Lightspeed trader login free#
I might as well use a comission free broker then?ĭoes anyone have a broker that they would recommend even in highly volatile situations to execute your order in the fastest possible way, while still getting filled and without unnecessary or unbeneficial delays? What is the point of even setting up hotkeys for different exchanges? How is that direct market access? So I'm directing an order, and paying for that direct order, but instead they're routing it somewhere else, and I imagine introducing a delay, against directions and what I would have paid for. I take a look at their website and they now note this under the routing fees: I was led to believe that lightspeed with its direct market access was the best.īut I was checking the violations on Finra and came across this recently, from : I'm trying to research the best broker for the absolute fastest execution times and fills. DESPITE MISDIRECTING ITS CUSTOMERS' ORDERS, LIGHTSPEED STILL CHARGED ITS CUSTOMERS THE FEES FOR THE MARKET CENTERS THAT THEY HAD SELECTED, EVEN THOUGH LIGHTSPEED INCURRED LOWER FEES OR NO FEES AT ALL.
LIGHTSPEED FAILED TODISCLOSE THE ROUTING BROKER'S INVOLVEMENT AND NEVER DISCLOSED TO ITS CUSTOMERS THAT IT ROUTED THEIR ORDERS INCONTRAVENTION OF THEIR DIRECTIONS. IN REALITY, LIGHTSPEED DISREGARDED MANY OF ITS CUSTOMERS' DIRECTIONS AND INSTEAD SENT THOSE ORDERS TO AN AFFILIATED BROKER-DEALER (THE "ROUTING BROKER"), WHICH ROUTED THE CUSTOMER ORDERS FOR EXECUTION AND GENERALLY CHARGED LIGHTSPEED NO OR LOW MARKET CENTER FEES. LIGHTSPEED TOLD ITS CUSTOMERS THEY COULD DIRECT THEIR ORDERS TO THE TRADING VENUES OF THEIR CHOICE AND THEY WOULD BE CHARGED THE MARKET CENTER FEES THAT LIGHTSPEED INCURRED IN EXECUTING THEIR ORDERS. However, Lightspeed is designed for active traders who typically are used to commission fees as well as deposit minimums to keep their account balance above the PDT threshold, in order to receive premium tools and fast execution speeds which are crucial for successful trading.THE COMMISSION FINDS THAT THESE PROCEEDINGS ARISE FROM THE MISREPRESENTATIONS AND OMISSIONS THAT, LIGHTSPEED TRADING,LLC, AN INTRODUCING BROKER, MADE TO ITS CUSTOMERS ABOUT HOW IT WOULD DIRECT THEIR ORDERS TO TRADE EQUITY SECURITIES AND THE FEES IT WOULD CHARGE FOR EXECUTING SUCH ORDERS ("MARKETCENTER FEES"). Lightspeed Financial Services Group retains a high barrier to entry by keeping commission fees and deposit minimums that many big-box brokers such as TD Ameritrade and Fidelity have removed. Fees span multiple pages and can be difficult for a customer to understand without spending significant time looking for specific charges. The company has room for improvement in terms of fees and pricing structure, however, they combat this by offering promos for new accounts such as the one mentioned above.
The website lists the order routing destinations and fees on a separate web page. The brokerage fee page clearly states a list of charges that range from security deposit processing fees to certificate fees, cashiering fees, statement confirmation fees, trade confirmation fees, trading fees and account fees. Brokerage accounts face a wide range of charges such as a minimum monthly commission of $25 for accounts that have less than $15,000. Fees for the company are listed across multiple pages.
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