New broker: Interactive Brokers

[mhertz]

Hey guys,

I was a long-time customer with Ameritrade (canada) and I recently switched to optionsXpress. I have enjoyed OE but their fees are just too high for trading pennies and large quantities. So, I was thinking of swithcing to IB (canada) and wanted some more information on it.

So, if anyone can provide me with feedback on Interactive Brokers (canada) in terms of fees, commissions, execution, balance requirements, other charges, etc., that would be great!

[Thierry Martin]

Same boat as you and Ineractive Brokers does seem like the best bet. Just set up the account, haven't used it yet, but it looks like it's about one thousand times better than the Ameritrade account.

http://www.interactivebrokers.ca/en/main.php

[qweewq12]

i use it....

fees/commisions...like $1-3 per trade for me...
execution...fast...
balance requirement...min of 2K

check out the demo on the site....

[mhertz]

so that's like under $5 p/trade, no strings attached. any size amount, any price, etc.?

[madcowdisease]

so that's like under $5 p/trade, no strings attached. any size amount, any price, etc.?

I glanced at it briefly and IB uses a percentage of the capital from what I understand. It's not a lfat 1 or two dollars per trade. But yes, it seems on average it is less than $5.

I don't like how they charge to change or modify an order. I have benefited form this enormously when watching a stock tick down precipitously for no apparent reason and changing the order to get a better entry.

[mhertz]

oh really, they charge you even if you modify or cancel your order prior to execution?

[Luc1Grunt]

I decided against IB as most of the $$$ amounts and # of shares I trade averaged $12 a trade. Do the math on 5000 shares of a $4 stock. Or even 10,000 shares of a $3 stock. I'll deal with Scottrade Elite as opposed to that. As well as the additional fees I found as I searched the site.

Still looking at Tradestation, but that $99 platform fee is a mutha if you don't trade enough shares each month.

Visited the Scottrade branch today for a chat with the boys. They are well aware of the server problems, but other sites have them as well. They were optimistic on the new e-transfer system that is coming this summer and the ability to link to other accounts and a checking account as well.

[Hanger]

I decided against IB as most of the $$$ amounts and # of shares I trade averaged $12 a trade. Do the math on 5000 shares of a $4 stock. Or even 10,000 shares of a $3 stock. I'll deal with Scottrade Elite as opposed to that. As well as the additional fees I found as I searched the site.

Still looking at Tradestation, but that $99 platform fee is a mutha if you don't trade enough shares each month.

Visited the Scottrade branch today for a chat with the boys. They are well aware of the server problems, but other sites have them as well. They were optimistic on the new e-transfer system that is coming this summer and the ability to link to other accounts and a checking account as well.



I personally did not like the interface that IB offered....I really like Scottrade, and am thrilled to hear they are actually looking into fixing the serverside issues.....E*trade is killing me, but I hated dealing with the server at Scottrade.....So atleast now I can look forward to an early fall return to Scottrade...

Thanks for that info!!!!

[Martin]

all the brokers have about the same price of $11 Limit orders.

market orders at $7 or these other price per share x number of shares is all a bunch of bs.

I dont think I could trust my limited amount of money with IB. I'll stick with Ameritrade or Scottrade.

[qweewq12]

think or swim is like $5...there site is much nicer than ib...I will switch to them after my rates get the same general cost as IB... I like IB now, better than Buy and Hold... IB TWS system is easy to use.. just don't really like the webtrader ( have to use it while at work) webtrader is kinda functionally simple...but so is the information presented.

[qweewq12]

after further thought... I have decided to acat my stuff over to thinkorswim...

[madcowdisease]

No need to switch if Scottrade addresses the server issue. I guess we'll all know soon enough if the summer date comes to fruition.

[Luc1Grunt]

My branch folks are adamant in getting on the phone when there are server problems. They will place all trades at the internet rate. Problem is timing if you are trying to sell during a big volume increase that is short lived. Or.......cancelling a stop in time to push a sale.

I still think folks need to push scottrade to allow a stop AND sell LIMIT at the same time. That would be the biggest benefit to me. Especially those days I am away from the screen (2 days of the week).

[soundlanguage]

roehrigs01, how's that SinkorSwim treating you so far?

i've been considering opening up here, funny little company that seems totally professional too. might end up giving the other boys a run for it but im waiting for first hand experience stories until i make my decision.

[qweewq12]

Heya soundlanguage...

Actually, I like them...very much better than IB... I am fully transferred from IB via ACAT now... took about 10 business days... the commisions are more than IB..but their setup is so much better... i really hated IB webtrader.... that site is garbage... with TOS webtrader, the information is set up so much nicer.. easier to trade... very easy to see account info, like profits& losses, buying power, YTD commisions, the worth of everything you have is broken down by stock...

They also have a software version of their trader, which I like better than IB... the layout is so much better...

I only trade options now... and that is better on TOS because on 1 page they show you all the options for a particular stock.. broken down by month...strike price.. etc...

However, I don't think they are good for penny stocks though... due to commisions and a limit of 5000 shares max....

[redrum]

I use TradingDirect - Always a flat $9.95 per trade, no minimum to open an account, you need to make at least one trade per year.
$2000 cash or marginable stock minimum to trade on margin.
When you need their help for anything - they answer the phone in LESS than one complete ring, and their pretty decent about it when you do need them to help you out.
They are affiliated with AlphaTrade - who for $59 per month offer a complete charting system including buy recommendations, TSQ, & level II access, which includes pennystocks, and all the major indexes................
I'm pretty satisfied with them.........

[tekbubble]

FolioFn: 300 free window trades (1100 or 1400, market). $3.95 market/limit orders.

[redrum]

$3.95 per trade??
Thats the cheapest I've ever heard.
But I'll bet you better not EVER need any help with your account..............

[cramerica1972]

I use TradingDirect - Always a flat $9.95 per trade, no minimum to open an account, you need to make at least one trade per year.
$2000 cash or marginable stock minimum to trade on margin.
When you need their help for anything - they answer the phone in LESS than one complete ring, and their pretty decent about it when you do need them to help you out.
They are affiliated with AlphaTrade - who for $59 per month offer a complete charting system including buy recommendations, TSQ, & level II access, which includes pennystocks, and all the major indexes................
I'm pretty satisfied with them.........they actually require $500 minimum.

[realfortin]

I've been with IB for 2 years now and find them great. At 1-5 on average fro the smaller trades (1$ min) I can make a little more on the small trades. It all counts in the end.