Best Thread Interactive Brokers

I am kind of confused and wondered if someone could help. I'm looking to trade futures contracts, such as e-mini S&P on CME. What is the best way of doing this?

a) I simply find a broker who supply me a data feed, trading platform, simple charting and charge me commission every time a trade.

b) I find a charting package, such as Sierra Chart and link this to a data feed (I don't know which one - any ideas?). Do I still need a broker or does this by-pass them?

Forgive me if this is silly question, but I am new to this.
 
I went through info provided on IB site and find the services very interesting. So I sent an e-mail, to '[email protected]', for some clarifications before applying.

I read on several forums that their weak spot is customer support. Can I expect a reply from them?
 
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Yes. But.

If you are a real newbie you shouldn't use IB until you have a few years experience. They are cheap, good, and fast - but you can't be a good hand holder as well (there is no free lunch). Their specialties are high automation and wide markets. If you don't know what you are doing and are going to have problems with contracts or think IB is down because your internet is on the blink then go somewhere else.

They are a broker for the experienced user.
 
nine said:
Yes. But.

If you are a real newbie you shouldn't use IB until you have a few years experience. They are cheap, good, and fast - but you can't be a good hand holder as well (there is no free lunch). Their specialties are high automation and wide markets. If you don't know what you are doing and are going to have problems with contracts or think IB is down because your internet is on the blink then go somewhere else.

They are a broker for the experienced user.
Click to expand...


Good point - In fact that is exactly what I was asking IB!

I m usually cautious with my funds (even over cautious --- at 1.5% per year), but its evident that there a good opportunities and would like to try some trades under advice from more expeienced friends.
 
To be fair.

I have just received reply from IB for my e-mail of 23:00 on the 13th. So response for a general inquiry is not bad at all.

Unfortunately IB claim that ........... "Interactive Brokers’ business is prepared to service professional traders".

Well ok, more googling. Its not easy to find on-line traders which do LSE and possibly European stocks and are accessible to non UK residents without bank accounts in UK.

I have Brokerjet in Austria (good rates but high for LSE). Any other suggestions would be welcome.

Thanks
 
Jien63 said:
Well ok, more googling. Its not easy to find on-line traders which do LSE and possibly European stocks and are accessible to non UK residents without bank accounts in UK.
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Please excuse my following question: Are you really ready for futures and aware of all there pitfalls? If so, you wouldn`t have written the above sentence. To open a broker account for trading of UK stocks and LIFFE futures has nothing to do with the country of your residence (few exceptions only). But very few stock brokers offer futures, very few futures brokers offer stocks and options, because legally for US brokers those 2 asset classes have to be separated (and your IB account legally is TWO accounts). Moreover the US markets are cheaper than UK or Eurex costwise and require different datafeeds, which for UK and EUrex are markedly higher than the US feeds. Very few brokers offer the multimarkets, multiproducts and multiassets the way IB does.

So, if you just want IB but with handholding, get an account with one of their Introducing brokers. If you want futures because they are a basket of stocks with high leverage, why not try CFDs on futures. There you could have handholding AND small contract increments. Higher costs, but far less stress.

Regards

Hittfeld
 
To open a broker account for trading of UK stocks and LIFFE futures has nothing to do with the country of your residence (few exceptions only).


With all respect, I suspect you misunderstood. Just for info without dragging on.

1. I never mentioned futures, I am interested in shares only at this stage.

2. I don't need 'handholding' from my broker. I am looking for an execution only account (perhaps not being a professional I need an update on the meaning of the latter). :sneaky:

3. Most UK brokers, which I would normally use for this service, do not accept accounts from non-residents, or like Etrade, my first choice, request a UK bank account.

4. Others like Berkeley and Saxo Bank seem specialised in Forex. However it seems I will have to work with one of these.

Thanks for your input.
 
Hittfeld said:
Please excuse my following question: Are you really ready for futures and aware of all there pitfalls? If so, you wouldn`t have written the above sentence. To open a broker account for trading of UK stocks and LIFFE futures has nothing to do with the country of your residence (few exceptions only). But very few stock brokers offer futures, very few futures brokers offer stocks and options, because legally for US brokers those 2 asset classes have to be separated (and your IB account legally is TWO accounts). Moreover the US markets are cheaper than UK or Eurex costwise and require different datafeeds, which for UK and EUrex are markedly higher than the US feeds. Very few brokers offer the multimarkets, multiproducts and multiassets the way IB does.

So, if you just want IB but with handholding, get an account with one of their Introducing brokers. If you want futures because they are a basket of stocks with high leverage, why not try CFDs on futures. There you could have handholding AND small contract increments. Higher costs, but far less stress.

Regards

Hittfeld
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Good points. What do you mean by an 'introducing broker'?
 
Are there any UK residents or non-US residents who use US brokers? If so, are you confident about doing this? I ask because I am from the UK and want to trade futures, but the brokers here charge approx $12 per round turn for the S&P e mini contract! The UK is just a rip-off. I've seen the US brokers charging $4.50 per round turn.
 
I'm currently an Aussie resident and I trade Asian and US futures + forex with Interactive brokers.

They are not as cheap as the cheapest US brokers ... but most of IB's customers value their fiscal conservatism. We expect that they'll be in business still when the ultra-cheapies have died a death.
 
nine said:
I'm currently an Aussie resident and I trade Asian and US futures + forex with Interactive brokers.

They are not as cheap as the cheapest US brokers ... but most of IB's customers value their fiscal conservatism. We expect that they'll be in business still when the ultra-cheapies have died a death.
Click to expand...


