After reviewing everything that has changed.So far there is one limiting issue.I don’t like that alpaca forces all of their account users to have been subject to payment for order flow.
I think if someone is paying for a top tier. API service like an add-on like alpacas, premium service or the elite service. They shouldn’t be subject to payment for order flow. And there should be some kind of option that allows them to opt out of it if they’re paying for a higher tier service since that would offset the account fees. That payment for order flow provides.
My suggestion is to update the add-ons to allow people to opt out of payment for order flow. Unfortunately, that would be one of the reasons why I would have to go with another brokerage, although I would love to stay with alpaca but it would only be as long as they change the ability to opt out of payment for order flow when paying for a higher tier service.
@kris Individuals *can* choose to have their orders routed to venues that are not compensated using Pay For Order Flow (PFOF). By opting into the Elite Smart Router order flow, equity orders are routed to execution partners who are compensated on a commission basis and not PFOF. An account must have at least $30k in equity, but the Elite Smart Router order flow offers some added advantages. Check out the information on that program here.
I might have to look elsewhere since I don’t have thirty thousand dollars for that like most middle to lower class people, there’s a disconnect between what rich people believe is possible to what’s actually possible. Although we’re in a better perspective since they lifted the pattern day trader rule. But still , it shouldn’t be something where we’re require to have a certain balance , maintaining the ability to not have our orders viewed by prying eyes to be profited off of. I’m not singling out alpaca. Since there’s other providers that do the same exact thing. But you should set the bar high by giving the ability to not have order flow. Sold off, you probably would be benefiting off of selling a higher tier service that allows that as a perspective.
I would be willing to pay $200 per mo for no company to have the ability to profit off of my orders via payment for orderflow or any subset
Especially if we’re paying for a higher tier service…
Also, it’s worth noting that alpaca only states their commission free brokerage. They don’t state that they sell your orders to other providers. Like citadel via payment for order flow. There should be some specifications in regards to that.