FFASTFILL Lower than IB??

Discussion in 'Interactive Brokers' started by bundtrader2, Nov 27, 2002.

  1. all this math analysys is great but could some ffastfill customers comment on the platform reliability????? i love IB but it is a well known fact that their customer service is seriously lacking
     
    #11     Nov 28, 2002

  2. ???????????????????????

    1833.60-1833.52 = .08 cents

    And I thought I was a chisler.
     
    #12     Nov 28, 2002
  3. mikep

    mikep

    They'll give you a demo to try out for quote stability. I've never tried them live but they've had a good response time when it came to questions.
     
    #13     Nov 28, 2002
  4. Aaron

    Aaron

    I recently switched from IB to FfastFill and am glad I did. Customer service is much better than IB and me and the Schindler Fund investors are saving a bundle in commissions. The online system is good, but not quite as mature as TWS.

    There are a couple drawbacks with Ffastfill versus IB, but the advantages and cost savings far outweigh them. The disadvantages are:

    - FfastFill has no API to their trading platform. So no automating strategies.
    - TWS is more polished and user friendly.
    - No universal account, so no equity trading at Ffastfill.
    - Ffastfill won't hold orders on their servers. The exchange has to be open to enter an order. IB will hold an order on their server until the exchange reopens.
    - Ffastfill charges commissions in US$ on non-dollar futures trades. This makes accounting more complicated.
    - Ffastfill's online platform is a Citrix server/thin client setup, compared with IB's either java or user installed application. Thin client is nice that you don't have to ever upgrade the software but the disadvantage is that it is a bandwidth hog and won't work when I log in using my cellphone as the modem.
    - GNI (the FCM for Ffastfill) often has odd settlement prices for the ES that don't agree with the exchange never more than a tick off, though. They might be using the last price instead of the settlement price for daily statements.
    - Ffastfill doesn't update you of connectivity problems as quickly as IB does with its bulletins.
    - Ffastfill doesn't keep old statements on their website for download like IB does.

    The advantages:

    - Better customer service
    - Can phone in trades without a $30 charge.
    - W-2 forms are net of commissions
    - Lower commissions
    - Ffastfill has one click trading, compared with IB where it takes a minimum of two key strokes.

    Even though there are fewer advantages, they outweigh the disadvantages for Schindler Trading.

    I'm highly annoyed at IB for reporting gross profits on the W-2's last year and not deducting commissions. I had to amend my return once I learned this and that triggered an IRS audit. What was IB thinking?? I had to go back to all the monthly statements to substantiate my commission deduction.
     
    #14     Nov 28, 2002
  5. mikep

    mikep

    I've never had a w2 report p and l before comms. hmmm
     
    #15     Nov 28, 2002
  6. Aaron

    Aaron

    I've never seen it done anywhere other than IB either. I and some other people complained loudly to IB last April (even before I got audited), so maybe they'll fix it for this year.
     
    #16     Nov 28, 2002
  7. Aaron-

    Thanks for the input. Think I'll give these guys a shot and see how it goes.
     
    #17     Nov 28, 2002
  8. alanm

    alanm

    stock: My point was that at 382 contracts, you break even. Above that, FF is cheaper. Like about $900/month cheaper at just 5 contracts per trade, 10 times a day.
     
    #18     Nov 30, 2002
  9. This IS off of the subject, but I was wondering if someone could answer an IB question for a futures newbie. If I trade a dow mini contract and then decide I'd like to go to 2 contracts per trade, wouldn't it be BETTER from a commissions standpoint to trade just ONE of the full sized contracts?

    ALSO, filled out all of the IB account information on Thursday, still waiting for a confirmation to send money. Called customer service late Friday, they said it would take several days but they couldn't tell me specifically since the system (or part of it) was down. How often does the system go down ?

    Many thanks and wishes of continued success:)
     
    #19     Nov 30, 2002
  10. Silverware

    I don't know what IB's rates are on the mini versus the big one but I'd assume you're right in suggesting that trading one big one would be cheaper. But by how much $1-$2? This amount is not going to cause anyone a problem.

    However I'd advise you to trade 2 minis over one bigger one because with the big one you're either in or out, but with the mini one you can be half in. Better to be flexible than rigid.

    But as ever check on the volumes and bid/offer spreads.
     
    #20     Nov 30, 2002