Quote from Kleiner:
Does this help?
Cobra is a ripoff guy.
1) Thier per share and per trade rates APPEAR to be decent
until
2) you realize taht they actually CHARGE you for the ECN fees even if you ADD liquidity. (unless of course you fall into their small print at the end of being an active trader, in which they GRACIOULSY give you back the rebate).
3) In addition to taht, you have software fees up the wazoo if you are a swing trader who does not do the volume they set forth depending on the software you want.
Man, some of these sites are freaking funny man. Its like Questrade basically, when I called them and grilled them only to find out the same thing...that ECN fees are ADDED to the per trade fee.
For anyone who doesnt realize this beware.
You must always look at the per trade and per share commission and then SEARCH the site to see the ECN fees and waht they are and ADD those fees into your trading in any comparison you do. And then ADD software fee projections to that if you can project just how much you will trade.
A lot of these sites look cheap until you factor in their crooked behavior of charging the ECN fees, when in fact they are pocketing any rebate you are getting AND charging you at the same time. In essence double dipping. Its absolutely disgusting and crooked and its unfortunate for those that dont know this and get caught thinking they are getting a great rate, when in fact, they are not.
Beware.
