posted
Seems Lowtrade is implementing a new fee. Log into your accounts and check your message box for the following:
"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."
Guess I'm gonna have to be careful and only by 99,999 shares at a time. That is if my stupid wire transfer gets there. Even if its a Friday and after 12 noon, you'd think a bank would still process a transfer. But nope, they cant do it Friday, and they're too lazy to do it Saturday(they're open for a reason..they should do the dang transfer). I purposely dont send Lowtrades a check so I can have my money in faster with a wire transfer, and look what it gets me! lol
THE BANK USUALLY DOES THE TRANSFER RATHER QUICKLY, WHAT HAPPENS IS THE BANK HAS TO SEND THE MONEY THROUGH THE FEDERAL RESERVE BRANCH AND THE FED RESERVE THEN FORWARDS THE MONEY.
SO THE FEDS ARE HOLDING UP YOUR CASH AND NOT YOUR BANK.
quote:Originally posted by U4TSAF2: SO THE FEDS ARE HOLDING UP YOUR CASH AND NOT YOUR BANK.
Actually it is my bank, from what they told me at least. The said that since it was after 12 noon, they wouldn't send the wire that day. He said it would be transferred by Monday, and should appear in my account the same day, or Tuesday at the latest(lets hope not!).
posted
U4TSAF2: You are right. At least they have been charging me for a while. The 4.39 and 5.31 are the misc fees. Here is the proof. 12/02/03 12/02/03 N2979 VNTB 1 V-NET BEVERAGE INC. Sell 43888 0.010000 5.00 0.03 4.39 429.46 12/03/03 12/03/03 N0869 VNTB 1 V-NET BEVERAGE INC. Buy 53060 0.008000 5.00 0.00 0.00 -429.48 12/04/03 12/04/03 N2675 VNTB 1 V-NET BEVERAGE INC. Sell 53060 0.009000 5.00 0.03 5.31 467.20
[This message has been edited by SmokingUSA (edited January 11, 2004).]
quote:Originally posted by GreenKnight37: "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. "
Even though I started this thread, I've got to ask a math question being fairly new to stocks.
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?
posted
Anyone hit by the new fee today? I made a purchase for 125,000 but I didn't seem to be paying an additional fee.
Posts: 160 | From: CA | Registered: Nov 2003
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posted
GreenKnight37: You should be able to tell by tomorrow. I didn't get my 180000 shares I was shooting for. May be I'll get it tomorrow. I'm to stuburn to change my bid for this one. Probably because when I first came across it it was .0008 DD
Posts: 551 | From: Wisconsinite | Registered: Oct 2003
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posted
not that it's any of my business, but those announcements of percentage fees are are all dated Jan 12, 2003---NOT 2004 so thery did not implement it last year or......?
quote:Originally posted by GreenKnight37: Anyone hit by the new fee today? I made a purchase for 125,000 but I didn't seem to be paying an additional fee.
posted
Hmm...I didn't even notice the 2003. But I've talked to other Lowtrade users, and they all received it at the same time I did. So it appears to be a typo, and should say 2004.
Thanks for pointing that out though, I wouldn't have caught it otherwise.
posted
I am brand new to this and am looking for a discount broker. It looks like low trades is one of the better ones. Is that mis. fee of 1 % only on sells and not buys. I am not a high roller but a Montana public school teacher. I have been on the net looking around learning about penny stocks for about a month and this is fun. Probably because I haven't lost any real money yet I am starting with a $1000 and probably with buy in lots of $200-$300 of penny stocks. Lowtrades still seem cheaper then Ameritrade and Scott trades. Being a newby I like Scotts because it has a toll free number to a broker but they are more pricey for penny stocks.Any advice would be appreciated. I want to get started but I know I want the right discount broker. Greenhorn
Posts: 67 | From: Hamilton, Montana | Registered: Jan 2004
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posted
I got 130000 shares today on one stock and in no place found anything more than the $5 for the trade.-I got also the email and said that in the confirmation page will show the xtra fees, never did. I do not understand it either. Try also a fake buy of 150000, got to confirmation page and no xtra fees ED
Posts: 61 | From: ORLANDO-FLA-USA | Registered: Nov 2003
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If you're interested in Lowtrades make sure you apply early. It takes about 2 weeks for them to process your account, so its fairly slow.
But the trades are just $5 each, with that maximum of 1% principal fee if the purchase exceeds 100,000 shares. So overall, the fees aren't going to be that bad. With the fee for the large block of shares, the total cost can be comparable to other brokers, but usually Lowtrades will beat them price wise.
Read through the past few weeks on this board. There are a lot of Lowtrades post(a bunch started by myself) that have lots of good discussion.
Lowtrades is a good entry point if you just need a simple trading system. There are things that could be better(customer service in general), but overall I'll sacrifice some things for the lower cost.
If you have some questions, feel free to post them to the board. Theres a good number of Lowtrade users who will be willing to help out.
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That is if my stupid wire transfer gets there. Even if its a Friday and after 12 noon, you'd think a bank would still process a transfer. But nope, they cant do it Friday, and they're too lazy to do it Saturday(they're open for a reason..they should do the dang transfer). I purposely dont send Lowtrades a check so I can have my money in faster with a wire transfer, and look what it gets me! lol
