NO PDT BROKER

Sunday, January 5, 2014

Suretrader for daytrading? is it still worth it?

I have been with suretrader for 2 years.  I am grateful for the fact that i could daytrade with very little capital and grateful for the short list they had.


Just recently past 3-6 months they have changed dramatically and i hate it.  They  no longer offer free ECN routes.

Before there used to be no ECN fees on OTC stocks.
NOW  they charge .001 per share.  Ex:  10,000 shares buy u get charged $10 + 10 to sell

BEFORE they had free routes for NYSE /nasdaqs + they had options to choose certain routes
The cheapest route i found was POSTL   10,000 shares for $3 +3 to sell

Now its highway robbery.10,000 shares   for $30 + 30 to sell  ECN fees + $5 x2 commission  fees

When i asked them about ECN rebates i got this reply
"No we do not have any ECN Rebates and ECN fees are no longer free according to management." 


I can no long trade the way i am used to trading which sucks. 


Now lets talk about the short sale restriction they added.  

Before there was no 2.50 rule  now they have it which SUCKS!!!

so you have 50,000 account u can short 20,000 shares of stocks priced below 2.50 

before u could short the cash value  Example:  .25 stock u could short 200,000 shares if they had that many shares avail 



I could still trade with them and even not mind the HUGEEEE ECN fees if i were making big $$$  at least 1,000 -5000 per trade  but the way i scalp it is no longer profitable for me to be with them  they just steal all my profits.  


They still have a good short list compared to most brokers but the fees they just fucked themselves over.  im a very active trader and it saddens me they had to stoop to this level increase ECN fees and remove the free routes. 




They are still a good broker for daytrading if you got little capital.  but for me i dont like these changes. 

I am still with them and i probably will not close my account.  i will look for a different broker to be my "MAIN" broker and ill have little capital here and build a small account again for fun

This is the previous blog post when i first wrote about suretrader : 
http://peterpanstocks.blogspot.com/2013/02/suretrader-for-daytrading.html

If you got any questions ask here or ask me on my twitter 

12 comments:

  1. If you are profitable and have that much history there are legal prop options out there with much better fee and rebate structure and no offshore bs.

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  2. Which cheap broker do you recommend for penny stocks, Doug?

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    Replies
    1. for penny stocks etrade if u do large size trades

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  3. What do you recomend is a good brokerage for sub penny stocks that done fee the hell out of its customers. I was looking at scottrade and sure trader but after reading this i might have to reconsider.

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  4. Hey, man! I saw your 20k loss on profitly and the reason for it. I am thinking about opening an account at suretrader, but I just can't find a good review all over the internet.. and how they screwed up your trade...I will probably lose a lot on my own, I don't need my broker to screw me too.
    Does that happen often?

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  5. Cristi, I started using Suretrader after I read every review online. It's true about their ECN fees, which is probably the biggest issue and that's why so many are upset. It's not a good broker for trading penny stocks or orders with huge lots of shares. If you aren't someone who will be trading tons of shares then it's ok.

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  6. Is anyone using Questrade, http://www.questrade.com/? I was wondering if they are okay to use seeing how their accounts do not fall under the PDT rule because they are based in Canada. How do they match up with Suretrader? Besides those two, any other brokers where the PDT rule does not apply?

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    Replies
    1. http://investimonials.com/brokers/reviews-questrade.aspx
      Hope this helps

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  7. How do you use suretrader as a us resident? aren't there complications with taxes and so forth, is it not illegal?

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  8. I use Onetradex based in the Cayman Islands.. cheap, reliable and no BS hidden fees

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