Which technology-solid brokers accept accounts with US$1mn

Discussion in 'Retail Brokers' started by silveredge, Oct 5, 2019.

  1. I need a technology-solid (Java or C# API) broker with reliable and fast data feed for the US equity market (options and cash). Must have <b>no</b> assignment/exercise charge. Software fee must be lower than $100 a month (free better). Must have no random rape fee like IB’s exposure fee (costing me close to $50/day for no fucking reason).
     
  2. traider

    traider

    What is IB exposure fee?
     
  3. ZBZB

    ZBZB

    If you use a lot of your margin selling naked options a fee is charged. You can reduce margin requirement by selling credit spreads avoiding the fee.
     
    tommcginnis likes this.
  4. I know, but I am not interested in spreads for some positions, which are richly priced and will cost me IV and commission dollars. Being forced to spread or charged high rape fee makes me a very unhappy client of IB, other than that I am happy
     
  5. traider

    traider

    Use futures for efficient margining, conserve cash for options margin
     
  6. ZBZB

    ZBZB

    You only have to buy a one tick far OTM option to get the reduced credit spread margin.
     
  7. That is the problem, isn’t it. You are ‘forced’ to buy some very OTM options that only hedge very long-tail events for the sake of reducing the random IB fee, while I am willing to take the risks. A broker imposing random fee that affects my original intention is enough to turn me off and I am considering to jump ship because of its attitude to force my hand
     
  8. ZBZB

    ZBZB


    Who is a better broker?
     
    tommcginnis and Option_Attack like this.
  9. Yeah I get that the extra fees suck, but you are swinging 7 figures and bummed about $350/week?

    Been with IB 20 years, IMHO all the advantages far outweigh the few inconveniences. At least for the small retail trader like me.
     
    ET180, tommcginnis and MoreLeverage like this.
  10. Look at it from IB's perspective. If I was a broker would I really want clients who are happy to sell naked gamma without hedging their tails? No, not really. So annoy them with an extra fee so they go elsewhere, or change their behaviour. You have chosen the first option, don't whinge about it.

    GAT
     
    #10     Oct 5, 2019
    HobbyTrading, ET180, drm7 and 3 others like this.