To start an IB account?

Discussion in 'Retail Brokers' started by kickout, Oct 9, 2011.

  1. kickout

    kickout

    I have been primarily trading forex with MB Trading...I like them alot (for forex at least)....



    Looking to start working with options and futures, primarily trading:

    Mini corn, Mini Soybeans, Currency Futures, and straight up equity options......


    Should i just create another MB account, or start an IB account?
     
  2. ASE1245

    ASE1245

    If you trade futures at IB, they will charge a premium for over positions.
     
  3. JamesL

    JamesL

    If you just want to add futures trading to the mix, you can open a MB futures account since they already have much of your personal info on file. When trading, you can easily move monies back and forth between the two accounts to cover your margin requirements for the products you trade.

    The IB universal account does this for you automatically and sweeps the funds back into your SIPC insured account when you close your trades w/o you having to worry about it. Also, if you look at the CFTC FCM financial published every month, IB has far more assets than does MBT, which might make you feel safer leaving your money there. If you do go the IB route, pls note you will not get the intra-day margins that MBT publishes (in fact, sometimes you may not get any daytrade margins if IB says so - depends how the wind blows that day) and with MBT you can get a PenPlus cash account to access your funds either thru checks or debit card if you maintain a certain level of funds.

    If you are comfortable with MBT and they have been good to you, then stay with them. But if you were starting fresh, IB would be better overall, IMO. Either way, they will still allow to to trade what you want.