Complaint Review: Sharebuilder - Bellevue washington
- Sharebuilder 1445 120th Ave NE Bellevue, washington U.S.A.
- Phone:
- Web:
- Category: Brokerage Companies
Sharebuilder Stock broker fees fills Ripoff Bellvue washington
*Consumer Comment: don't ever enter a market order
*Consumer Comment: don't ever enter a market order
*Consumer Comment: don't ever enter a market order
*Consumer Comment: don't ever enter a market order
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I have called the bluff on Sharebuilder! Sharebuilder charges very high fees for day trading and in return they give bad fills. Basically they charge too much and place bad orders. After a series of questionable fills I finally decided to dig into the fills.
I got a bunch of lame excuses from the services department and their brokers right away. I didn't come out a tell them I work on a trading floor so I wasnt to listen to them sink there own boat.
I now have asked for all my reviews to be researched. Bascially, if I had placed 18 cent gaps on a trade in my company I would be fired! And for the high price these guys should always be within 5 cents. (tops)
I received this response from Sharebuilder the other day on a specific trade.
I have just received the information you requested in our phone conversation earlier today. The Real-time Trade for XXX went through on 11/10/05 at 8:XX:16 AM PST. At that time, the Bid price was $52.85 and the Ask price was $53.03. If you have anymore questions, please feel free to contact ShareBuilder Customer Care at 1-800-747-2537.
My response was this... Just short of asking them if they are ripping me off?
Customer Care,
Could you please review this statement and Question.
Category 3 was understood only by the most sophisticated of investors until recently. A 19c-3 trading desk is a (completely legal) method of filling NYSE orders in-house, without exposing the orders to the public marketplace at all. Yes, you'll get your orders filled, but not necessarily at the best prices. Recently, the NYSE approached the Securities Exchange Commission asking that Rule 19c-3, that allows this trading practice, be repealed.
Edward Kwalwasser, the NYSE's regulatory group executive vice president stated flatly that, "The rule> hasn't done what the Commission thought it would do. In fact, it has become a disadvantage for the customer."
Here's a scenario that helps explain the furor that has developed over the 19c-3 wrinkle. Let's say that XXX stock is trading with a spread of 9 1/2 to 9 3/4
per share on the floor of the NYSE. An investor places an order to buy the stock and the broker routes that order away from the NYSE to the internal 19c-3 desk. The
problem emerges when the order reaches this desk, namely that the order is not necessarily filled at the best price. The desk may immediately fill it from inventory at 9 3/4 without even attempting to buy
it at 9 5/8 for the customer's benefit -- this is the spread's midpoint on the floor of the exchange.
Then, after filling the customer's order internally,the firm's trader may then turn around and buy the stock on the exchange, pocketing the extra 12 1/2 cents per share for the firm. Project this over millions of shares per year and you can get an idea of the extra profits somebrokers are squeezing out at the expense of their trusting, but ignorant, customers.
Is this the root for my bad fills?
Customer
The options are to the best of my knowledge true.
Bruce
stamford, Connecticut
U.S.A.
This report was posted on Ripoff Report on 11/12/2005 07:47 AM and is a permanent record located here: https://www.ripoffreport.com/reports/sharebuilder/bellevue-washington-98005/sharebuilder-stock-broker-fees-fills-ripoff-bellvue-washington-164320. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#4 Consumer Comment
don't ever enter a market order
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Saturday, August 02, 2008
Sharebuilder will indeed give it's customers a poor price unless you enter a limit order.
Don't buy on the monthly plan.
Use a real time trade; its only $9.95 now , which means its only $6 more than the monthly plan.
But never enter a limit order.
They want your business.
I entered a limit order and got a price as low ; if not lower than the stock ever traded that day.
They must be buying in round lots anyway and putting the odd shares in their own account- - if they buy at only.
It could be just a fictional trade which represents the shares.
I would give them a break- - it is a great service.
Sharebuilder; care to comment?
#3 Consumer Comment
don't ever enter a market order
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Saturday, August 02, 2008
Sharebuilder will indeed give it's customers a poor price unless you enter a limit order.
Don't buy on the monthly plan.
Use a real time trade; its only $9.95 now , which means its only $6 more than the monthly plan.
But never enter a limit order.
They want your business.
I entered a limit order and got a price as low ; if not lower than the stock ever traded that day.
They must be buying in round lots anyway and putting the odd shares in their own account- - if they buy at only.
It could be just a fictional trade which represents the shares.
I would give them a break- - it is a great service.
Sharebuilder; care to comment?
#2 Consumer Comment
don't ever enter a market order
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Saturday, August 02, 2008
Sharebuilder will indeed give it's customers a poor price unless you enter a limit order.
Don't buy on the monthly plan.
Use a real time trade; its only $9.95 now , which means its only $6 more than the monthly plan.
But never enter a limit order.
They want your business.
I entered a limit order and got a price as low ; if not lower than the stock ever traded that day.
They must be buying in round lots anyway and putting the odd shares in their own account- - if they buy at only.
It could be just a fictional trade which represents the shares.
I would give them a break- - it is a great service.
Sharebuilder; care to comment?
#1 Consumer Comment
don't ever enter a market order
AUTHOR: Eflteacher - (U.S.A.)
SUBMITTED: Saturday, August 02, 2008
Sharebuilder will indeed give it's customers a poor price unless you enter a limit order.
Don't buy on the monthly plan.
Use a real time trade; its only $9.95 now , which means its only $6 more than the monthly plan.
But never enter a limit order.
They want your business.
I entered a limit order and got a price as low ; if not lower than the stock ever traded that day.
They must be buying in round lots anyway and putting the odd shares in their own account- - if they buy at only.
It could be just a fictional trade which represents the shares.
I would give them a break- - it is a great service.
Sharebuilder; care to comment?
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