Opening IB Account - Questions

Discussion in 'Retail Brokers' started by jason586, Jul 28, 2007.

  1. I went to IB online to start the process of opening an account last night so that I can start demo trading and watching real-time data to begin to understand and learn price action.


    I did not finish (but saved) the application as I had a few questions:

    1. I understand that there is a $10 fee for not making at least $30 worth of trades, but what about the market data section that has subscription monthly prices. I am going to watch/demo the YM - do I have to pay an extra monthly fee for that?

    2. Bundled or unbundled - I assume you can change that later, but what would be best trading only 1 YM contracts/day on average when I start.

    3. Cash or Reg-T: I was thinking of taking a longer-term postion buying some apple stock whiling I am learning/demoing - does that matter?

    4. Any other important details in the application process that I might miss that would be important?


    Thanks,
    Jason
     
  2. 1. MArket data fees are EXTREMELY minimal.. (over the free data)

    I subscribe to NYBOT and Pink Sheets over and above the free data.... I only pay $4.00 per month in Data fees. ECBOT data is included in the free ($10/month) data pkg.. So watching/trading the YM is no big deal.

    2. Go Bundled trading 1 contract. (Unless you expect to trade more than 300 times per month)

    It can be changed anytime...

    3. http://www.interactivebrokers.com/en/accounts/tradingPermissions.php?ib_entity=llc

    4. Enjoy your account.....
     
  3. Fighter

    Fighter

    what I understand is you be charged $10 every month at least
    if you commission great than $10, you pay nothing on that month fee. At this point, you dont have any market data.

    you have to pay another $10/ month for mostly market data except some market like NYBOT ets. However, you are waived if you pay more than $30 for commission.





     
  4. Your understanding would be incorrect.....

    $10 = BAsic Data Services...
    Including
    Forex
    CME
    ECBOT
    NYSE
    NASDAQ Level I (OTCBB)
    Sydney Futures
    Hong Kong Futures
    Singapore
    * US Securities and Commodities Bundle Non-professional - Level I
    Includes all Stock, Options, Futures and Bond markets


    ICE/NYBOT = $1.00/ month
    Pink Sheets OTC = $2.50/ Month


    If you accrue over $30 in tradig fees, you will not have to pay the $10 for data, if not, you pay the $10 for data... any additional Data you susbscribe too is considered a SEPARATE charge. No way to "trade out" of paying those fees....

    There Non Pro Level I covers all of the US exchanges except NYBOT..


     
  5. Thank you.