Discussion in 'Retail Brokers' started by mfhboy, Aug 7, 2005.
Trading 100 shares@$50with IB just charges $1?
Yes. No kidding.
Thanks, Is that even I don't trade, once having a IB account charges $10 for market data?
They charge you $10 per month when you didn't generate at least $30 in commissions that month.
Thanks! Any online platform that offer low enough commission with free market data?
Probably yes, I really don't know. I generally make more than $30 per month so I don't have this problem. Just take a look in the brokers' section here on ET.
IB has absolutely no hidden cost. Some brokers might look cheaper but they get you in other places. Some other thing that might surprise you more. You said 100 shares at $50? I say 100 shares at $2000 per share is also charged $1.
I think the structure for IB is really fair. If you don't generate $30/month (15 RT) you shouldn't really be with IB any way. BTW you get charged the $10/month even if you don't sub to any mkt data. Its their way of nicely telling you to go somewhere else.
It'd be fun to buy a round lot of BRK-A through a discount broker. An $8 million order for a $1 commission.
MBTrading and TradeStation Securities also charge $1 for 100 shares for the first 500 shares. MBT doesn't have that minimum $30 monthly commissions requirement that IB has. MBT's customer service is apparently better than IB's.
CyberTrader, RML Trading, Genesis, etc. apparently can charge even less per share than IB. They may have platform fees for the low volume traders.
Every broker has its own advantages and disadvantages. Elite Trader's Brokers section and Retail Firms forum has a lot of reviews of many brokers. It might be a good idea to review them, and also run their demos before jumping into one. Some of the brokers arguably have had less stable platforms than others in the recent months. Some of them promises more than they can deliver. Some brokers' customers services are notorious. Some have more hidden charges than hidden features/bugs. Some brokers are very friendly only at the time to acquire a new customer.
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