Question For IB Traders?

Discussion in 'Retail Brokers' started by c_verm, Oct 27, 2003.

  1. c_verm

    c_verm

    I am wondering if you get ever get the 0.005 shares after your first 500 bought? I heard that IB will break up your 1000 shares buy into two 500 lots charging you 1 cent for each share. Is this true?? Have any of you expeirenced this?
     
  2. Htrader

    Htrader Guest

    This is not true. Once an order goes green, you can change the price as many times as you want and it still counts as one order.
     
  3. H2O

    H2O

    Bull.....

    If you don't change your order (modify) you get comm. $0.005 for every share >500.

    What you read is different.
    example :
    Buy order 1000 shares @ 25.00
    you get filled 500 shares on 25.00 and than price moves up.
    you modify your (partially filled) order so the remaining 500 shares will also get filled.

    In this case you will not get the $0.005 on the last 500 shares because officially modifying is cancelling and entering a new order.

    Hope this helps
     
  4. Htrader

    Htrader Guest

    WOAH there. I trade over 30k shares a day on IB. And believe me, EVEN if you modify orders you still get the 0.005.

    I don't know how to make it any more clear.
     
  5. c_verm

    c_verm

    Ok.. Onw more question. What if I place an MARKET order for 1000 shares. 500 filled at 5.5, Then 500 @ $5.51? because I bought at market and the fills were at differnet prices will I get charged 1 cent for both?? or the .5 cent for the last 500 even though it was at a differnt price?
     
  6. Htrader

    Htrader Guest

    You get the .5 cents for the last 500. I don't why the big fuss all of a sudden. IB has always been very liberal with its .5 cent policy.
     
  7. c_verm

    c_verm

    The reason is becuase THere was another thread on here which I cant find again. where A couple of traders said IB splits almost every trade they place aso they get 1 cent charge on every share.

    Sorry for the fuss. but I thank you for your clarification.
     
  8. The .005 per share commission is handled fairly. In fact, it's more than fair since as previously mentioned, a changed order is still considered the same order rather than a new one. I don't know any other broker that does that.

    If you cancel your order before more than 500 shares is filled, of course, you just pay the 1 cent per share as advertised.
     
  9. def

    def Interactive Brokers

    I'll state in an attempt to set the record straight. I assumed the original poster was an IB client (he stated he was) and that he was providing accurate information. HE WAS WRONG.

    If you send in an order for 1000 shares, get a partial fill and modify the price over and over again, the first 500 shares will be charged 1 penny and the balance at 1/2 a penny. This is a fact and has been confirmed.