I see you're looking for info on Foliofn. I've recommended it before. I stumbled across it like you through Reuters. You've seen the about us, and you don't get much better than an ex SEC commissioner. It's on the up and up. Marc Gerstien from over there at Reuters has been in the biz for a good long while and wouldn't have teamed up with Foliofn if it wasn't a class act. From what I've been able to tell, it is what it appears to be.
The reason it's so inexpensive is because they aggregate all the trades. Those they can do in house as book keeping entries don't cost them anything. Those they have to go out to the market for, they consolidate into one trade (if 20 people want a particular stock, that becomes one trade) and then it's just book keeping on who gets what. And it's also why they can do fractional shares and let you trade by dollar amounts. Most of it is just book keeping to them and doesn't cost them anything. They are just nice enough to pass the cost savings on to you.
No it's not for daytraders. That's not the purpose of it. It's for people with IRAs that want to be able to inexpensively diversify. Or for swing traders that don't need to get exact prices. For what you want to use it for, it looks most excellent.
No, I haven't used it. I'm a daytrader that is taking a break for a few months. So it's not for me. I like IB since mostly I trade the futures. I did recommend it to my brother who is the president of a fortune 500 for their 401K plan. Haven't heard back if he looked into it or not. To have something like Foliofn in your 401K would be way cool!!
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