Trader J, here are a few points about Brown; obviously, since I have been with them since 1989, I am an enthusiast.
(1) Their rates are simply the best out there period. $5 for market orders and margin rates at or below broker's call, and 10$ for limit orders. No one has better margin adjusted rates.
(2) Their Internet site and directline phone system are easy to use. You can use a live broker if you want to at the same rate, but I go for weeks without doing this quite often.
(3) Their system quickly posts executions so as to allow you to keep up during the day.
(4) When you have a problem with any trade, they are very responsive and fair.
(5) Their speed is quite good--I sometimes see Nasdaq trades on Level 2 in 2 seconds, for instance.
(6) They have just recently upgraded their computer system and have made a number of improvements. For instance, NY quotes now include bid and ask sizes which is very helpful. Also, they are in a much better position to handle heavy traffic.
Disadvantages:
(1) Service is not a strong suit. Quick and clean is the way it feels. Those that want more conversation or research or similar things will not find it here. If you want Level 2 you will need to look elsewhere.
(2) They have not yet upgraded their website so as to allow access to various departements via e-mail. I have been in conversation with them about this.
(3) They do not always have stock available to short. Big names are not a problem but I occasionally struggle with OTC stocks being available, especially those with a smaller float.
Some of the very best traders I know use other lightning fast brokers such as MBT or Cyber. If you scalp a lot during the day, then speed becomes more of an issue. For me, as a position and day trader, Brown has been terrific. |
