Hi. Pretty new to trading so if any of you can help I'd really appreciate it. I'm currently using Suretrader Active Web and they only offer 2 routes: ARCA and BATS, which cost 0.004 and 0.003 respectively. I'm thinking about upgrading to the Pro version so that I can use cheaper routes like NITE, which costs only 0.001.
Can you guys tell me the differences? I mostly trade stocks under $5 and they're from NASDAQ and OTC. Can I use NITE instead of the other 2 and would the trade still be executed properly?
When you use arca for example, and say hit market buy for 200 shares. If arca is on best offer and you get all 200 from them, then you pay the fee, if arca isnt on the best offer, then it will route it automatically to whoever is on the best offer, and usually its an extra cost (all brokers are different about costs, for instance arca charges less then .004, so your broker is making a little) same with Nite, if they are on best offer and fill you complete its .001, if they reroute, well could be more. Ask your broker about rerouting fees, if the fees posted are all inclusive, then the final is .004 for arca and .001 for nite