The size of IB gives you confidence to certain degree. You are right in saying they are not the cheapest. I've seen Velocity Futures advertised and I've read some really good reviews on them + their commissions are really low! I've also found their customer service top notch (and no, I have no links with them). However, I just don't know whether to open an account with them or not because I don't want to lose my capital if they were to go bust etc. + Are they well regarded? I also like the look of Tradestation, but I have the same reservations. I don't really want to go " oh well I'll just have to go with IB then".
 
nine said:
I'm currently an Aussie resident and I trade Asian and US futures + forex with Interactive brokers.

They are not as cheap as the cheapest US brokers ... but most of IB's customers value their fiscal conservatism. We expect that they'll be in business still when the ultra-cheapies have died a death.
Click to expand...

If I were to trade the E mini S&P future contract future with IB, what would the fees be for the following:

1. Approx commission (on their website they seem to quote $4.80 RT?)
2. Platform and charting fees per month (I assume this is free)
3. Market data fees per month (looking for live quotes bid & offer + market depth etc, don't know if this would be non-professional/professional)
4. Inactivity fees per month
5. Any other fees for non-US residents per month (i.e. transfering money etc)


I have tried asking IB this, but they just point me to their website. Sometimes it is difficult trying to piece all this information together.

Many thanks everyone.
 
bennie83 said:
If I were to trade the E mini S&P future contract future with IB, what would the fees be for the following:

1. Approx commission (on their website they seem to quote $4.80 RT?)
2. Platform and charting fees per month (I assume this is free)
3. Market data fees per month (looking for live quotes bid & offer + market depth etc, don't know if this would be non-professional/professional)
4. Inactivity fees per month
5. Any other fees for non-US residents per month (i.e. transfering money etc)


I have tried asking IB this, but they just point me to their website. Sometimes it is difficult trying to piece all this information together.

Many thanks everyone.
Click to expand...

I'm in a similar position, Bennie83, and I was beginning to think I was just too dim to trade futs with IB, who seem to make everything as clear as mud (check back a few pages for the response to my question about Ninja, for example). The website tends to send you round in circles.
 
Phil Mibbutz said:
I'm in a similar position, Bennie83, and I was beginning to think I was just too dim to trade futs with IB, who seem to make everything as clear as mud (check back a few pages for the response to my question about Ninja, for example). The website tends to send you round in circles.
Click to expand...

Phil, glad to see someone shares the same sentiments! I think I've pieced it together thanks to a response on another forum.


1. Commission is $4.80
2. Free
3. Free if you generate commission of $30+ in a month , other wise $10.
4. see number 3.
5. Not that I can see.


Hope that helps. I'm now trying to work out if market depth level 2 is included in that data subscription or if this is an extra. Finding this out should be easy in theory, but they seem to make it very complicated.
 
IB new boy

Hi

I have got my IB account up and running, also a paper account until I find my way around. My problem the trading station seems ultra complicated.

I will be only trading FX. An order ticket and real basic stuff. Does anybody own a 'muppets guide' or is it a matter of memorizing the tutorials ( although a lot of it is not FX based ) Im only familiar with the simple MM websites

Thanks in advance

Karl
 
karl6666 said:
Hi

I have got my IB account up and running, also a paper account until I find my way around. My problem the trading station seems ultra complicated.

I will be only trading FX. An order ticket and real basic stuff. Does anybody own a 'muppets guide' or is it a matter of memorizing the tutorials ( although a lot of it is not FX based ) Im only familiar with the simple MM websites

Thanks in advance

Karl
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Have you looked at the IB pre-recorded webinars ?

http://www.interactivebrokers.com/en/general/education/priorWebinars.php?ib_entity=llc

There are some that deal with the FX trader (90 minutes of it) and also some industry ones that they have on their site dealing with FX trading in general

Charlton
 
If you are only trading forex then try using FX Trader as this makes things quite simple.


Paul
 
From http://www.trade2win.com/boards/newreply.php?do=newreply&p=780806

mac! said:
Is IB ever going to be able to offer brokerage services within a SIPP account? this thread started in 2005 and since then they are claiming they are investigating and seriously considering opening such a structure. Notwithstanding what seems an overwhelming majority of people willing to sign up they still have not managed to get a SIPP service going.

Does anyone know whether there is hope for them to offer such a service? I can understand there is a lot of investigation to do but 4 years seems like they have no interest in offering a SIPP service...

Any guidance on this woudl be greatly appreciated.
Also, if anyone else has found I solutions for this, pls let me know: basically, I would like to trade stock and index options via a SIPP account. Is there any SIPP-linked brokerage firm that offers this (at competitive rates)?

Many thanks
Mac!
Click to expand...

Take whatever IB say about setting up a SIPP structure with a pinch of salt otherwise you could end up being disappointed and out of pocket from an opportunity cost point of view. Please see post number 1261 on this thread and follow the time line of my dialogue. I suspect the real reason for them not being SIPP friendly is probably because it concerns something which they do not want to disclose to the public. As the depression deepens and brokerages are losing turnover and jobs I suspect they will become much more accomodative.

A good place to look for a SIPP friendly broker is the list of companies who partner SIPP administrator European Pensions Management. https://www.epml.co.uk/trading-links/investment-links/ You will see there are many UK brokers who I suspect do not enjoy the same benefits of economies of scale of that of a large broker like IB do but still find SIPPs commercially viable. You may wish to begin your research with GNItouch, M F Global, Moneycorp and Sucdens. I believe they offer the type of service you require, GHI is a subsidiary of MF global so there may not be a lot of difference in their offerings. These brokers are more expensive than IB but in this case I believe the old saying "you only get what you pay for" maybe very relevant here.

Good luck with your search and please let us know how you get on.
 
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