New broker: Interactive Brokers

[mhertz]

Hey guys,

I was a long-time customer with Ameritrade (canada) and I recently switched to optionsXpress. I have enjoyed OE but their fees are just too high for trading pennies and large quantities. So, I was thinking of swithcing to IB (canada) and wanted some more information on it.

So, if anyone can provide me with feedback on Interactive Brokers (canada) in terms of fees, commissions, execution, balance requirements, other charges, etc., that would be great!

[Thierry Martin]

Same boat as you and Ineractive Brokers does seem like the best bet. Just set up the account, haven't used it yet, but it looks like it's about one thousand times better than the Ameritrade account.

http://www.interactivebrokers.ca/en/main.php

[roehrigs01]

i use it....

fees/commisions...like $1-3 per trade for me...
execution...fast...
balance requirement...min of 2K

check out the demo on the site....

[mhertz]

so that's like under $5 p/trade, no strings attached. any size amount, any price, etc.?

[madcowdisease]

Originally Posted by mhertz

so that's like under $5 p/trade, no strings attached. any size amount, any price, etc.?

I glanced at it briefly and IB uses a percentage of the capital from what I understand. It's not a lfat 1 or two dollars per trade. But yes, it seems on average it is less than $5.

I don't like how they charge to change or modify an order. I have benefited form this enormously when watching a stock tick down precipitously for no apparent reason and changing the order to get a better entry.

[mhertz]

oh really, they charge you even if you modify or cancel your order prior to execution?

[Luc1Grunt]

I decided against IB as most of the $$$ amounts and # of shares I trade averaged $12 a trade. Do the math on 5000 shares of a $4 stock. Or even 10,000 shares of a $3 stock. I'll deal with Scottrade Elite as opposed to that. As well as the additional fees I found as I searched the site.

Still looking at Tradestation, but that $99 platform fee is a mutha if you don't trade enough shares each month.

Visited the Scottrade branch today for a chat with the boys. They are well aware of the server problems, but other sites have them as well. They were optimistic on the new e-transfer system that is coming this summer and the ability to link to other accounts and a checking account as well.

[Hanger]

Originally Posted by Luc1Grunt

I decided against IB as most of the $$$ amounts and # of shares I trade averaged $12 a trade. Do the math on 5000 shares of a $4 stock. Or even 10,000 shares of a $3 stock. I'll deal with Scottrade Elite as opposed to that. As well as the additional fees I found as I searched the site.

Still looking at Tradestation, but that $99 platform fee is a mutha if you don't trade enough shares each month.

Visited the Scottrade branch today for a chat with the boys. They are well aware of the server problems, but other sites have them as well. They were optimistic on the new e-transfer system that is coming this summer and the ability to link to other accounts and a checking account as well.

I personally did not like the interface that IB offered....I really like Scottrade, and am thrilled to hear they are actually looking into fixing the serverside issues.....E*trade is killing me, but I hated dealing with the server at Scottrade.....So atleast now I can look forward to an early fall return to Scottrade...

Thanks for that info!!!!

[Martin]

all the brokers have about the same price of $11 Limit orders.

market orders at $7 or these other price per share x number of shares is all a bunch of bs.

I dont think I could trust my limited amount of money with IB. I'll stick with Ameritrade or Scottrade.

[roehrigs01]

think or swim is like $5...there site is much nicer than ib...I will switch to them after my rates get the same general cost as IB... I like IB now, better than Buy and Hold... IB TWS system is easy to use.. just don't really like the webtrader ( have to use it while at work) webtrader is kinda functionally simple...but so is the information presented.