If you open a corporate account, are you automatically deemed a "professional", and have to pay pro data fees, even if you are not licensed?
Yes, if you find out different let us know. I believe they automatically assign you as a professional if you use any entity other than yourself on the account.
I did. I am set up as a limited partnership and I was told that the account is designated professional....that s*cks. I'm paying over $225.00 a month in data fees
That was my understanding. If you want to have an account through your corporation, you will likely have to look into Ameritrade or others. I have an account with Ameritrade through my s-corp and it is exactly the same as a personal account with regard to fees, commissions, etc. You just can't get the 25 free trades-type promotions when you open the account. I opened a personal account through IB as well to take advantage of the lower commissions. My accountant has been telling me over the years some reasons why I don't want to have an account other than a retirement-type thing through my corp, but I haven't paid attention so don't know what they are.
Can you wave all data fee subscriptions with IB corporate accounts? IB data isn't even tick by tick, if I am going to pay, I'll pay for a real feed.
Better look into that one close, I believe you can't execute trades if you waive the quote fees? Nasdaq stocks aren't too bad, but New York is around $200 per month isn't it? I'd rather get an extra 3rd party tick feed for that price. Let us know what you find out.
In my personal account things have slowed down, so I don't subscribe to quotes. I still can swing trade no problem.
I attempt to locate a post on ET about this topics. In this post, if my memory is correct, IB have change his policy about the PRO data fee, and now you can unsubscribe them if you want. Maybe def could confirm?
Is this Financial Advisor stuff? If so, is commission you generate from trading others account is enough to cover your 225 fee? thought about being a parttime FA, but not yet started. your experience would be useful
You're supposed to be able to trade without Market Data Subscriptions. You should be able to cancel your data subscriptions on IB, and get your data from somewhere else. You would have to only use the TWS for creating orders.