Well, Michael, I spent many nights on the internet searching out the different online brokers and I've settled on MB Trading for the following reasons:
1. They give price breaks retroactive to the number of trades per month. this shows they appreciate your business, whethers it one trade or a hundred. Prices from $18.95 to $22.95.
2. This price is for up to 2,000 stocks which is the cheapest of all the "level-II" brokers. i.e. Brokers who provide a proper level-II trading application package (as opposed to browser/web pages). Over 2,000 shares you pay one cent per extra share. So, 3,000 would cost say $18.95 + $10 thats about 33% less than the other firms who want $45 for a 3,000 trade.
3. If you do 50 trades a month you get the RealTick III software for FREE including ALL exchange fees and realtime charts! - it is very popular software used by countless brokerages and for FREE who can complain? If you do less than 50/month you pay $100 or less than 20/month you pay $300.
4. The software gives you a choice of routing through FOUR ECN's - SOES, SelectNet, Instinet (INCA +1 cent/share), Island (ISLD), Archipelago (TNTO) (ARCA) and Bloomberg (BTRD +1.5 cents/share). i.e. If Island dies - you've got choices.
5. If the internet craps out on you regularly - they offer a Private Virtual Network solution for $197.50 / month which is a private UUNET network.
6. I've heard nothing but good reports on them and in talking to them I get the sense of my business being appreciated. More maturity, less hustle.
Tomorrow, I'm transferring my Datek account too. I want to do some serious professional trading and frankly Datek are proving to be a total joke. They are definately NOT the Amazon of online brokers by a long shot.
MB Contact info: Phone 1-888-790-4800 mbtrading.com
I don't work for them - just sharing my extensive research. If anyone finds a better outfit/deal for day trading then please let us all know.
All the best
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