After testing and research, I wish to implement a strategy I have been working on. Based on what I have read it seems the recommended brokers to start off with are Lightspeed or Interactive brokers. I am leaning towards IB as they appear to have the most documentation and low margin fees. Before I take the plunge, has anyone used the Lightspeed API? For those that have, how would you say has been your experience with the API and as a whole (using Lightspeed as a broker), especially in comparison to Interactive Brokers? Many people in the forums seem to use IB and wonder if they have any helpful or useful comments. Last question, for Interactive Brokers, they offer two APIs: IB API and FIX CTCI. Why would someone use one or the other?
My two cents: I have used LightSpeed before. They have two types of APIs... (1) lightspeed trader plugin API (2) Another secure API or something that directly talks to their servers bypassing the lightspeed trader application. I was also looking at starting connecting my ATS with their servers directly, but the issue I got into was that if my ATS places an order through their API, I can't see the status of the order in the trader app. Even IB's TWS doesn't provide this interface if you go with their FIX protocol instead of the TWS route they offer. Such a functionality is important when you start off with your ATS to make sure that you can always override your ATS in case there are bugs in order management. Take a look at Rithmic offered through vision financials. They do provide equity & futures... unfortunately equity is only through BATS. Rithmic's RTrader lets you directly see/modify the orders that your app has placed. Hope this helps.
The IB FIX API has a monthly volume requirement and a $10,000 security deposit. It also doesn't support position and account stats reporting although it does now support order status reporting (it didn't use to work but now it does). Since you'll probably have to use the IB API for positions, you might as well only use that, and it's free.