I emailed Izone with a complaint about one particular instance of poor execution, and they did not even bother to reply.
I then called Ameritrade, since i still have a small account with them, and on the phone they said that even though they used the same clearing company, the priority for the execution of the trades, was higher for Ameritrade.
When Izone was Freetrade, I hardly ever saw delays in the execution of an order.
Two recent examples of delays:
MLNM: On Jul 21st I wanted to buy MLNM at $10.40, I placed the order, and MLNM traded under my bid price before it went higher. My order was not executed until I increased my bid to $10.46 On Jul 22nd, I tried to sell MLNM at 10.59, 10.53 and finally gave it away at 10.41.
RNAI: On 7/26th, Placed an order to buy 4.45, increased it to 4.47, then
4.50 and then gave up. I was too upset to keep chasing the stock. Then RNAI went to 5.60, making this situation a double grrrrr for me.
In all this cases, I was able to see the stock trading at my price level or at a price in which my bid or offer would have been the best, with no execution by Izone. With Freetrade, I never saw any such outrageous delays or flagrant poor executions.
There must be a reason why Izone does not offer the Quote Scope as Freetrade did or as Ameritrade does. Quote Scope allows you to buy and sell with just one mouse click over the Level II price at which you want to buy or sell ur stock.
The thought that they want to get rid of the smaller accounts has crossed my mind.
I have not left Izone for another broker because I am looking to switch to Forex altogether.
