I'm shopping for a direct access broker, and I'm torn between Interactive Brokers and TradeStation. Can you give me some help on what to choose? I'm looking for exstensive charting and analysis, low per-share commisions, and the ability to trade bonds. Thanks!!!!
> I'm shopping for a direct access broker, and I'm torn between > Interactive Brokers and TradeStation. Can you give me some help on what > to choose? I'm looking for exstensive charting and analysis, low > per-share commisions, and the ability to trade bonds. Thanks!!!!
You might try to learn a bit about the ABCs of trading before you put real money to work.......you're looking for low commissions and you want to trade bonds...... A round lot in bonds is $1Million of face value.....When you try to trade smaller increments, your execution price is far removed from the inside round-lot market which more than wipes out the few pennies you may save on commission.....
IB is definitely not geared to newbe and or handholding I counld recommend optionsxpress but may not have everything you want but worth a call. Very customer oriented ... 180 degrees opposite of IB.
On Fri, 17 Nov 2006 07:57:33 -0500, Blash <bla...@comcast.net> wrote: > DarkProtoman wrote on 11/17/06 4:25 AM:
>> I'm shopping for a direct access broker, and I'm torn between >> Interactive Brokers and TradeStation. Can you give me some help on what >> to choose? I'm looking for exstensive charting and analysis, low >> per-share commisions, and the ability to trade bonds. Thanks!!!!
> I'm shopping for a direct access broker, and I'm torn between > Interactive Brokers and TradeStation. Can you give me some help on what > to choose? I'm looking for exstensive charting and analysis, low > per-share commisions, and the ability to trade bonds. Thanks!!!!
I have posted about IB before - and I will say again . . . Just be aware that IB does not pay interest on the first 10,000 dollars of each account you have with them. So factor that into your trading cost when comparing brokers.
DaveR wrote: > "DarkProtoman" <Protoman2...@gmail.com> wrote in message > news:1163755519.194485.307280@m7g2000cwm.googlegroups.com... > > I'm shopping for a direct access broker, and I'm torn between > > Interactive Brokers and TradeStation. Can you give me some help on what > > to choose? I'm looking for exstensive charting and analysis, low > > per-share commisions, and the ability to trade bonds. Thanks!!!!
> I have posted about IB before - and I will say again . . . Just be aware > that IB does not pay interest on the first 10,000 dollars of each account > you have with them. So factor that into your trading cost when comparing > brokers.
How much interest does TradeStation pay, if any? I can't find it on their website.
> How much interest does TradeStation pay, if any? I can't find it on > their website.
I have never had any dealings with TradeStation, so I cannot give a definitive answer. But if the information presented here http://www.tradestation.com/fees/other.shtm would seem to indicate that they are even worse than IB in regards to paying interest on your free cash balance. Here at the top of the page it says - "Credit Interest Rate on incremental balances over $10,000 . . . . . 1.25%" I believe IB is currently paying about 3.00% IB actually calculates the rate (for US dollar accounts) as LIBOR minus 0.50%.
On Fri, 17 Nov 2006 18:43:23 -0500, "DaveR" <dav...@cox.net> wrote: >I have posted about IB before - and I will say again . . . Just be aware >that IB does not pay interest on the first 10,000 dollars of each account >you have with them. So factor that into your trading cost when comparing >brokers.
arthur wrote: > Hey, let's start a pool for say a buck each. The winner is the > closest date Dark.whatever throws in the towel.
> An ITF ( in the flesh ) bull's ass harbinger if ever there was one. > The end is ever so much closer and yeh, sooner or later, Aero will be > correct.
> On Fri, 17 Nov 2006 18:43:23 -0500, "DaveR" <dav...@cox.net> wrote:
> >I have posted about IB before - and I will say again . . . Just be aware > >that IB does not pay interest on the first 10,000 dollars of each account > >you have with them. So factor that into your trading cost when comparing > >brokers.
WTF?!!?
What's the absolute WORST direct access brokerage out there?
> > How much interest does TradeStation pay, if any? I can't find it on > > their website.
> I have never had any dealings with TradeStation, so I cannot give a > definitive answer. But if the information presented here > http://www.tradestation.com/fees/other.shtm would seem to indicate that > they are even worse than IB in regards to paying interest on your free cash > balance. Here at the top of the page it says - "Credit Interest Rate on > incremental balances over $10,000 . . . . . 1.25%" > I believe IB is currently paying about 3.00% IB actually calculates the > rate (for US dollar accounts) as LIBOR minus 0.50%.
