Tech,
1. The only limitation on free Nasdaq trades 1000 or more shares is the 2.00 minimum share price. I almost always place limit orders.
2. Order representation is not limited to a particular MM. I've been represented by NAWE, SHRP, and INCA. Most often by NAWE. The visability is the same as Datek, and the frequency of fills in the spread seems to be about the same. Datek does usually provide representation faster though, probably because of their Island system.
3. As for comparing to Datek, it's a mixed bag. If you don't have streaming quotes from another source, this would be a very big plus for Web St. If you are addicted to Datek's Orders7, you'll miss the instant order entry sequence with no confirmation required on your part. Web Street is still fast though, and I believe they are continually improving their software. I've heard that soon executions will flash confirmed on your screen without having to check order status. They already offer all the services everyone is always wishing for over on the Datek thread like option trading, check writing, mutual funds etc. I've heard they are even planning on adding futures trading soon, and are working on becoming self clearing for listed securities.
But for me, I'm sold on the FREE trades. Even at 9.99, if you trade a lot, commissions add up. I thought there must be a catch when I first signed up, but there hasn't been.
And then there's customer service, which doesn't exist at Datek. Web Street has great customer service. They actually expect that your marketable order should fill in a reasonable time. If you can't cancel an order for some reason (this has happened to me with both brokers) a phone call takes care of it. I've never gotten a busy signal at Web Street. I hope the customer service quality remains excellent while they grow.
I have an account at both brokerages. I look to use Web Street first unless I'm trading less than 1000 shares or trading off the Nasdaq. If I'm in a panic, I can get my order in faster at Datek, but execution on the fast moving large cap techs isn't what it used to be there.
Hope this helps.
Esteban |
