Do you think it's a good idea for a website that charges just $1 commission on trading orders?
So…my idea is to create a website that charges just commission on CFDs and other instruments – while the competition currently charges MUCH higher. Like…cfds, Options on gold, CDS, Bonds, etc. I tend to avoid the idea for a forex website – since forex has a terrible reputation these days and when it comes to stocks – there’s a huge regulation by SEC which i perhaps won’t be able to pass…same goes for futures. But…OTC options, cfds, spread betting – all seem to be very popular especially in certain countries. Other than the super low fixed commission of – i plan to make it so every OTC order will be matched against another customer – that is…like ecn, dma – so my clients will be aware that i am not trading against them and won’t scam them if they happen to win a lot. Do you think these 2 ideas: commission and exchange based trading are enough to gain a customer? Or people will always stick to well known names like barclays, c.schwab, etc no matter how high their commissions are…and so on?
10x!
happy new year!