ON THE SELECTION OF INTRODUCING BROKER PARTNERS (PART 4)
3. COMMISSION
Because Ritva's income in this period of time is based on IB groups’ commission, the more commission IB groups earn, the higher profit Ritva gets. New traders may choose to use a discount broker, and due to inexperience when placing orders, lose more due to poorly placed orders and errors than the money “saved” with the lower commission rate. Brokers get paid for the service they provide.
An experienced broker understands the markets and can interpret the market’s changing dynamics to determine the best price and order type to use. It takes experience and intensive monitoring to “work” an order…to know where the market really is, if there is enough volume to get filled – even if the bid-offer price (that changes constantly) is fair, keeping the client updated, etc. The better fills alone could more than make up for the increased full-service commission rate. Therefore, an experienced IB/IB groups are always Ritva's number one choice.
Again, we intentionally set up selection criteria that are rather strict and stringent. This helps filter out a significant number of unqualified IBs in the market, leaving us with the good seeds.
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