IB: Yes or No??

While IB has had alot of connection difficulties to NYSE lately, the issue isn't that clear cut. IB pales in comparison to a pro firm, but stacks up really well against any retail place.

The two biggest drawbacks of trading nyse at IB is not having Direct+ access and not being able to trade with regional exchanges. You can only access NYSE and ECNs.

That said, I still don't know of any other retail broker that would allow you to do both these things.

On the plus side, IB did recently enable MOO MOC orders, thus making IB one of the few places, if not only place, that a non-pro can trade the opening orders strategy.

 

Nitro: What are IB's problems with NYSE? For sure IB has had connection problems to NYSE for the last few days. I think IB should offer the Regional exchanges along with NYSE. Better still, I think we would all be better off if we did not have a NYSE or Regionals and all stocks were on the NASDAQ.

Catoosa

 

This statement _ALONE_ would make it unusable for a professional.

I don't agree. RealTick brokers, TerraNova, Cyber, etc, are well known for their stability and speed. Give me another broker that:

a) has reliable _NYSE_ connection
b) has reliable _STREAMING_ quotes, not snapshots
c) has .01 penny/share pricing
d) has MOO and MOC orders
e) has an API with no restrictions, and its Asta la Vista IB

These are huge drawbacks to the pro trader, but I would rate them below stabilty of connection.

I do not know either so I cannot comment.

IB ROCKS for this - but a job half done is not what a pro wants to hear.

nitro

 

Catoosa,

Sorry for this, but do you trade _EVERY_DAY_ full time? For crying out loud man, IB has connection problems for _MONTHS_ now. Lately, it has become nearly unusable. I quake in my boots when I put on a position with IB - I do not know if I will be knocked off the system in a middle of a trade!!

IMHO, IB It is a toy to learn to trade with.

nitro

 

wanted to stay out of this but i thought i'd pass on what happened today with NYSE.

IB has two feeds going into NYSE/SIAC at two different locations. SIAC had problems at one of their locations which affected 5 different brokers. They connected and reconnected 15 different times (in between I wouldn't be surprised if there was a techie on the SIAC end stating that it is fixed now).

As for direct+, as far as I understand, IB automatically selects when to send orders via that route.

as for reliability problems, i wouldn't be here if i didn't believe in the firm.

 

Yes, I trade every day full time and I agree IB has had quote feed problems. It has gone from lagging or stuck quotes to connection problems to NYSE and disconnections to TWS. The lagging and stuck quotes I think have been better for the last week but then we get NYSE connection problems and the disconnects (I think IB will get these last problems fixed within a day of two).

Catoosa

 

sammybea: “If you are a serious trader, I can't see anybody using Interactive Brokers. Its a good alternative for people just starting out, or the causal trader.”

I agree.

Babak: “they (IB) are the cheapest retail broker.”

IB is also the most difficult broker to contact during a crisis, in my experience.

Catoosa: “I think IB's TWS software is the best for any size account and the bigger the account and order size, the better are the advantages of TWS for the user.”

I’d be curious as to what leads you to believe that this is true. I can unequivocally tell you that there is absolutely no advantage for me in trading a large futures account with IB as opposed to another broker. In fact, it is quite the opposite.

nitro: “IB has connection problems for _MONTHS_ now. Lately, it has become nearly unusable. I quake in my boots when I put on a position with IB - I do not know if I will be knocked off the system in a middle of a trade!”

When I visit this board or speak with other futures traders the statement above is about the only thing I hear regarding IB’s reliability. Why on earth would anyone care to risk money with this type of handicap, particularly when trading volume?

Day in and day out I rely on my connection to my broker so that I can safeguard my account while increasing my equity. The thought of losing a connection at the wrong time while not having the ability to quickly close my positions scares the bejeeziz outta me. If I hadn't had the means to offset I would never have lasted as long as I did with IB.

 

I'll put my money on IB. Why?

Because any company with the proactive approach to solving problems, the wilingness to lead the field in full disclosure, the willingness to break new ground in lowering commissions, the vision to move quickly towards developing cutting edge software gets my vote.

Sure they are having growing pains. But guess what? go back a few years and remember the growing pains that every other direct access broker had. IB is late to the party but in my opinion will soon leave the pack in the dust at their current rate of improvement.

 

Can anyone talk about PointDirex.

Good, Not so good, or is the company too New.

Thanks to All of you elite-trader members , for
reaching out to other's.

Perr

 

I like that one Cdntrader, I think your right on this
about IB!!