Searching for Non-IB Non-US Based Broker

Hello,

I'm presently with IB and quite pleased with them, but I wish to diversify my holdings across multiple brokers.

I am looking for a non-US based broker that accepts non-US clients, deals in US Equities and Options.

And, I'm looking for someone who has LOW commission rates in the range of IB. Many meet the above criteria, but they have commissions much higher than IB and I'm looking to avoid the higher commissions.

If anyone has some suggestions of some good ones that would be great.

Thank you.

 

Do you need portfolio margin?
Does the clearing broker have to be outside the USA?

Bob

 

You can also use many brokers outside the US for trading at the US exchanges. In Germany for example there are many such brokers, just google it.
And there was recently the following thread. The mentioned off-shore broker there has competitive commisions to IB:
http://www.elitetrader.com/et/index...th-the-proptrading-group.297714/#post-4242466
Here's their competitive table at http://prop.ky/compare/ :

Code:

Interactive Brokers    All-in rate of $0.005 ($1 minimum; no ECN fees/rebates); or $0.0035 +/- ECN fees/rebates

The PropTrading Group    $0.0002 (NO minimum) +/- ECN fees/rebates

And the following broker has similar commission rates like IB, but it sits in the US:
http://www.cobratrading.com/our_pricing.php

 

Don't need Margin, not bothered where the clearing broker is. I'm simply attempting to minimize ties with the US, not worried beyond that.

 

I did a lot of googling and have filtered down some brokers/etc. The challenging part is finding one with good commissions and is respected. Thought I would ask here as one final 'check' in case I missed something

I'll have to give CorbaTrading a miss as it's in the US (the criteria is ex-USA). The PropTrading group, I'm looking at that now that you mentioned it, but isn't that for prop-traders as opposed to 'normal civilians'?

Thank you.

 

Ouch. Why so Anti-USA?

 

Yes, for prop traders, but I think everybody interessted can become a prop trader.
It has some additional benefits like easily borrowing more capital than with a margin acct would be possible.

Since commission seems to be very important for you, I guess then you are a scalper, right? ;-)

BTW: my advice: if possible have at least 2 accounts at different brokers...

 

Patriot... ;-)

 

Hehe.

No, not Anti-USA in that sense. Just want to avoid financial ties to the US as that is sometimes an issue when dealing with non-USA Banks.

And I'm not a scalper, I just like the freedom of knowing my commissions & fees are so low I don't have to factor them into the bulk of my trades. Some brokers (esp. Asia) Like to:

Charge 20$ for the trade.
Charge 3%+ for the Dividend handling fee.
Charge 20$ for wire transfers.

It starts to add up after a while and gets annoying

 

Does it need to have an open protocol or API?