CyberBroker is wicked fast with TIMELY confirms. Still researching other brokers before I switch (AB Watley and maybe the big firms for IPO opps.)
Mr. Big,
I've used a number of brokers. Things change over time:
1. Fidelity used to be lightning fast. They would fill 1,000 shares at the ASK even if only 100 shares were showing. Some kind of autofill deal. I used it incessantly when it worked. Within the past 6 months, though, something changed. Executions are slower. Worse, they will not autofill at the ASK. Bummer.
2. I used ABWatley at the same time as I was using Fidelity. Great pcQuote feed! (Still the case, I'm using Free Level 2 thru ABWatley now). Executions could never compare to Fido's autofill, but now that that is gone, executions may be the same. I don't like the cost, though, at $25/trade, plus liquidity fees. So I don't use it.
3. I switched to Merrill in June, to take advantage of their free trading deal (free, unlimited, commissionless trades, including options; the account fee is based upon a percentage of assets). A bonus with Merrill is the IPOs. I've had two (FDRY and CHTR). You can't get all IPOs, but 1 out of 10 is possible. I checked with Morgan Stanley, and they had the same ratio of participation.
Anyway, Merrill's fills used to be terrible. On the 31st, however, they were actually as sweet as Fidelity ever was. Clumsy web-trading software, though, including no option trading on line as of yet, but maybe soon.
Bottom Line: Nothing is perfect. You should open a fee based account at a big house for IPO stuff. Given the free commissions, which I love, Merrill has worked for me.
I've also kept alive an account at Fido for emergency trades on options and small caps (Merrill on-line doesn't permit). It is nice to be able to download Fido trades into Quicken.
Lastly, I've got the minimum sitting at ABWatley to allow for free Level Two. A sweet deal however you slice it.
Best,
Gary Korn |
