Hello all, I've been trading on IB but the data fees are extremely expensive because I'm classified as Professional. Currently, I pay about $600-700 a month in data fees because I need access to several futures and commodities market on top of equities and options. I'm looking to add a sub account to my account because I want to build a core portfolio and scalp around it. It turns out, my sub account will require a separate data feed. This means I will have to pay about $1500 a month in data fees alone. Few questions: 1. Is there any way to subscribe to a cheaper datafeed in TWS? 2. Is there any way to trade options, equities, and futures in a third party platform? I really hate using TWS. I want one platform that can trade all these items.
Use www.ninjatrader.com with www.kinetick.com datafeed sending orders to IB. Then cancel your professional exchange fees at IB.
Sign up the account in the name of relative and operate from different internet connection. Will cost extra $50/month but might let you sideline the professional fees of several hundreds to thousands.
You can also use www.MotiveWave.com as the front end for IB with IQFeed (Kinetick is just a white label of IQFeed) as your data source and use IB for your trades through the MotiveWave charts. You can register for a 14 day free trial on our website to test it out. Here are the Instructions for Connecting IB TWS with MotiveWave.