Zero-Fee Trading Models: Hidden Costs and Payment-for-Order-Flow 2.0
Introduction: Free Lunch or Costly Illusion?
Zero-fee trading apps have disrupted brokerage economics, enticing millions of new investors who can now buy fractional shares with a single tap. The promise is simple: no commissions, streamlined interfaces, and instant gratification. Yet seasoned market observers warn that “free” rarely means “without cost.