Zero commission - Short term trades wish comes true

[el caballo]

Hi all,

I am a full time trader, and only tonight have come across the Marketech zero commission / day trader levy offer. MF Global is my current broker charging 0.08% of position size, hence the Marketech offer is prima facie very attractive. Curiously, I have also found Hometrader offer the same brokerage deal. Even on day trades with the associated levy, the offer appears excellent (perhaps too excellent?).

I am interested to know how the traders using these brokers are going, and whether any horror stories with respect poor fills, poor service, inability to close positions etc. are being encountered.

Any comments are much appreciated.

 

[ROE]

Awesome I am sold..time to get rid of comsec
the only concern is what if it they do a tricom and goes belly up what happen to your deposit in the account ?

 

[Aviator33]

El Caballo:

I've been with MT for a few months now and touch wood, all has been as advertised. Only had one hiccup on the morning the market went belly up and everyones platform went down. Mind you, MT came up within about 1/2 hour, my commsuc feed was useless all day.

The trading platform is basic at best. Watchlists, depth, course of trades etc is all fine but the charting side of things lets it down big time. I run a another feed & package for monitoring the market and just use MT as a backup and to enter/exit trades. With the $0 commish you can easily afford to do this.

Customer service is damn good and the tech team respond to all issues and suggestions. They wrote the platform from scratch and are updating all the time. From what they've told me, updates to the charts are high on the list but I believe that #1 on the list is getting a web based platform so could be waiting a few months for the chart upgrade.

Only other thing I'd want is more order options but that's just icing as the conditional, OCO etc stuff is more than adequate for most situations.

As it's DMA the fills are exactly what they are if you were dealing directly in the underlying. I can see all of my orders hit the market in under 1/2 second.

Hope that helps!

Cheers
AV

p.s. One other thing - remember that $0 applies only to the top 500 and some of those top 500 have 100% margin. There is a huge range between 5% and 35% so as long as you concentrate on a universe of roughly 200-300 stocks you should be sweet

 

[CFD]

From memory they have a charge for trades not held over night and they charge an extra days interest ie buy today sell tomorrow, that's two days interest thanks.

 

[woodrel]

All good with MT so far after 50 or so trades in the last month. Fills have been on par or better than other traders I have spoken to and customer service has been good.
There is a day trading levy and you will get charged for franking credits on short positions (calculated at the franking rate x company tax rate) but you will not receive them on longs. Otherwise dividend debits/credits are as normal.
Recommended.

 

[el caballo]

The feedback is much appreciated.

 

[el caballo]

The zero commission deal is now finished...