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I have used Datek for part of my investment funds now for about four
years. It is true that they recently had a few days of problems where they
were off line for parts of two days and all of one day. In their defense,
I must say that these outages were the first of any consequence that I have
experienced. The reason their systems failed was they moved their physical
location and hardware problems cropped up.
As to the quality of their service, the fills are not lightening fast but
they are satisfactory for most day traders and they have made few
mistakes. When they have done or not done something I felt was unfair or
wrong, they have made it right in every instance.
For accounts of $25,000 or more and in active use, they offer free level II
which saves one this expense. They also offer a free streamer but I don't
use it since I have a full service quote company and the streamer does slow
down your machine if you have many symbols on it. All trades are $9.99
regardless of market or limit or stop limit, etc. You can enter your order
via the MM or their own system, (Island), or to all markets with the order
execution system and you can set up your account so that there is no
confirmation page which speeds trades into the system with one click.
You can get check writing privileges and you can transfer money via wire or
ach transfer from your Datek account to your bank, on line. There are no
fees for the ach transfers and they take about the same time as a wire.
The research available is excellent for a free service and charts are
adequate. Account histories are available going back three years where
most brokers only go back a few months. This is a plus when working with
tax issues.
So, other than the one three day period of problems when they moved, (and
no, you couldn't get into their office via phone during that time), I find
them a reliable and attentive service which offers more than most do for
very reasonable fees.
Bob
At 02:45 AM 2/2/2002 -0800, you wrote:
>Brian,
>
>I'm interested in trying Datek, and I've read messages that confirm what
>you're saying. But I've also read messages that talk about how hard it is
>to reach Datek when there is a problem, or when the system goes down and
>you've just bought a stock and haven't received a fill and can't reach
>them on the telephone, that type of situation. Can you tell me about any
>negative experiences you've had or heard of...or if you think what I've
>read is incorrect.
>
>John
>
>
>----- Original Message -----
>From: <mailto:blink64@xxxxxxxxx>Brian
>To: <mailto:realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
>Sent: Friday, February 01, 2002 7:03 PM
>Subject: RE: [RT] Stock Brokers
>
>Datek is better IMO. Commmision-wise Datek is better, quotewise Datek is
>better, and fill wise Datek can't be beat. They also give great streaming
>quotes that I think are free to their active customers. IB for stocks I
>think charges $20/mo or qtr active or not. Datek gives fast fills. Very
>fast fills. Order entry is decent and record keeping is good. IB is good
>for electronic futures and good for stocks but I think Datek has them beat
>for stocks. Margin rates and rules at Datek are more favorable too.
>
>I advise anyone who asks me to use Datek.
>
>B
>-----Original Message-----
>From: CRLeBeau@xxxxxxx [mailto:CRLeBeau@xxxxxxx]
>Sent: Thursday, January 31, 2002 4:40 PM
>To: realtraders@xxxxxxxxxxxxxxx; omega-list@xxxxxxxxxx
>Subject: Re: [RT] Stock Brokers
>
>In a message dated 1/31/02 3:55:28 PM Pacific Standard Time,
>zaitech.llc@xxxxxxxxxxx writes:
>
>
>
>>Hello All,
>> A friend asked me to recommend a decent low cost discount stock
>>broker so he could buy some penny stocks. Would any one have any
>>recommendations?
>
>
>Take a look at Interactivebrokers.com
>
>Stock commissions are only a penny a share (or less) and a very
>user-friendly Traders Work Station platform for placing orders online. If
>you find anything better please let me know.
>
>Chuck LeBeau
>clebeau2@xxxxxxx
>
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