Cam,
Re: How do you think Waterhouse order execution speed compares to brokers like Datek or MBTrading ?
I have a Datek account and a Waterhouse account. Here are what I think how they are compared:
1. Speed wise, Datek is the king. Waterhouse is much much more slower. Waterhouse has problem tracking your order if it is modified while it is executing. Let say I place an order to buy XYZ @ 30. As the stock pull back, I realize that it may get lower, so I select the order and change the limit to 28. The order may be partially executed, or it may be left opened with the old limit. It may take Waterhouse until the next day to confirm the trade. I usually have to call them to make sure that the order is filled.
2. At the open, and at the close, Waterhouse is very slow. I notice, however, that they have increased the number of servers from 20 to 70 now. With Waterhouse owning part of Island, I would expect execution to get better, if not at par with Datek.
3. Waterhouse logs you out after a couple of minutes of idle time. This is a severe drawback that I pretty much would like them to fix, either by eliminating it altogether, or extending it to a longer period. If it expires, I would expect WebBroker to pick up where I left after I re-login. Fidelity does that, why can't Waterhouse.
4. Enough of Waterhouse bashing. THis is a pro for Waterhouse: They are the most lenient in terms of Naked Put selling. Datek provides no options.
5. Waterhouse also has offices in major cities and have phone services. They offer wire transfers for free to domestic banks, and free check writing. The ability to use the phone also matters, IMHO, since you just can't use the online service in case of a crash. If I am on the freeway, and receive a pager alert, I can trade while driving (dangerous but doable)! I would not rule out driving to a nearby Waterhouse office to place my trades when the market tanks and online services are down.
I have no experiences with MBTrading
Hope this helps,
//V |
