I just opened an account with IB, which I will use as a second account to trade with starting in 2008. I received a confirmation e-mail saying that the account has been opened and that they are waiting for my deposit to finalize the deal. I'm going to mail in the initial deposit check today. Are they good about sending out the STP device promptly? Also, can I play around with TWS and use the simulation mode right now without a code from the STP device or I have to wait ?
You can't do anything with it until it is funded because only then is the account considered "open" and they won't give you quotes unless you are funded. STP should come after you are funded. They usually send it out fairly quickly, but not always. While you are waiting for account status, go to account management and sign up for practice/paper account. Once everything is ok, use that to fiddle around with TWS rather than playing with the production model so if you make any errant mistakes on the TWS before you are used to it, and believe me we ALL make a mistake or two until we are comfortable with the interface, at least you won't have your money at risk. I don't think the paper account requires STP to use if you are waiting for delivery of it. But to use these features, you need to be funded.