When signing up for a live broker part of the process to setup your account will be for you to select your default destinations also known as Routing. You might have loaded our hotkey files or made your on and received error's like "Invalid Destination" , or "Hotkey order does not contain a destination" This means you did not setup your default destination settings to your preferences yet-
This is how it looks in Our Sim software currently for setting defaults Please consult your broker directly for their options and settings that are available to you as they most likely had different or more options:
Ross currently uses NSDQ as the default for direct Access routing destinations with Lightspeed
There are many other market makers and Routes you can take and will be different between brokers, Some are free, some credit you to add liquidity to the market- and others do not charge any ECN fee's
Keep in mind that ECN fees and direct access routing can be very expensive- normally around .005 cents per share,for example it will cost you $5 for trading 1,000 shares one way, and $10 for the round trip
You will have to read the literature on your brokers website to gain a better understanding of the routes they offer- and to decide based on your trading strategy and size of shares you trade for which route will be best for you. Some might offer a "SMART" route that has low or no fees, But might be slightly slower to execute.
For our Pro Members, Ross goes over Routing in Chapter 6 Part 4 of the Small cap course called: "Routing Methods, Liquidity, & Dark Pools "
Here are some videos and literature from our site that go deeper on these topics as well:
Please reach out to your broker directly for available options , Fee's and Settings.
Still have questions? Please reach out to our Support Team, and we'd be happy to help.