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Registered User
Joined: 1/30/2009
Posts: 267
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Sorry to do this again but I need any advise I can get from TOS and IB customers. I want to ask the experts.
I am trying to decide between the two (or another if anyone has any suggestions). Currently I am using TOS but I am seriously considering making a change.
TOS,
Commissions are rather high.
Down time for a few hours during the night (EST) when I prefer to trade thus sitting and watching a lot of money going by.
But, I really like the software.
Customer service is good.
IB,
Commissions lower.
Minimal downtime when I prefer to trade.
So far, customer service is good.
I like that they are direct access brokers.
From what I saw concerning their software (Demo from their website), I do not really like it.
(I tried to look at TradeSatation but found their customer service leaving a lot to be desired).
My question is, does anyone use IB for trading the mini ES? If so, what do you think about it? And, is there something I am missing? Maybe a different broker that I should look at?
I know these questions have been beat to death but I seem to have specific needs (as with everyone else) and I would really like to find a broker that I like and stick with them.
Thanks in advance for the help,
Mike
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Registered User
Joined: 8/31/2009
Posts: 60
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TOS - Does it just stand for any broker offering "Time Of Sales" info ?
what is the abbreviation for TOS broker ?
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Registered User
Joined: 1/28/2005
Posts: 6,049
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I guess it means:
Think or Swim?
Thanks
diceman
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Registered User
Joined: 1/28/2005
Posts: 6,049
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This may help:
Thanks
diceman
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Registered User
Joined: 8/31/2009
Posts: 60
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I guess it means:
Think or Swim?
Thanks Diceman for the Info...
Interactive Brokers seems to be a good deal based on the reviews, I have read here.
Do IB charge any other Monthly maintenance fees for infrequent trading accounts ?
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Registered User
Joined: 8/31/2009
Posts: 60
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Found out that IB will charge $10 per month Inactivitiy Fees. This will be reduced by the amount of commission generated for that month, If it is less than $10.
I am thinking of giving IB a try. Any other surprises we should be aware of ?
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Registered User
Joined: 1/30/2009
Posts: 267
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QUOTE (diceman)
This may help:
Thanks
diceman
Thanks Diceman. I do remember that thread. And there was a little surprise in there. I thought IB was a direct access broker but maybe it's not as WSE says MB Trading is. I will ask the question to IB.
Yes, TOS stands for ThinkorSwim and their software for trading is very good. Just don't like their commissions and shut down hours. Plus their contract margin fees are twice as high as IB.
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Registered User
Joined: 12/31/2005
Posts: 266
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QUOTE (rysa) Found out that IB will charge $10 per month Inactivitiy Fees. This will be reduced by the amount of commission generated for that month, If it is less than $10.
I am thinking of giving IB a try. Any other surprises we should be aware of ?
i've tried them. they are very good. stocks, commodities, futures, foreign markets, all in one. gotta take a test to approved for an account, though.
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Registered User
Joined: 1/30/2009
Posts: 267
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QUOTE (driger) QUOTE (rysa) Found out that IB will charge $10 per month Inactivitiy Fees. This will be reduced by the amount of commission generated for that month, If it is less than $10.
I am thinking of giving IB a try. Any other surprises we should be aware of ?
i've tried them. they are very good. stocks, commodities, futures, foreign markets, all in one. gotta take a test to approved for an account, though.
Really? Never heard of that. How difficult is the test?
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Registered User
Joined: 12/31/2005
Posts: 266
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QUOTE (hiromj) QUOTE (driger) QUOTE (rysa) Found out that IB will charge $10 per month Inactivitiy Fees. This will be reduced by the amount of commission generated for that month, If it is less than $10.
I am thinking of giving IB a try. Any other surprises we should be aware of ?
i've tried them. they are very good. stocks, commodities, futures, foreign markets, all in one. gotta take a test to approved for an account, though.
Really? Never heard of that. How difficult is the test?
its a bit of a hassle, but they give you all the study materials, so you can look the answers up. they want to make sure you know what your doing, especially if your trading futures, and options.
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Registered User
Joined: 8/31/2009
Posts: 60
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IB (Interactive Brokers) charge the following Misc fees:
Trade Bust/Adjustments
- $50 for the first bust request in a calendar month.
- $100 per incident for subsequent bust requests in the same calendar month.
Cancel/Modify Orders
| Asset/Order Origin |
Routing Venue |
Fee per Order(5) |
Execution Credit (1) (3) |
Example |
| US Stock orders |
| API Directed |
All |
USD 0.12 |
USD 0.24 per API Directed execution |
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Can someone who has experienced this Bust Order fee / Cancel fee, comment if these fees are insignificant .
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Registered User
Joined: 1/30/2009
Posts: 267
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IB said they "indeed offer market direct access", whatever that means. At this point, I will probably stay with TOS for a while. They have been good and will reduce their commissions.
rysa, I have no idea what a bust request is but I am sure someone on this board will ave an explaination. I am looking forward the the explaination.
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Registered User
Joined: 10/7/2004
Posts: 264
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IB is the way to go if you have any experience trading. It is not for newbies as they don't have great hand holding customer service. Cheap commissions, good executions, what more can you ask for?
As for cancellation fees, in most cases they do not apply. I have never had a cancellation fee. You may need to clarify their policy depending upon what you are trading. Bust fees are for broken trades. Probably not likely with thier electronic platform -- I've never seen one. I don't think you'll have any issues with ES. Good luck.
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Registered User
Joined: 1/30/2009
Posts: 267
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Thanks everyone for the input.
Now, I have been looking for a post but can't seem to find it. Someone posted how the IRS taxes the E-Mini and I would like to read it again. Does anyone remember where this was? (I have a feeling I know who will come up with the correct answer). I was within the past couple of months.
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