How to calculate commissions?

Discussion in 'Ask any question!' started by trader89, Jun 19, 2016.

  1. trader89

    trader89 New Member

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    Hi everyone, I've just signed up!

    I'm going to open an account to trade stocks and I'm trying to understand how much they charge, but I couldn't understand what these terms mean. I'm talking about Nasdaq and NYSE here.

    Here's the link : http://uk.saxomarkets.com/Documents/Saxo_Equity_Active_Trader.pdf

    Here's what I got:

    • You pay $6 as long as you buy not more than 1000 stocks at once.

    • You pay 0.7 cents per stock if you order more than 1000 stocks at once.
    Have I got that right?

    Have a nice day :)
     
  2. Gray Wolf

    Gray Wolf Well-Known Member

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    Welcome to the forums. We can wait and see if someone familiar with that company clearing your trades is on this board, but that is what it looks like to me as well, 6 per trade for 1000 or less shares. Best to confirm that with someone familiar with using them, or call their customer service
     
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  3. Tiptopptrader

    Tiptopptrader Well-Known Member

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    Welcome aboard trader89 and congrats on your first post. I am sure meant 1000 shares and not 1000 stocks. The commissions sound alright under 1000 shares. I know nothing about this company but make sure you get good tools and fast execution on your trades. I would google a review with a comparison to the other online brokers.

    Good luck in your trading
     
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  4. trader89

    trader89 New Member

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    @JerryM, thanks!
    @Tiptopptrader , I meant what you said (1000 shares of a particular stock, not 1000 different stocks) but given that English isn't my native language, I mixed up the terms! :) Sorry for the confusion! Thanks for your good wishes!
     
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  5. Ciao (Sheppy)

    Ciao (Sheppy) Well-Known Member

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    Hi Trader89 firstly welcome aboard
    I didn't answer before because I was in doubt if you were a spammer and advertise saxo or noto_O:)

    Why Saxo? I got nothing against them ,
    I know Saxo for many years ago ... never opened an acc. with them because those year they were quite expensive... even today aren't too cheap either + I new some who had an account with them (forex) and were happy
    IMO they are quite expensive broker and require min $10k deposit and 100 trades x month to qualify for cheaper rates and platform etc... that is +/- 25 a day... even me as a scalper - dayT don't do that but not impossible as I used to do 50-80 trades a day
    ..
    I expect you have done the necessary research DD..... and I take you are an active trader otherwise IMO better prices elsewhere with less cost etc... look here for brokers info>>> http://stockaholics.net/forums/vendors-brokers-and-product-reviews.8/

    just a thought but is you decision and money
    good luck :)
     
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  6. trader89

    trader89 New Member

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    Hey! Thanks :)

    I'm Turkish. As far as I'm aware we're not allowed to open an account with a brokerage firm if it's not licensed to operate in Turkey, so my options are limited.

    Some commercial banks allow you to buy Nasdaq/NYSE stocks, but their commissions are way too high (min $20-$25 flat fee per trade, %0.2 commission). There are two other alternatives, one of them is Saxo and the other one is using Interactive Brokers. I've sent them an email and asked how much they charge, I'll compare the two when I get a reply.

    I haven't tried any of them yet but I'll take a tour before I choose. Thanks for the heads up, I'm aware of $10K minimum and 100 trade / month thingies.
     
  7. Ciao (Sheppy)

    Ciao (Sheppy) Well-Known Member

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    trader89 I am Italian and I got an USA non resident account in $ with Etrade....

    mine was done years ago... there wasn't many USA brokers that would open a foreigner acc. but now many other broker do it.
    I don't know if your country allowed you to have a foreign trading account (?) Italy does provide is declare and pay taxes here as well
    so inform yourself and email several brokers and get the best... they normala tell you straight (at least they did with me)away if they are allow or not (with Turkey)
    at the same time with an account in $ here is no fluctuation on prices with the exchange

    btw the USA for us are much more convenience in commissions but watch out if you are a day trader you need a minimum $25k account to do how many trades as you like in a day ... under that there is rules (not more then 3 trades in five days and so on but don't know exactly so DD)

    good luck
     

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