Nasdaq L2 on Interactive Brokers

Trader333

Moderator
Interactive Brokers offer a Nasdaq Level2 subscription. Has anyone subscribed to this and if so what is it like, is it any good and what conditions of use are required.


Thanks in Advance for any replies



Paul
 

mmillar

Guest
Hi,

I haven't tried L2 with IB but would be interested to get more info from you if you do subscribe.

Cheers
 

bgold

Established member
Trader333 & mmillar, I am also looking for Direct Access (level II). My understanding is that on IB platform you can see (at extra fee) Level II but you can't actually get direct access via IB.

On website, it states that if one clicks the "bid/ask on Level II window you create an order on the main window". i think this means you order than gets routed to platform of choice (fe IB's smart) which is not same as direct access.

Anybody out there who can clarify this issue? Which broker would be recommended for direct access? I understand that Cybertrader does not let non-US based traders to open accounts?
Your help much appreciated.
Thanks
 

Jerry Medved

Active member
IB lets you route the orders to various ECNs. Don't think you can route to MMs though.

Not sure about Cyber and non-US clients. Thought they did take them but I may be wrong. You may want to check with them again.

Another very good direct access broker and one that does take non-US clients is MB Trading. All of our clients that have switched to them have been very happy:
http://www.mbtrading.com
 

LevII

Established member
Jerry,

If you have any influence with MB I would be grateful if you would try to persuade them there are a number of people in the UK who would like to open accounts!
 

Mr. Charts

Legendary member
I spoke to one of their owners some months ago and he declined, saying he couldn't be bothered with the problems involved with W8-BENs. I explained other companies weren't bothered and they could be done on-line with minimum hassle.
He just didn't want to know.
I also tried Ken Wolff who uses them and carries some weight, but he didn't want to know either.
 

Naz

Experienced member
Thanks for that Jerry.

I use directaccesselite.com and i'm happy with them.Commission is $6 up to 1000 shares with their EU rate.If you have experience, ask etrade.co.uk about their lightspeed platform.They're based in the UK and their scaling rates on that platform are similar to ib.
 

LevII

Established member
Jerry,

Wonder if you have got anywhere with MB?

Naz,

I can't find anything on the directaccesselite.com site about a $6 rate. Do they still charge $100 per month for data and software? Is their data source & platform Realtick?

MB charge for neither if you maintain a PDT account with $25,000 deposited. That is one of their great attractions. $100 per month saved is $100 per month earned!

LII
 

Trader333

Moderator
DAE only charge if you dont do a certain level of business per month and I am not sure what it is. Above that then it is free (I think).



Paul
 

Jerry Medved

Active member
LevII,

Well, I basically confirmed what was already known. Unfortunately MB will not be able to take UK clients at this time.
 

TheBramble

Legendary member
I hadn't picked up on the DAE standard platform fees before.

Taking this together with the fact they will not consider holding a trading account in anything other than USD makes them less attractive than I originally thought.

Pity. They have a nice front-end and Level-II presentation.
 
 
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