Trading
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Trading notes to avoid fees/costs.
For example, I sold 5658 shares and was charged $29.75 commission. $19.803 of that could have been ECN fee. Max commission $9.95 + $19.80 = $29.75
Commissions
Buy and Sell $0.01/share (min. $4.95 to max. $9.95)
ECN fee $0.0035/share (or $0.0008/share if stock value is less than $1)
ECN fees are charged when removing liquidity from the market. It can be avoided by selling in standard sized lots and by avoiding Market orders (Choose limit instead). A standard lot is 100 shares.
Electronic communication networks are intermediaries that connect brokers to exchange markets
Additional examples of 'removing liquidity'[1]:
- Buy and cover orders where the limit price is equal to or greater than the ask price
- Sell and short orders where the limit price is equal to or less than the bid price
- Executed stop orders
- Executed stop-limit orders where the limit order is immediately executable
- Any order with special restrictions, such as AON (all or none)
- Any order executed in the pre- or after-market
- Odd lot orders can trigger an ECN fee, regardless of the order type and/or order duration used
- Trades executed at market open or market close