The problems I faced when trying to find a broker are not unique. Firstly I am an Australian citizen, secondly I have under $25000 starting capital. I don’t want my trading to be restricted by the Pattern Day Trading Rule. After hours and hours of seaching I narrowed it down to 2 brokers, first cab off the rank was SureTrader. It’s no secret traders have been using Suretrader to get around the PDT rule for a while, but that wasn’t enough for me I had a look at their fees and as far as brokers go they are quite high. I didn’t want to have to worry about commissions destroying my starting account. Although I did open an account with SureTrader I continued looking for other options.
After countless hours of researching I came across TradeZero. They have free limit orders if you are adding liquidity to the market. What does this even mean? Well if you buy/cover at the bid or sell/short at the ask then you don’t have to pay commission on the trade. The way they do this is by getting kickbacks from market centres for routing to them. The problem for most is they don’t allow US citizens to open an account. Lucky I’m an Australian.
I ended up also starting an account with TradeZero as well. Early thoughts are mostly good. I do not like their trading platform though, I don’t use it for charting (I use TC2000), the only thing I use it for is order executions. I will do a detailed review once I have been using them for a while.