I contracted with Web Street as my broker, not a third party MM. If they pass my order to someone else, it is still their responsibility to abide by our contract. When I contracted Web Street to be my broker, they advertised MO's would be executed in 6-10 seconds (it is still on their web page), and that is within my risk parameters. We have been working well together for the last bunch of months. Only recently something internal in Web Street has changed. Please do not assume that a MO is the only type of trade I do. I am being very specific about this, it involves a MO and what Web Street advertises about its execution of that order. They advertise 6-10 second executions for market orders, my orders were held for more than 10 minutes while the market moved away from me. Judge for yourself whether or not Web Street was being truthful.
In more than a dozen calls to them, I have been hung up on (I have never been rude or impolite, there is nothing to be gained by that), I have been put on hold for more than 25 minutes, I have been told to call back when they were not so busy, and when someone finally returned my calls (ten days later!), I was told that what they did was "strictly legal" and it was just too bad that I did not like it.
Would you hire a broker that treats you that way? Would you trust your money to someone that has so little regard for your concerns?
And as for talking to people only when there is negative comments to make, you are off base there. I have been responsible for 5 accounts being opened at Web Street because I WAS satisfied with their service. I just hope that Web Street does not do to these people what they did to me. I have forewarned them, but I value relationships highly and I will not take it kindly if Web Street treats them as they have treated me.
Dave
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