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Las Vegas, NV
Legendary Market Wizard
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,621 since Aug 2010
Thanks Given: 1,071
Thanks Received: 5,994
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It is true that their experiment with Big Tick to get rid of Rithmic as the supplier to their ZenFire to cut cost backfired and caused them a costly setback. But they will rise again for one simple reason, I think: Their upfront commission openness with their customers.
Their business model to provide published all inclusive commission and fees was the main reason for their success. Even a caveman knew in advance what to expect when opening a new account. That was a huge step in confidence building in an industry that is tarnished by past failures and suspicion.
Most other brokers involved in recruiting new and Mirus' disappointed customers do not have advertised commissions, and a trader is not sure about expenses until talking to a salesperson and strikes a deal, never knowing if it was a good deal or not and remains skeptic, kind of like bargaining in a flee market.
Mirus should come out of this situation stronger provided they maintain a customer friendly business model, provide real alternatives for emergencies, and make genuine efforts to rebuild customer confidence.
I am not a customer or associated with them, but their business model up until recently reminded one of Costco, providing great service with high quality and value to a class of not so easy and unforgiving customers.
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