I'm looking to switch brokers. I'm currently using datek although things have really deteriorated badly since the merger announcement w/ ameritrade. I read a lot of stuff about IB here and hope IB vets can give me info since there seems to be some complicated stuff involved. 1. I read about down times, does this happen ofter in ib (saw quite a few posts). 2. do you guys trade stocks with ib or other issues (read a lot about e-minis, how do they work, does ib offer them)? 3. with the ib platform, are there complicated issues, or features that bother traders? 4. does the commissions 0.005/sh include the ecn charge or not? 5. how do you guys trade on bigger # of shs since the commission cost can really run up. 6. any other issues I should know about ib? I also read about cybertraders lower commissions, although it still looks a bit high (if you add the ecn fees), am i correct? Thanks. Sorry bout all the questions, just dont want to go thru all the docs and process to find out I need to look for another broker later.
1. No 2. IB does a very large number of stock trades per day. We believe (especially with TMBR routing) the speed is second to none. 3. read the manual to learn what is available. others will have to comment. 4. see 3 5. The fees of 1/2 a penny per share is a professional rate. it includes all charges including ECN and SEC fees.
def, its good to hear from someone actually from the firm. sorry but what does professional rate mean. I'm not classified as a professional, so in this case, what would a retail client's commission (and total charge) per trade be?
For US stocks you pay $1 for 100 shares, $5 for 500 shares, $7.50 for 1000 shares, $12.50 for 2000 shares, $17.50 for 3000 shares, $1 per contract for equity options ($2 per contract if you want to route the order yourself), $2.40 per contract per side for e-mini futures. All these fees include everything except capital gains taxes.
I'm trying to run ib's demo but whenever i get after the login it just keeps attempting to enter without success. I do have the java jre 1.4 installed. Does the demo work, or is it not available at certain times? By the way, does it work behind a firewall? Do you guys use firewalls in your systems, I've heard it slows some feeds. One last thing everytime I try to cancel the failed attempts, my browser starts hanging and anything else that uses java starts getting into problems. Any solution?
was able to get the demo going... but I cant seem to find how to pull out levels of indices (nasdaq, sox, nbi, etc) also, when you put in a lmt order and it takes a while to complete even when bid/offer is there, does it mean it is trying to get a better price or it is still looking for the ecn with the bid/offer? One last thing, I still hang, after it happens after opening some other window, whether pending order, execution, etc... is it something with my pc, or do i need to configure something? Thanks.
The demo is just a demo. It does not provide quotes/prices for all markets. A limit order sent to match an offer will usually fill in a matter of milliseconds depending on the exchange. For demo purposes, the system slows things down. The demo does not route to ECN's or anywhere external. I haven't heard about PC's hanging. The best place to get info in this regard is under the technical assistance topic on IB's discussion forum on its web site. You can also send specifics to the helpdesk or chat who may be able to assist as well.
for what it's worth: IB is the best broker I've used. Their order routing (SMART) is better than anything I've tried, and commissions are outstanding for my trading style. I've had less than a handful of calls/live chats required to resolve a trade issue. This is after 1000s of trades.