Gorak,
As I said before, I was not touting Empire at all, just happened to notice the "free trades." I did also see the $3.00 postage/handling fee but didn't mention it because I am pretty much unaware of what "extra" fees are charged by brokers in general. For instance, I never heard of a "research fee" for looking into an account after so many days have elapsed. I am not an experienced investor/trader so I am not aware of many things involved. Which brings me to the real reason I am responding to your post. Maybe you can answer a question for me that I have put to Web Street but am not quite sure whether or not I understand the answer. I wanted to know if they sell their "order flow." The only response I have ever gotten to the question was the following from one of Jon Rosenberg's earlier posts:
Message 4744484
"As far as order flow, all of our orders are processed directly through U.S. Clearing, Nash Weiss which is owned by U.S. Clearing receives most of the orders."
My question to you is - Does that response mean that they do or don't "sell" their order flow?
The following is how Empire addresses the issue upfront:
"... Although there is no commission to you, we may receive payments for these trades from our clearing broker. Your confirmation will indicate if such a payment has been made."
So, in your opinion, would Jon's answer indicate that they don't sell order flow, or they do sell order flow, or they might sell order flow, or ???
I am serious in this question because I am trying to learn how to select the "best" broker for my needs. I have been told that some brokers disclose that they sell order flow (i.e., Empire) while others don't.
Thanks,
Bill |
