Comparison IB, TS, XpressTrade

Discussion in 'Retail Brokers' started by novais, Jun 3, 2006.

  1. novais


    Anyone moved from XpressTrade to IB or TS?

    What is your experience on IB/TS?

    Anyone used IB and TS? What is your comparative experience?

    Otherway round...anyone moved from IB/TS to XpressTrade?
    What is your comparative experience on XpressTrade?
  2. CTTrader


    I have been trading with Etrade (sucks) and recently set up a TradeStation account.

    TS has a great platform, but the process for setting up and funding an account is archaic. The application is not done online. Instead it has to be sent Fedex (TS pays for it). They did not notify me the account was approved. I had to call to find out it was approved and ready for funding. Funding the account has been a hassle. To do an ACH electronic transfer you have to download, print, and mail in a form to get it set up. (I don't know why this wasn't included in the application). They wouldn't accept a wire transfer from my money market because it is set up as a revocable trust. The admin side of ETrade is very sophisticated and very user friendly. Too bad their platform and customer service suck so bad.

    TS Pro's and Cons so far (I only trade equities):

    The Good
    - Charting is very good. No need for outside charting service.
    - Platform offers just about everything you could ask for and has been very reliable and fast (I have 3.0 ghz processor and 2 gb RAM)
    - Backtesting far better than others I have seen
    - Commissions below 1,000 shares very competitive.
    - You can forward test very cheaply. 100 shares for $1. That's $2 roundtrip.
    - 3 Customer Service calls. 2 very knowledgelable responses. 1 unsure of himself but had the sense to check with supervisor.

    The Less than Good:
    - Commissions above 1,000 shares get less and less competitive especially when compared to flat rate packages elswhere. ie 5,000 shares TS = $64 roundtrip. At CyberTrader $20. At Fidelity $16 (I will probably set up an account with CyberTrader or Fidelity for larger trades)
    - Windows take up a lot of screen space. At same resolutions I can get more info on screen from ETrade and CyberTrader (I tested the demo version) than TS. Fortunately I have three 20" screens and one 19" screen. I was able to use Etrade and CyberTrader with 1 screen and a laptop, but would not use TS with less than 2 full size screens (at least 19")
    - TS charges extra for Level 2 and ECN books.
    - Customer service hold times have been 5 - 10 minutes so far. 3 calls.

    TS is still in the honeymoon phase with me. I had to get away from ETrade and there is a huge difference. But I am still going to look closer at other platforms at the Florida Traders Expo and see if it's worth looking further.