Please report back when you figure out. I often have same issues
Why I did not get any rebates
- Thread starter Dna7272
- Start date
What they did was they held your limit orders on their server instead of sending them right away to the exchanges that they were direct-routing to claiming that they were not at NBBO and then as soon as your order price matched NBBO, they released your orders right away to the exchanges and because your order price instantly matched the NBBO and it was your broker releasing your orders at such last minute to the exchanges hitting the price there, even though your orders were liquidity-removing orders originally, the exchanges considered them as liquidity-taking orders because they were not sitting on the exchanges before already and instead was sent to the exchanges at the last minute. So basically your broker just turned your liquidity-removing order into a liquidity-taking order and you not only lost your rebates but actually ended up paying higher rebates as many exchanges charge higher ECN fees for liquidity-taking orders than liquidity-removing orders. Yeah pretty shitty I know. I used to dispute with IB all the time over this kind of shit that they pulled but they ignored me because they don't give a crap. This shit that they told you to let them know if it happened again? That's total BS! They know what they were doing.
I have encountered this many times with Interactive Brokers I used to get good rebates from IB for liquidity-removing orders too until they did what I explained to you above to charge me ECN fees just like your current broker. I understand you want to protect them trust me, you don't need to protect them. They are not as nice as you think they are. What they did is pretty unscrupulous just like IB and I am sure you are not the only one that they did this to.
Bottom line: All those brokers are just there to make $$. The more they screw us traders the more money they make. It's simple as that. If you don't like what they did, leave them. Vote with your wallet!
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It's no use. It might work in some cases but I used "Post Only" every time when direct-routing my orders to the exchanges that I wanted to route the orders to with IB and I still got charged the higher ECN fees for liquidity-removing orders. As long as the broker releases the order at the last minute and it "hit" the price that was on the exchange, the exchange will claim that it's a liquidity-removing order and you will be denied the rebates.
You can get money if your order is a limit order, considered adding liquidity to the exchange and subsequently getting hit.
Good lord. Imagine if that sort of thing existed for the CME. Frak!
It's not always that good. See the wonderful things that brokers can do to deny you those rebates and keep them all to themselves as I explained above. For every rebate you get, you end up paying back lot more. Trust me, you didn't miss much.
Well, that is the thing. The CME does not have that bit. Rebates and whatnot.
You always answer so fast to my post and you always miss my edits. LOL
Well, I am about to find out who or what ChipshotTrader is I think. we're trying to set up a Skype. Very exiting, this interactions with humans.
Is that vanity?
If it's true then that is very sad. It means there's no real direct access brokers for retail traders. Now it feels that Robinhood isn't that bad after all.