Misc. Fees IB vs MB:

Discussion in 'Interactive Brokers' started by StockKJay, Sep 19, 2006.

  1. Hey folks,

    I have reviewed MB and IB trading fees and such. From other traders experience, if I trade about 10 times a month on stocks normally above $20/shr. Which would you prefer? Scottrade doesnt have any serious fees to worry of, though trading $14 / round trip is just a bit too much for 100 share trades.

    Would the cheaper trading at IB make up for their fees? I know this is a newbie like question... I am just getting all mixed up trying to configure the fees.
  2. ids


    You will not have ANY additional fees on IB if you trade 10 times a month. USD 0.005 per share is it.
  3. With IB, if you make <30 USD in comission a month. You somehow have to pay some fee up to $10 per month. You first 10k earn no interest at IB.
  4. Guys thank you for the heads up. Looks like I will go with Interactive Brokers and see how things go. Will probably open up a smaller account with MB just to compare.

    Thanks again,

  5. JackR


    IB made a recent change you may or may not be affected by depending on how you split your funds between the two brokers:

  6. GTS


    Another thing that wasn't pointed out in previous MB vs IB comparison threads is that MB gives you free level 2 quotes, IB does not (an extra $20 a month I believe). Something to consider if that matters to you.

    Also with MB you can have your unused cash swept into an MM account earning somewhere around 4.4%, IB offers a higher interest rate (Libor-0.5% = ~4.75%) but only on the balance above $10k.

    I have account with both BTW.
  7. I have an account with both and mb isn't in the same league for a hard core trader. If you trade a few times a day no big deal. It kills me why someone would want to pay 1 cent a share vs 1/2 cent with ib? most people trade under 500 shares
  8. If I trade 10 roundtrips or more a month does Interactive Brokers give the Level II for free?

    Does MB Trading give their Level II quotes for any size account, or do you need a minimum?

    Thanks again everyone.
  9. GTS


    I don't think IB gives L2 free no matter how many trades you do (at least I didnt see it on their fees page)

    I didnt think that MB charged for L2 at all but I just checked their web page (https://www.mbtrading.com/fees_software.asp) and according to that its "FREE with a $25,000 balance or if you trade 10,000 or more shares per month with Plan A, otherwise $10 per month (as of 4/1/06)." My balance is over $25k so its never been an issue for me, could have sworn it used to be free for all before...hmmmm
  10. If you're trading 10 roundtrips per month you don't need Level II.

    #10     Sep 21, 2006