I have a question about hidden cost on commission. I once talked to rep in IB. I was told that you get charged if you post an order then modify price then transmit again. It may not be right since I have no experience. Can someone explain to me here if you have experience. I have experience on IDEAL to buy currency. They charge only one order commission if your order filled partial and change price again untill order filled.
That is not entirely correct. The cancellation fees are for US options as we are charged by the exchanges. We give credits for executions against cancels. All of this is explained in the fee section of the web site. If you're trading FX as you seem to imply on your first post, there are no cancellation fees.
ib's cancellation fee is a pain . other brokers like mb trading charge the same type rates as you and have no cancelation fee's for options. i trade alot of illiquid options with wide spreads and i like to test the waters with in between bids and many times i get no fills and have to cancel
I think this is a great place to learn IB and great tool to do business to IB. I have wrong memory on cancellation fee from a rep of IB Canada. It seems writing do a lot accuratancy. Thank you for IB's effort here.
I didn't use IB for the same reason. I believe most profitable option traders have more cancels than fills.
Note that there is a credit for executions. There's a tradeoff between offering low cost commissions or charging higher commissions which eat the fees. We chose the former.