novacane32000
331 posts
msg #111966
- Ignore novacane32000 |
3/1/2013 12:06:53 PM
I currently use TDAmeritrade and am considering IB to save on commision fees. Seems like a slam dunk -am I missing something? Can someone using IB please comment.
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edellner
9 posts
msg #111967
- Ignore edellner |
3/1/2013 12:20:08 PM
I tried IB and didn't like it much as I felt the commission claims were misleading. I had 2 main complaints:
1) On an order of 400 shares, the order might clear as 100 shares, 200 shares, and the final 100 shares. IB assigns their minimum charge to each individual transaction, so there are many more minimum charges than you might expect.
2) There was a notice about paying for canceling an order. I didn't cancel after I read that message, but you should investigate their current policy and how much it costs to cancel an order.
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novacane32000
331 posts
msg #111981
- Ignore novacane32000 |
3/1/2013 1:47:38 PM
Thanks edellner
Called IB and the charge for cancelled orders only applies to options. All trades under 200 shares = $1.
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four
5,087 posts
msg #111987
- Ignore four |
3/1/2013 2:03:10 PM
http://www.interactivebrokers.com/en/index.php?f=otherFees&p=cancel1
other fees
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mahkoh
1,065 posts
msg #111998
- Ignore mahkoh
modified |
3/1/2013 4:30:15 PM
I'm with IB for some 7 years and I have never had issues with them. Their TWS trading platform has a bit of a learning curve but once you get to know it you will find out that it is a pretty versatile platform. You can extend the possibilities if you hook it up to excel through their API. Download Ninja Trader and hook that up to IB's datafeed and you'll have decent charting.
Execution is fast and if possible they will get you a better price than the order that you submitted. You can trade outside regular trading hours and I think their margin conditions are the best in the industry.
I can trade anything I want in any market and short anything. (provided it is available for shorting) I do however believe that there are some more restrictions now then there were before for new accounts. And you don't have to pay fees for the first monthly withdrawal.
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evo34
82 posts
msg #112008
- Ignore evo34 |
3/2/2013 3:39:01 PM
I don't agree with edellner. I use the CostPlus commission structure and I do not pay multiple minimums for orders that are filled in different pieces. Nor do I pay anything for cancelling an order.
They pass through the rebate that the exchange pays you when you provide liquidity. They offer ridiculously good margin rates and their portfolio margin feature is very useful for getting added leverage ($110k acct. size min.).
The only reason, in my mind, why you would ever want to go elsewhere, is if you were only trading large blocks at one time, esp. lower priced stocks. E.g., if you are trading 10,000 shares of SIRI on the open a lot, you'll definitely pay a lot less at a fee-per-trade broker than you will at IB. But assuming you are providing liquidity a decent amount and are piecing your orders out during the day, IB is a no brainer on the comm savings alone.
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sohailmithani
192 posts
msg #112018
- Ignore sohailmithani
modified |
3/3/2013 10:10:25 AM
Hi all traders,
I am also thinking of moving to IB as it seems the best option available to save some comm money.
I would appreciate if someone could explain when one should use Cost Plus and when Fixed. Also, what is the portfolio margin feature?
Thanks for helping here.
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sunny101
53 posts
msg #122143
- Ignore sunny101 |
12/4/2014 7:47:04 AM
IB is best for commsions and also platform execution...even if it mght sell in lots when you sell 1000 shares but the info regarding that u get charges 2-3 times is bogus. since its the same order u only get charged once. unless u cancel and re sell it but it happens once in a blue night..... I always buy and sell 1000 shares min for stock trading and their commsions are still a lot less than TD Ameritrade but TD ameritrade has good charting I agree. IB is best for commisons and executions
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bert123
53 posts
msg #122151
- Ignore bert123 |
12/4/2014 8:49:40 PM
I agree with Sunny. Since the charge on a straight buy or sell order is .005 per share, 200 shares only costs $1.00 each way.
If you buy medium to high priced stocks, this is the way to go. If, however, you are buying 5,000 shares of a $4.00 stock
you are now potentially paying much more than you would with another broker. So, it all depends on the stock price and volume.
If the above doesn't suit you, IB may have other plans available depending on your needs.
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momarch45
2 posts
msg #122386
- Ignore momarch45 |
12/29/2014 12:12:10 PM
I have been with IB for several years now and their fees beat any other RETAIL brokerage around. In November 2014 as an example I had 105 transactions (not shares or contracts...that would be more) and my "other fees" came to 22c. If you trade certain amounts each month to generate X amount in commissions a lot of the fees get waived. They have also started giving the rebates on options if you provide liquidity for them. Nothing like buying a PCLN contract and have the commission be them paying you 25c :) I have an account with Ameritrade both regular and IRA and they NEVER give rebates for liquidity, nor do they give you the advantage of trading specific exchanges.
Example in IB I always pick "best route" and often my trades go thru the less expensive exchanges and I am charged accordingly. My total commission for those 105 transactions was $115.59. Some were one contract trades, some where 10.
I find their fills to be acceptable or I wouldn't stay with them for so long.
Just my 2c
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