Day Trading Stock Tip - Questions To Ask An Online Trading Broker Part 1
Online Day Trading Brokers -- Questions To
Ask (Part 1)
- Are commissions given better pricing if you do a minimum number of shares per day? Per month?
- Are commissions given better pricing if you do a minimum number of trades ("tickets") per day? Per month?
- Does the brokerage firm "eat" (assume) any ECN fees which you have to pay?
- Does the brokerage firm offer ECN fee "rebates" if applicable for the route you choose?
- If the brokerage firm offers you ECN rebates, how frequently do they update your rebates?
- Do they offer "pass-through" charges when using an ECN which routes to another market center?
- If you trade low-dollar stocks, ask them what is the price at which stocks trading underneath that price are considered "cash" trades. If you sell those low-dollar stocks, will you get buying power returned to you that day or at a later date? Have them explain this to you.
- Do they offer you specific online trading software, or do you have a choice?
For more questions to ask a prospective online trading broker and help you make an educated decision, go to Part 2 of this article.
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