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11-08-2011, 04:53 AM #1
Best Per Share Commission Rate Brokers?
I am absolutely done with Scottrade. I think this platform is perfect for someone who makes a trade every 6 months for entertainment purposes, not to make money. It's for kids to play with and lose money. I'm looking to move, but before doing so, I want to do extensive research.
Anyone know of a good broker who charges per share traded. For example 1 Share cost of $0.00030 type thing. Usually minimum trade of 90cent, but for 99% of trades, you pay little less than $2-$3 dollars. Many times, I'm in a scalp position, and can easily lock in a fast $20 dollars in under 5min, but because of my overhead (Commission $14), I end up holding, and in return turn a positive trade into a bag holding trade, and lose anywhere from -50 to -100 Bucks on the trade.
I know Speed Trader offers a 0.00039 plan, but they only upgrade you after a month of activity if you meet requirements. It's not standard from the get go. eSignal and Laser Platform offer it as well, but they have a $200/Month Software fee, which turns out to be almost $7 day. Also if the said broker, would allow day trades, without the 5Day Settlement rule, that would be even better. Currently have a 15K cash account, and the 5Day Settlement date is a major blow. Any recommendations, suggestions, are all appreciate it.
11-10-2011, 12:36 PM #2
you can get an ib brokers account. they are per shares and pretty cheap. just add a margin account so you dont have to settle your shares. much easier.Kunal Desai
11-11-2011, 11:20 AM #3
Online Trading, Brokerage and Trading Software | TradeStation Stocks/forex/futures/options all from the same platform. Also really cheap commissions and a great platform
If you do go with them I can give you a $500 commission code (it might be $300 now, not sure). Anyway, that is who I use.
eidt: I just read down to the bottom of your post. It is a US law that you can't daytrade with less than $25k in your account. So there is no broker who will allow you to do so. The only other option is to go to futures and commodities. There is no $25k restriction there. I always try to tell people that commodities and futures have many advantages over stocks, and if you are a technical trader there is no reason why you can't use the same principles in futures.
Just 1 contract of the S&P is $5k for overnight rate or $1250 for daytrade rate and a 1 point move (4 ticks) in the S&P is $50 win or loss. If you want to play the Dow it's $5 per point or $500 per 100 point Dow move. If you want more info let me know I can try to help a little here and there.
Last edited by M6Cabrio; 11-11-2011 at 11:26 AM.
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11-13-2011, 10:41 PM #4Member
- Join Date
- Apr 2011
- Forest Hills, New York, United States
IB is the way to go. .005/share and fantastic borrows for shorting. I use them and wouldn't use any of those retail brokers ie: scottrade, etrade etc.
11-17-2011, 02:56 AM #5
With IB, do you guys have to prove that you day trade a lot, as in go trough a month cycle to show activity or does it automatically start you at .005/Shares?