Is it worth it to switch from MB to IB ?

Discussion in 'Retail Brokers' started by uniafly, May 24, 2006.

  1. uniafly


    Is it worth it to switch from MB to IB ?

    Hi ! I am thinking about switching from MB to IB.

    I like MB, did not have any problems. It is my first broker. I am satisfied with the execution speed , it seems like its fast enough.

    I trade right now about 10.000 shares a day, and 200-500 share lots. Round trip at MB costs $0.02. At IB round trip costs $0.01.

    It seems like I should save at least $100 a day on commissions at IB.

    Though I have couple questions about IB:

    1) How is the execution speed ? Is it fast enough ? Guys who use IB and trade many times a day, what can you say about the execution speed ?

    2) At MB you can avoid NYSE Specialist fee ($0.009 ) by choosing “DAY-NB” as the order expiration ( in this case MB’s software resubmits order to the NYSE every 4 minutes, and it seems this allows to avoid the fee ). The question is : does IB have similar feature, that allows to avoid NYSE specialist fee ?

    Thank you for help !
  2. i use both and think ib's execution speed is a bit better and there commissions way better. not only is ib .005 vs .01 for mb but there's no sec fee for ib which takes it down near .004. i called mb recently and told them there commissions sucked and weren't acceptable. they said they were going to annoucne .005 or so at end of june. 2 motnhs ago mb offered .004 all in for a week or so and then it disappeared from the site. but to be honest if you really arr serious about day trading and make a living at it id look at a professional platform which is 100 times easoier to use than ib or mb
  3. uniafly


    Thank you for reply !
    Is it so that there is no NYSE specialist fee of ($0.009) with IB service ? I am glad to hear that if that’s the case. So it is just $0.005, and not additional costs per transaction ??

    Sir you said about professional platform, what kind of platform you are talking about, would you explain please ..?

    Thanks again…
  4. yes, it's .005 nothing else.
  6. mktman



    If your main reason is for price issue at the expense of software integration then your might not be saving anything.
  7. I have saved a truck load of money in commissions since I switched to IB a few years ago. That has more than offset the additional expense I pay for 3rd-party software.

    Yoy make your own choce-- that's part of the game.

    Good Trading to you.
  8. mktman


    what 3rd party software you using?


  9. Quote Tracker and Prophet.
  10. uniafly


    I use Medveded Quote Trucker, and I think if IB provides data feed the same as MB, then it will cost me nothing to Quote Trucker with IB, because right now I use it with ads.

    Any complains about execution speed ?

    #10     May 25, 2006