I am currently using Interactive brokers and I am unable to submit orders that exceed 500 000 shares via TWS. It is very frustrating and time consuming when I want to place an order that is eg. 5000 000 shares, I need to submit 10 smaller orders and the fees are also higher this way. I explored other options (I a non US resident) but did not find any satisfactory one yet. Does anyone have any way to overcome this issue, to be able to place orders that are in millions shares volume? Any suggestions of regular or prime brokers that can facilitate this? (I need the fees per trade also to be low as many times the cost of one share is around 0.001 USD) I am considering contacting IB trading desk, but in this case the fees are higher and its not effective to make phone calls every day. To get to US brokers I am considering opening a US LLC, so it should be possible to to open a US brokerage account.
What i found with foreign owned LLCs is you need an American partner to be able to open an account at most brokerages. TD Ameritrade or Schwab is probably the best choice right now, although I heard Schwab restricts to a maximum of 999,999 shares per trade. On the other hand the trades are free @ Schwab.
Thank you very much for the insight, it is of great help, I am trying to sort this out last few days very intensivly
yes, I tried the algo, but it is same as with normal order once I enter more than 500 000 shares it is getting rejected
Hi, thanks for your insight regarding the brokerages that may execute larger orders than 500 000 shares (the IB limit for TWS trades), I wanted to ask if you are sure about the size of TD Ameritrade orders that they can be in millions of shares? as I have a friend in the US and he will open an account for me, but if was not able to find out if by chance they do not have a limit of some kind as well (Schwab has a limit of 999 000 shares as you mentioned, it is mentioned their pricing brochure), I wrote an email to TD Ameritrade but did not hear back from them, so I just wanted to confirm with you before I proceed with the rather complicated opening of the US brokerage account. Thank you once again fro your time and help