Looking for a new brokerage

Discussion in 'Online Brokers' started by status1, Jan 4, 2018.

  1. ethanscott

    ethanscott Member

    Understanding your classification as a trader is critical when you select a broker for day trading. As an active trader, you are likely comfortable paying $4, $5, $6, or even $7 per trade. You want low-cost trades, but a feature-rich platform or research is important to you too; therefore, you are willing to pay more. However, speak to a hyperactive trader or day trader, and you will find the platform/software design, research, and trade tools don’t matter; cost and execution talks while everything else walks.
    Because of this, our ranking in this category considers both types of trader, with the most significant factors being price, speed, and execution, as these are elements both have in common.
     
  2. status1

    status1 Well-Known Member

    So I ended up moving my account from Tradestation to Ally and traded there until recently so I wanted to mention that I am moving my account again from Ally to Fidelity
    Ally has some whacky way of reporting the SPX index fees They don't report it as part of the confirmation or trade transaction they report it on the monthly statement which makes it quite inconvenient because now I have to go back and edit the transaction cost to include the index fee as part of the trade
    So because of that I was already looking for another brokerage

    The final straw that made me decide to move was the last trade that I made in NDX
    I look to place a spread on the platform and looking at the weekly expiration in NDX it shows all zeros across the bid ask prices
    So because of that I could not place a trade since I cannot enter a price for the trade So I tried a workaround by doing a monthly expiration which had bid ask prices and than just changed the expiration date So that worked except I made a mistake and entered the wrong strikes since I was just trying things and not really wanting to place that trade So I figured no big deal I will just close the trade That's when I discovered a glitch in the platform
    It looks like when I placed the trade I entered the symbol as NDX which is normal since there is no difference in the symbols between weekly and monthly when entering the trade However in my account the symbol is showing as NDXP for the weekly expiration so when I try to close the trade I got an error saying invalid symbol "NDXP is not a valid symbol" which is contradicting the fact that the symbol NDXP is in my account

    So I had to call them up on the phone to place the order for me and of course they don't even see the problem since they are not using the system
    They said that will have someone look into it but I checked 2 weeks after it and nothing was fixed
    This is a major design flaw and I wasn't going to wait around for months or whenever they feel like fixing it
    Just around that time I saw a commercial for Fidelity where they were advertising $4.95 per trade so that pretty much made my decision
    I just have to wait a few days for my account to transfer
     
  3. Philb

    Philb New Member

    The commissions at Fidelity are pretty good, but I think they margin both sides of butterflys & condors.
     
  4. status1

    status1 Well-Known Member

    Are you sure about that ?
    Are you saying that if I have an iron condor with equal spreads on each side with $5000 at risk that they will charge $10K in margin ?
    I find that hard to believe
     

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