TD Waterhouse, one of the biggest and reputable stock brokers, have announced that they reduce the commission for frequent traders from £9.95 to £8.95 per trade (Frequent Trader Commission Rates work on a rolling monthly cycle, based on the number of trades executed in the preceding 3 calendar months. If the consumer completes 15 or more eligible trades in the preceding qualifying 3 month period they will qualify for TD Waterhouse’s Frequent Trader Commission Rate).
This is the latest sign that stock brokers compete vigorously for more business by slashing the commission rates to historic lows and welcome the news as it will benefit many retail traders in the UK where stock brokers charge considerably more than their US counterparts.
This move follows the latest war between financial spread betting brokers where the spreads have become as tight as 1 point on major markets and WorldSpreads even offered zero spreads on some markets for premium customers.