A quick visit to the IB website shows overnight LIBOR at 5.315%. Thus IB pays (per subaccount) 4.815% for the balance over 10K to 100K and 5.065% for the balance over 100K. For equity accounts you may get a better average rate at a broker with a sweep fund, but there is no other futures broker that pays interest like IB. Most futures brokers pay zero or close to zero interest.
> "DarkProtoman" <Protoman2...@gmail.com> wrote in message > news:1163755519.194485.307280@m7g2000cwm.googlegroups.com... > > I'm shopping for a direct access broker, and I'm torn between > > Interactive Brokers and TradeStation. Can you give me some help on what > > to choose? I'm looking for exstensive charting and analysis, low > > per-share commisions, and the ability to trade bonds. Thanks!!!!
> I have posted about IB before - and I will say again . . . Just be aware > that IB does not pay interest on the first 10,000 dollars of each account > you have with them. So factor that into your trading cost when comparing > brokers.
You also have to consider what IB gives you for free, such as data feeds, that other brokers charge for. For example, TradeStation charges $50.00 a month for CME Globex Only and CME Market Depth for Globex Only products. TradeStation also charges $50.00 a month for CBOT Exchange and CBOT Market Depth. IB gives you all CME and CBOT electronic products and market depth data feeds for free if you pay $30.00 a month in commissions. That is $100.00 a month not charged against receiving no interest on the first 10K. Note that IB will charge you for CME and CBOT floor based data feeds if you choose to get them.
If the advantages and disadvantages of IB are not clear to someone looking for a broker then they clearly need to use some other broker.
> I'm shopping for a direct access broker, and I'm torn between > Interactive Brokers and TradeStation. Can you give me some help on what > to choose? I'm looking for exstensive charting and analysis, low > per-share commisions, and the ability to trade bonds. Thanks!!!!
There are many traders that have accounts at both. They use TradeStation for the analysis package, but put the bulk of their executions through Interactive Brokers.
> IB gives you all CME and CBOT electronic products and market depth > data feeds for free if you pay $30.00 a month in commissions.
Wrong. IB changed that policy. Now everyone pays $10 per month for the basic quotes (NYSE, OTC, AMEX and the electronic trading on CME, CBOT and NYMEX).
lubow <lu...@lubow-industries.com> wrote: >> IB gives you all CME and CBOT electronic products and market depth >> data feeds for free if you pay $30.00 a month in commissions.
> Wrong. IB changed that policy. Now everyone pays $10 per month for > the basic quotes (NYSE, OTC, AMEX and the electronic trading on CME, > CBOT and NYMEX).
"US Securities & Commodities Non-Professional Bundle (Includes all Stock, Options, Futures and Bond markets) -- Free (USD 10.00 market data fee if less than USD 30.00 in commissions per month)"
> > IB gives you all CME and CBOT electronic products and market depth > > data feeds for free if you pay $30.00 a month in commissions.
> Wrong. IB changed that policy. Now everyone pays $10 per month for the > basic quotes (NYSE, OTC, AMEX and the electronic trading on CME, CBOT and > NYMEX).
> -- > Lubow
IB did not change their minimum commission and free basic data feeds policy for individual accounts, they made a change to the advisor multi-account minimum charge structure. Under certain circumstances the minimum $10 fee has switched from the advisor level to the account level.
"For the purpose of computing minimums for Advisor, Institutions, and Brokers, fees are considered on a consolidated basis. The number of accounts under Advisor, Institutions, and Brokers structure are multiplied by the USD 10 minimum and compared to the total fees for all accounts. If the total fees are greater than the minimum calculation, no activity minimum fee will be applied. If the total fees are less than the minimum calculation, the minimum fee calculation will be applied to each individual account.
As an example, I have one advisor master account and four client accounts, so my minimum is five times USD 10 or USD 50. If all five accounts on a consolidated basis had commissions and other fees of USD 60, no minimum would be charged. If the consolidated fees were USD 40, the USD 10/USD 20 minimum described in the Activity Fee Minimum column would be applied to each individual account."
<momarch27...@nospammywhammyearthlink.net> wrote: >really? I dont have any problems with them........ >and if something does come up and you piss&moan enough you get lots of >nice free trades.
> A round lot in bonds is $1Million of face value...
Actually, it's $100,000 for most issues.
>When you try to > trade smaller increments, your execution price is far removed from the > inside round-lot market which more than wipes out the few pennies you > may save on commission.....
IB accepts odd lot bond orders with price limits. Whether somebody will fill it or not is another matter.
>> A round lot in bonds is $1Million of face value...
> Actually, it's $100,000 for most issues.
(PICKY, Picky, picky.....we're only talking about a little zero on the end).... You're probably right, BUT I'm sure that's not going to have much effect on the poster.....
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