Questions about IB

Discussion in 'Retail Brokers' started by Investorsources, Jun 24, 2006.

  1. Ive read a lot, but at this point, it is futile trying to search out this question when so many on here know about IB and are constantly willing to discuss the company.

    So, here are the questions.

    1) For phone execution orders, you can only CLOSE OUT an open position by phone, for a cost of 40.00 dollars or something, right?

    And say you put in a limit order to sell and it doesnt get executed. Do they still charge the 40.00 dollars?

    2) For the Canadian exchanges.

    a) On the website it shows the data costs for TSX level 1 and TSX Market by Price. Does that include TSX Venture exchange for level 1 and Market by Price costs as well.

    I would like to have BOTH TSX Market by Price AND TSX Venture Market By Price or Market By Order.

    3) Do they offer access to the AMEX exchange for Non Professional Users. It says Not Applicable in the cost table on their site?

    4) When going with UNBUNDLED pricing....when putting an order through the TWS....can you still SMART route the order? And if so, and the order is placed as a limit order, will you be charged or credited the appropriate amount based on whatever ECN does in fact execute the order?
  2. gaj


    just a 4 or 5+ year satisfied customer.

    but i tried phone order once to open a position and was told it was only for closing...
  3. I don't know why nobody at IB responded to you, so I'll try and help.

    IB expects you to execute orders by computer, rather than by phone, whenever possible. Phone orders are to be used only in those rare situations where some technology failure or other special problem prevents execution by computer, but you need to close a position in order to control your risk. This is why they hit you with an extra fee for a phone order; you aren't supposed to use it under ordinary circumstances. If you are using the phone because of IB's own technology failure, then they will waive the extra phone fee. Last I checked, the fee wasn't up to $40, but maybe they increased it, I'm sure you can figure this out from the IB website.

    I don't know if you get charged the extra phone fee for an unexecuted limit order, but it shouldn't matter because you should only be using phone orders in extremely unusual situations.

    I don't know about Canadian exchanges, ask somebody else.

    Yes, IB offers access the the AMEX for non-pros. The "not applicable" language you saw referred to certain costs not being applicable, rather than to the unavailability of access to the exchange.

    Yes, you can SMART route an order at the same time you are using unbundled commissions, and yes, if you are using unbundled commissions, then IB passes through ECN charges and rebates. If you are using bundled commissions, then ECN charges and rebates are not passed thru to you by IB.