IB charging exchange fees

Discussion in 'Interactive Brokers' started by tntneo, Nov 2, 2001.

  1. ajax_g


    I agree, IB should offer RTQs as an option. Most of the people use IB for execution only (low fees and fast executions).

    Personally I DON'T like IBs RTQ feed, it is not tick-by-tick. You can have a superb tick-by-tick feed elsewhere.

    So IB better distinguishes the RTQ feed from execution platform and keep expenses as low as possible.
    #21     Nov 4, 2001
  2. THIS IS COMPLETELY RIDICULOUS! I AM IMMEDIATELY GOING TO SHOP AROUND FOR ANOTHER BROKER. IB doesn't credit any interest on sub 10k balance, I keep a small stock account there which I use occasionaly. It doesn't earn any interest and now I am gonna be charged $10 a month. No way! If IB is going to charge exchange fees they should at least offer their customers a complete charting package. There is no way I am going to pay 2 or 3 times the exchange fee, for my broker's data, my primary data source and a backup. What the hell is going on in the world of online trading?!!!!!
    And BTW 79 bucks for Level 2! forget it! The exchange fee is only $10.
    #22     Nov 4, 2001
  3. ehlaban


    Def says: keep in mind, if you do more than 30 bucks in commission per month there is no charge

    I can't find that anywhere? The message only says
    u have to pay for exchange fees.
    #23     Nov 4, 2001
  4. ajax_g


    def is right. you don't pay the 10 dollars if your commissions are more than 30 each month.
    #24     Nov 4, 2001
  5. elie


    Exchange Charge
    IB FX Dealing Free
    US Equity and/or Option Exchanges $10 (Waived if>$30 in monthly commissions)

    #25     Nov 4, 2001
  6. Does anyone know if these fees on a per account basis or on a per customer basis?

    I have been very active in my main taxable trading acount, but inactive in my IRA account due to the bear market.

    If my IRA acct is going to be charged $10 a month (even though I generate hundreds of dollars of commissions for IB in my main trading account), I will be moving my IRA out of IB.


    -- Punter
    #26     Nov 4, 2001
  7. it simply *MUST* be possible to enter orders without having subscribed to the specified exchange. i trade eurex, cme, qqq and sometimes A/C/E and i am already paying exchange fees for my TrackData feed (very good indeed!!).
    IB should urgently implement the feature of being able to process orders WITHOUT SEEING QUOTES at all in TWS (simply turn them off - there should be nearly no programming effort) or having delayed quotes. I do not want to waste $100 per month for something i have already. Despite, this solution is by far better than raising commissions.
    #27     Nov 4, 2001
  8. i forgot: maybe it is time now to start paying interest for the cash under 10k. isn't it ?:cool:
    #28     Nov 4, 2001
  9. An order entry without live quotes is too time consuming that means you'll have to enter the limit price yourself. This is not a good solution at all, it will be impossible to daytrade futures for example. Forget it. These new fees are simply charged in lieu of inactivity fee with the difference that they apply to every customer. Hey it brings more money in at a time when every broker is feeling the pinch of the bear market. YOU SHOULD NOT BE CHARGED EXCHANGE FEE FOR A MONTH IN WHICH YOU DON'T TRADE OR USE TWS(but who's gonna use TWS for quotes only?!). And I hope anyway that the exchanges do not require to pay exchange fees for each service used. We should not pay those fees twice or more.
    #29     Nov 4, 2001
  10. The biggest ripoff is that the exchanges charge fees at all for real time quotes. I have never been able to see the justification for the exchanges making this a cash cow on a per customer basis. If I go to the track I don't have to pay to see the the current odds on my nag. I would love to see a serious campaign to have the SEC abolish charges for quotes.

    I am not outraged by IB's actions but they do need refining. All accounts incur overhead costs and inactive accounts should not be getting a free ride given IB's commission structure.

    The avoidance of duplicated exchange fees is essential and the data feed really should be made available to other programs like Quotetracker.

    Don't mess with the commission structure, however, is number one priority.
    #30     Nov 4, 2001