Would you recommend IB?

Airthrey Capital

Well-known member
370 18
I am thinking of opening an account with IB. I must admit I had never heard of them before I subscribed to this site, and it appears that some of you seem to use them. I have read some of the comments on the Reviews thread, but need a little more encouragement before I actually go through the process of opening an account.

I purely trade FTSE futures, and ocassionaly FTSE options. I tend to day trade, but will sometimes hold positions for 3-4 days, and rarely hold a position for more than 2 weeks.

I will trade anything form 1 to 10 lots.

Are there any other FTSE traders out ther who use IB, and would you recommend them?...I am aware support is not that great.

What do they typically charge, and is there a minimum trading charge per month?....Is the trading platform any good?...

I would appreciate any useful feedback from T2W members.

Thanks :cheesy:
 

sidinuk

Established member
624 5
I use them for E-mini S&P500 and find them very good. The trader workstation is very reliable and they are very cheap. I have found email support to be ok, they resolved a problem I had but it did take a couple of weeks. It was only a minor problem, I have never had cause to phone them.
 

Trader333

Moderator
8,642 969
Yes I would recommend them and I do have an account with them. Their costs are second to none as is their reliability (so far). They are not so hot on telephone backup but I havent had cause to use that yet. With the right software you can even use their datafeed to chart your chosen markets. All in all they are good in my view.


Paul
 

Airthrey Capital

Well-known member
370 18
Currently trying to access their TWS demo, but I keep getting the message that the demo is currently unavailable. Oh well, just have to keep trying!
 

jitasb

Active member
116 3
Hello...
I am in looking into opening an account with a Direct Access broker. Have currently narrowed it down to IB and GNI.
Just out of interest is GNI same as ManFinancial ??

But that aside, my main question relates to financial costs.
As I understand it, you pay commission on each trade (open and close), you need to have a minimum account size and enough to cover the margin requirements for each trade.

Apart from that are there any other costs ?
E.G Do you have to pay for using the software platform (e.g J-Trader/ TWS or whatever)
E.G Do you have to pay for Data and/or streaming charts..

Thanks in advance..
 

Trader333

Moderator
8,642 969
jitasb,

For IB the only other cost is the exchange fee for the market you are trading. After that there are no other costs for the software or using the data.



Paul
 

peto

Established member
948 90
for IB:
US Securities & Commodities Bundle data fees will cost $10 pm, but is free if your monthly commissions exceed $30.

Nasq Level 2 is another $20
Other exchanges data fees go from free (e.g. Hong Kong) to £25pm (LIFFE)

Streaming charts can be run from the platform by linking Quotetracker (free trial indefinately) or Sierra. No backfill though, you might want to pay someone else around £20+ pm for this.

Some exchanges (eg. EUREX) charge a few bob for cancelled or modified orders, but credit maybe 3 times more back to you for filled orders. This is only likely to be a problem if you use an automatic trailing stop when your stop is going to move dozens of times.

The TWS platform is free as Trader333 says, altough there's a $10pm fee if commissions and/or data fees don't exceed $10 (ie it's an inactivity fee)
 

stevet

Established member
917 5
jitasb

gni were taken over by man - which might end up being bad news as man always seem to want a lot from retail traders

IB are expensive per r/t, but for retail are cheaper than most
 

samatrix

Newbie
3 0
Another big benefit to trading with IB is the proliferation of 3rd party trading utilities. Since the software is open source many have developed powerful interfaces for trading thru IB. Check out the discussion forum for further details. Look for the Freelance Tools topic.
 
 
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