, they charge $6 flat fee if you buy less than 1000 shares and $0.007 per share if you buy more than 1000 once. This is already a good deal for me, but there's no harm trying to lower my costs.
This would work great while trading stocks like Apple and Cisco in huge quantities, but if I buy 300 shares of a $8 stock I'd be paying $6 for $2400 worth of trade. That's a lot in terms of percentages.
Saxo also charges 3.5% CFD financing fee for all markets while IB charges 1.9% for US (they charge A LOT LESS than 1.9% if your volume is big) and a lot less for some other markets. As far as I know, their costs are pretty much the same on this (don't they borrow at the FED rates?), but it doesn't mean Saxo will get close to 1.9% if I push hard enough.
What do you think?
