I'm still not convinced you'll get all of your size done in one trade but cost plus is: http://www.interactivebrokers.com/en/p.php?f=commission and look under the stocks-> cost plus tab the rebates and/or fees vary by trading venue. In Canada we route to Alpha, CHI-X, Omega, Pure, TSX and TCS Venture. So execution quality will surely be a major factor to consider as well (I'm not sure about Canadian stats but our audited price improvement in the US is .28 cents per 100 shares better than the industry average. Let's just say some of the firms offering flat rates and selling your order flow to others may not have obtaining the best fills for you as their goal). Cost Plus Volume (per month) IB Commission per Share US Stocks, Canadian Stocks <=300,000 Shares USD0.0035 CAD0.008 300,001-3,000,000 Shares USD0.002 CAD0.005 3,000,001-20,000,000 Shares USD0.0015 CAD0.004 >20,000,000 Shares USD0.001 CAD0.003
Thank you for your reply. My first hand experience I gave above was IB on NASDAQ. Exactly why I left my first broker after some months of slow execution and almost always poor fills. When I flew to Toronto to demo their DAT, they couldn't get the features to work. Then they discovered that someone internal had permanently disabled the very features (dome view/price ladder) that I wanted on the DAT. WTF. Thank you. I missed that little tab. I had found the examples for the U.S. market. Thank you. Now all I have to do is work out the CAD version of the USD example.
Cost+ is interesting. If I've done the math right for the TSX. When removing liquidity (for the combination of IB commission and ECN @ 0.0035 per share): - For the first 300,000, it's 15% more than cent-per-share. - For the rest of 3M, it's a 15% discount. - For the balance of 20M it's a 25% discount. - Beyond that, it's a 35% discount. On 40M a month, saves $116K CAD. Per shares comes out at 0.0071 CAD. That's just counting IB commission and ECN 0.0035 per share. I don't know what other ECN fees there may be.
I too would like to know how I've been getting ripped off by IB, being a client of their's for the better part of 10 years.
Different styles of trading = different fee structures are better. IB beats so many at the order size most people trade at. Larger orders, other brokers charge less, but do you pay less for the shares you buy if the broker sells the order, or fills poorly internally, or delays before sending it to market? The the quantities most people trade in, by order and total for month, IB's Cost+ would cost you 1.15 cents per share, instead of their flat rate 1 cent per share. IB's cent per shares beats most broker's order fees, and gets better fills. The answer is in the details. Do the math for your order size range, and your monthly volume. As def points out, what I intend to trade is unusual. I can pay less in fees at QT, but what will I end up paying as a final total price for, say, 10,000 shares? For $50,000 shares? Saving $300 on commission sounds great, but not if it costs me $500, $1000 or $1500 in slippage. (that or worse at the pure fixed flat rate broker)