First, let me ask , does IB have a debit card program like Scottrade does? I would hate to have to pay commission every time I want to sell stock to take money out for my living. Ok, now onto the question. IB Vs. Tradestation. Which do you prefer and why? I weighed out the pros and cons for direct access and active trader prefered brokers and I feel IB is the winner due to the commission price. However, tradestation does have it's award winning platform for free if you do 5,000 or more active trades.. What broker do you like better and think is the best for active day traders?
hi tradingbillions, See a thread I did a while back about tradestation. http://www.elitetrader.com/vb/showthread.php?s=&threadid=46440
None of the brokers you mention offers debit cards. Scottrade and etrade offers that service. It's normal that brokers for hyper-active traders doesn't include such service
About your post. If you want charts and just a few trades per month, tradestation. If you prefer execution and wild trading (in amounts i mean) the best option of course is IB. (but you don't have any decent chart). I use both. But my tradestation account is 10 sizes smaller.
I would sum up the difference between IB and Tradestatin as thus: - IB offers more products, more markets, more order types and a stabler/faster trading platform than TS. - TS offers a substantially better charting and analysis software product than IB. In other words, IB is more experienced at the brokerage side of the business and TS is more experienced on the charting/analysis software side. - Both companies customer service is sub-par at best. They both have some great people working for them but it's hit or miss on the quality of the person you get for a support issue. -eLindy PS: Yes, I suck it up and use both of them. TS for charting, IB for my backup brokerage and a lesser known (but great on customer service and platform speed) for my primary brokerage . PPS: For active trading you should have two brokerage accounts anyway (just in case one goes down). So just open up accounts at both.
I agree both companies treat customers (even if they are spending huge money on comm.) like shit (moderator: sorry for the word). It looks like is a industry standar, the best service overall poor customer service.
I don't think it's fair to say IB treats customers like shit. Like a lot of direct access firms, they can be a bit brusque when you call, but usually they can help you. They are not for beginners. They make you take a test before you can open an account. If you want handholding, clearly there are better alternatives, like Cyber. Personally, I really appreciate what IB has done over the years for traders.
I agree. I noticed that the more hand holding clients require, the worse they rate IB customer service. Or those customers who fail to read through the dearth of IB literature, yet ask questions that are answered in said literature tend to get the "gruff" responses. I've had only two issues with IB and they were nothing but pleasant and conscientious. I've also had questions to which there was no documentation - like subtle new features added to a TWS update - and IB was nothing but pleasant to deal with. Who knows, maybe I'm just lucky.
May be your experience with them its different from mine. Anyway, like i said, even when i think the customer service sucks (or at least needs to be improved) i think is the best broker far away overall.