Can those of you who trade online at charles schwab, tell me if you are happy with the process and how secure is it to trade online at SCHW?
i.e. Have you had any problems?
Go away penny stock maven. ETFC is a pathetic joke of a compamy from the top management on down to their customers with their paltry assets. The only thing that is big about ETFC is their HELOC losses and negative EPS.
oops, here are the links for the numbers above.
a link to 2second order execution guarantee:
heres some execution stat numbers taken from both etfc and schw
Effective/Quote ration (less is better)
schw: nasdaq 99.5 / listed 98.1
etfc: 93.0916 avg from Mar 08 to Feb 09
schw: nasdaq 60% / listed 56%
etfc: 67.025 avg avg from Mar 08 to Feb 09 (at or better then NBBO @ 89.575%)
Speed: (to be fair, this one is hard to judge and i've included schw's text here: "Many times you’ll hear claims for orders being executed in a few seconds. These claims often apply only to the “first fill”—the moment at which the first share of an order is acquired at the desired price—and not the time it takes to execute the entire order. But Schwab measures execution speed in terms of the time it takes to fill your order completely, known as a “full fill.”
schw: avg. execution speed 0.6 full fill under 10sec at 99.6%
etfc: 1.0083 avg from Mar 08 to Feb 09
Directly from schwab site, the same concept can explain why they told me they're faster (by selling thier own positions) :
Price improvement occurs when an order is executed at a better price than the displayed NBBO. Since UBS Securities LLC holds positions in certain securities, it's often able to execute orders at prices that are even better than what’s currently available at the NBBO."
who's talking about front running? must be my poor writing skill..... i was told that schwab would execute trades within it's client pool(some client sells and some client buys) for the benefit of execution speed. if you call the front running, better chk w/ wiki. btw, name calling is juvenile. the problem w/ schw is that it does not keep up w/ the technology front and chuck left "again". in the short term, the pps will move upward with the market, but in the long run it will slowly retire w/ chuck unless the management can think outside of the old box. as far as your strong buy, there are plenty of other stonger buys but schw is certainly a little better than amtd.
If you are using street smart you can send the order to your choice of ecns or markets. It still wont guaranteeyou an execution but it may help you to understand the markets and how trading really works better.
You and the ETFC moron are both idiots, Schwab doesnt and cannot front run since they dont have any market making capability. ETFC was recently fined for doing so. When you place an order with Schwab it goes to an independendent third party to execute,not so with ETFC. Schwab and other legitimate and ethical brokers dont make money unless your trade executes. They want your trades to go through and do their best to make sure they get executed.
The broker takes your order..determines whether they can run-in-front of it or not, if they can't, they throw your order in a corner and see which direction the underlying security takes. They re-analyze, can we run-in-front of this thing? if yes, they execute for you at the worst possible price, execute for the their master-account at the best possible price, then pocket the spread....do you understand Wall Street better now?
strange that etfc customers rarely reports problem with orders not being executed.... i think i've heard only one instance but there wasn't any details on the claim. etfc routes "option" orders through citadel w/ the deal they did but it only started a year or so ago and again, no problem reported. when you say:"Schwab sends their orders to the most liquid market" what does that mean? do they take the order and "find" where they want to execute the order with? it is my understanding that schwab first execute the order internally than if the order cannot be completed it routes to their usual agent. we all understand system may have glitches from time to time but to blindly defend schwab while attacking e*trade is weak. not to mention some baseless claims. i was a schwab customer for years when i first started and abandon schwab for it's lack of vision to develop a good web interface. been w/ etrade since 1996 and am still a happy customer.