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Non-Tech : CYBERTRADER -- Ignore unavailable to you. Want to Upgrade?

To: Dan Swartzendruber who wrote (1518)	11/24/1998 2:13:00 PM
From: Tanner	Read Replies (2) \| Respond to of 3216

As a former CyberBroker client, I can tell you that it was the high rates that made me choose to trade elsewhere. It is hard to justify paying about $20 per trade (sometimes more after you include ECN fees) when there are several daytrading firms offering trades around $15 per ticket, and JPR even offers $10 per ticket. And one thing that really bothered me when I was with Cyberbroker, was that they charge a $0.25 cancellation tax every time you cancel an order. After a while, those $0.25 charges add up, especially in fast moving markets where you have to place and cancel an order several times just to get a fill. I know that Cyber claims that this is an SEC charge and that there is nothing they can do about it, but I have traded with several different firms, and have never been charged for cancelling an order. And since you have to do a ton of trades just to get your monthly data fees waived, I decided that Cyber was not a sound economic investment for me. And if I had really been in love with the software, one of the local daytrading firms in my area offers Cybertrader as their trading platform and charge $15 per ticket, and will waive the monthly data fees after 50 trades. I liked the support at Cyber, but the way I look at it is like this. Last month I did 600 trades...at JPR I paid $6600 in commissions ($10 per trade + $1.00 ISLAND ECN fee)...If I had still been with Cyberbroker, I would have paid at least $11,970 ($18.95 + $1.00 ISLAND ECN fee), and with as many orders as I cancel, it probably would have added on another $1.00 to my average ticket charge. So I would have spent an additional $5,370 just to be trading with Cyber. Personally, I don't think its worth it. But if Cyber ever decides to lower their commissions so that they're more competitive, I would probably switch back over.