I just recently started scalping large amounts of shares. I have swing traded exclusively prior, so I must be on their shit list. I plan on scalping and moving large amounts of shares, maybe it's too late for me. They might look at the past 6 months to decide. I wish they see my recent trades.
Looking for another broker after Freetrade closes.
- Thread starter MRWSM
- Start date
this bs steve freetrade makes no amends for anyone. i did more trades with them than any person alive. when they introduced commission in oct 2001 i threatened to leave with my 300k a day shares they said good luck. i tried many times to get lower than the $1 a trade they said no every time. they know you can't get lower than $5 anywere and they won't bend . freetrades limits ahve alwasy sucked as they use 3rd market fills. almsot every time all other shares must be taken out on other exhanges before you get filled. as somebody says they msut trade threw you. but i don't belive this guy steven got the same commissions as before
Joey you might be correct, they turned me down flat, shot down in flames. They said they are not offering this option to anyone. So someone is telling a lie. I even offered to deposit whatever their requirement is and promised to move a huge amount of shares per day like I have recently but even more. No deal.
to joeyata1,
I gained nothing by posting a copy of my email from Freetrade, infact I was worried that if I post it on here it could hurt me as many would write to them with a copy of it.
And then to have you say BS ? Thanks :-(
I live in Houston Texas, if anyone of you wants to come to my house and read the email , just send me your phone number by privatye message. and I wil give you my address
I gained nothing by posting a copy of my email from Freetrade, infact I was worried that if I post it on here it could hurt me as many would write to them with a copy of it.
And then to have you say BS ? Thanks :-(
I live in Houston Texas, if anyone of you wants to come to my house and read the email , just send me your phone number by privatye message. and I wil give you my address
I believe you Steve.
I recently got a letter from Amertrade upgrading my backup acct. to Apex with free level-II, free wire transfers, free checking, free streaming news, free "advanced analyzer" (lol) etc.
When I looked up the Apex account requirements I realized that my trading did not come anywhere near the minimum requirements for Apex posted on their site for number of trades and account balance.
If fact, my activity in the backup account was very minimal.
So they are obviously marketing their products to people they consider as potential volume customers. I have no idea how they make that assessment.
Regardless, I'm going to be closing my Ameritrade account and shipping those funds to my IB primary. If find the Ameritrade executions to be very poor. IB executions seem instantaneous by comparison.
I guess it also bothers me that they are telling folks that no special offers are being made when its clear that they are.
Scott
I recently got a letter from Amertrade upgrading my backup acct. to Apex with free level-II, free wire transfers, free checking, free streaming news, free "advanced analyzer" (lol) etc.
When I looked up the Apex account requirements I realized that my trading did not come anywhere near the minimum requirements for Apex posted on their site for number of trades and account balance.
If fact, my activity in the backup account was very minimal.
So they are obviously marketing their products to people they consider as potential volume customers. I have no idea how they make that assessment.
Regardless, I'm going to be closing my Ameritrade account and shipping those funds to my IB primary. If find the Ameritrade executions to be very poor. IB executions seem instantaneous by comparison.
I guess it also bothers me that they are telling folks that no special offers are being made when its clear that they are.
Scott
I must admit that I'm a bit skeptical about your post, but I'll give you the benefit of the doubt.
Would you do us all a favor and email freetrade customer service and ask them why you're being given a preference? Then, post the customer service ID #, so that we can all jump on their ass.
You're on record here as getting a better deal than the rest of us, so you probably won't be able to injure your position any further than you already have.
i diasgree 100%. i've talked to rickets personally many times and he would never budge. and i assure you if you got a deal you wouldn't post it here you'd shut your mouth and not say a word as tons will email saying hey this guy got this i want it. belive me when i was with freetrade killing them i never told a soul as it'd screw me up. if you notice on here guys with low commisions never reveal anything. say what you want but i'm calling you a fiber. me and 6 firends were doing 10% of all amtd's total trades in 2002 and thats 3 million clients and they still said hell no . jsut like you steve why would they negotiate with you? they know you can't go anywere cheaper tand the business is barley profitable.
I was responding to the suggestion that IB should want to do these trades instead of the customer doing them someplace else.
The money has to come from somewhere. If they have to pay $17 to execute an order for which they charge only $5, they have to make up for it by selling the order flow to a MM (with resulting poor fills), posting the order somewhere so they can get a liquidity credit instead of taking liquidity from an existing bid/offer, charging $5 for a 100-share order (instead of the current $1) and having enough small orders to subsidize the costs of the large orders, etc.
Someone mentioned a broker charging $9.95 flat and giving per-share rebates, but probably forgot to mention that they charge for removing liquidity, too.
Ameritrade has been growing via the acquisition path for a number of years. Maybe they want to increase their margins and can do without the very low margined business, thus their decision to close FreeTrade. You call Steve23 a liar because you could not negotiate. Is that really logical? He reported that he got a letter with a deal. Maybe Steve was carrying a $500K average margin balance over the years he has been with them. Brokerage firms make pretty good bucks on things other than commissions. If you were a day trader then they made no margin money on you. Maybe your account generated a lot of headaches and they were happy to be rid of you. Obviously they would not tell you that. Anyway I think calling Steve23 a liar is a little uncalled for.
freetrade was making order flow in the avg of $1500 a day me alone. thats 300k ayear. i agree there's other things besides commission.ok i'm wrong and saying nobody else can get a deal because who knows. but i'm 100% saying anyone who got a deal would not say a damm word on a public chat board. if he got a deal freetrade would say say nothing or steve would ahve the brains not to start a firestorm with people hammering freetrade quoting steve got this rate i want it