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I've placed an e-mail with Lowtrades asking about the fees, so if they bother replying I'll tell you. I haven't had much luck with them returning e-mails though.
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I don't know precisely on which stocks they charge additional fees, but so far with BIPH, PGHI and CTKH I have had no additional fees other than the $5 commission per round trip (buy/sell).
Just make sure to make your orders of 100,000 shares or less because they just put up a new commission for orders larger than 100,000 shares.
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Posted this earlier but its gotten pushed way down by today's activity...SmokingUSA or Marcidius, think you could take a shot at this? I want to be sure I'm understanding the new terms correctly.
Example Situation: Say I want to purchase $100 worth of shares at a price of .0004 per share. That would result in a purchase of 250,000 shares. As this is over the 100,000 cap, Lowtrades is going to hit me with a fee.
My question is, what exactly will the fee be in this case? Will it be:
1. $125 dollars = .0005 x 250,000 This would account for the per share fee, based on volume. 2. $1 dollar = 1% of the $100 principal.
If I understand correctly, the fee will not exceed 1% of the principal paid on the stocks(which is only $1 in this case). Am I correct in assuming that the fee would simply be a $1 dollar charge? Or is it the really big and ugly $125?
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GreenKnight37: I'm not sure.I'm betting on it being a dollar. I can't imagine an ugly $125. Misc fee. I can't even figure out how they got the 8.65 Misc fee on the following order. 01/02/04 01/02/04 N1651 CNCW 1 CENTRAL NETWORK COMM INC Sell 35666 0.014000 5.00 0.03 8.56 485.73 The 8.56 was a misc fee when I sold CNCW!
I'll find out tomorow for sure. I have an order in for 180000 shares and will show you what the statement says. The following is what they actually say
Effective Monday, January 12, 2003, trades of 100,000 shares or more will incur an additional fee of $.0005 per share, up to a maximum of 1% of the principal amount. These charges will appear under miscellaneous fees on your trade confirmations.
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Smoking: Thanks for asking. Right off the bat in the morning I found my balance to be as it should be . Found out today that if you buy and sell in the same day the funds will be available the following morning...so all is well!
GreenKnight: From what it sounds, I think the $1 is the max you would be charged, which is peanuts...hehe.. so it's not that big of a deal IMO!
Good luck to you guys and let's keep our Lowtrades questions coming so we can help each other out ;-)
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Hey everybody - read carefully - the fees are calculated on PRINCIPAL amount. I suppose the real calculation is as follow: imagine that you want to buy CYTP 250000 at 0.0045 = $1125.- The misc.fees are NOT $125 (250000 * 0.0005) but $11.25 (1% of principal).
If my view is confirmed there are many others online brokers tha are cheaper. I still hope that misc.fees don't apply to pennies - otherwise Lowtrades is committing suicide !!!
UBBFriend: Email this page to someone!
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. Found out today that if you buy and sell in the same day the funds will be available the following morning...so all is well!
