One bad agent in Austin cost me $3k in hidden spreads

Back in March I opened an account with a broker who looked fine on paper, but their local rep in Austin kept pushing me into trades with 2.5% spreads instead of the 0.8% advertised. When I asked about it, he said, "The base plate is just the base plate, the real cost shows up after you order." Has anyone else had a broker's local sales guy quietly change the fee structure mid-conversation?

1 comments

Log in to join the discussion

Log In

1 Comment

lily_ramirez416d ago

That base plate line is such a load of crap, like the fee is some mystery you only find out about after you're locked in. So when you pushed back, did he actually admit the 2.5% was what you were paying, or did he keep dancing around it? I'm curious if the spread showed up on your statements as a line item or if it was just baked into the fill price so you couldn't even prove it. And was this rep actually employed by the broker or some third party affiliate they farm leads out to? That part matters because if he's a contractor, the broker will just say he doesn't speak for them. Did you ever get anything in writing from the Austin office about the real rates?

5