No. of Recommendations: 9
Every time I looked at Folio, I couldn't see any advantage to it. Elan (and others) always say to use limit orders and not market orders....and with Folio it's essentially an "Eh, whatever." order.

And yet, time after time, people who have looked at the average execution performance have come up with completely reasonable trading costs, typically in the 0.2-0.3% one-way range.

You don't see an advantage because there isn't any for your strategy. For me, simplicity and speed are worth a lot, given my strategy.
I simply don't have time to enter limit orders and adjust them until I get an execution.

I finally got fed up with Folio and pulled my accounts from them last year. I had a trade execution on a small stock that was about 8% below where it should have been had it executed any time near the "window" of 2:00. When I talked to a customer service rep, who was very nice, had suggested that maybe Folio wasn't the best broker for me. I agreed.

This is indeed a problem with FolioFN, and I don't like it at all.
My only answer is that it is the statistical average of many trades that counts, not the individual bad ones.
To the extent that the average is reasonable, I don't sweat the bad ones.
Yet, it is exceedingly difficult to see those stinker executions.

What I don't like is that FolioFN executions for thinly traded stocks will often be outside of any trade reported anywhere.
I have asked them about that in the past, and have been less than satisfied with the answers.

I have been close recently to switching to IB. It would be an interesting experiment.
In my case direct commissions would be something like 100x higher at IB, and the question would be, would gains in execution quality make up for that.
I've really thought about moving half of my accounts and trying that.
But I've not figured out how to actually do the trading that my MI implementation requires at IB.

I'm pretty sure Folio is in KTLO (keep the lights on) mode at this point. Whatever software they have works as it has forever. That website hasn't changed in many years.

I've had that feeling too. Nothing has changed in years, and they had been talking about platform improvements (margin for example) that never happened.
It looks like the writing is on the wall.

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