Is Interactive Brokers still the best broker to use?

imaginate19 · 28 April 2020

cutz said:
Thanks @InsvestoBoy

No not being sarcastic mate,

IMO Interactive Brokers is the best for what I do which is frequent option position adjustments and a couple of buy and holds but I do pay for Aussie data, only 25bucks, most of the US data is waived, cheap brokerage, excellent risk management, excellent IT, I can go on and on.

I also use an Aussie broker for long term investments which I use as collateral for option trading ( but try not to do much in this account ) mainly offsetting index positions and some synthetic longs, but I do get screwed on brokerage and recently an event which I think caught out naked premium sellers has impacted everybody else in a negative way, hopefully those issues are going to get sorted out.

Sorry, back to my point, big 4 aussie broker if you buying stocks for the long term, they're all the same, IB is excellent for frequent trading activities.

Thank you!

I am trying to understand IB charges.

Would you know how much the charges would be if I were to buy and sell stocks in IB - frequently.
For instance IG charges monthly ($50) unless 3 trades/transactions are made within 3 months,
PLUS they charge 10USD per each of these transactions (buy/sell),
PLUS currency exchange charges on each sell and buy stock transaction.

How does this compare to IB, would you know?

Also on IG says they only offer options trading on the phone, what about IB

When you say you pay for 'Aussie data' is that through IB as well?

I would like to trade options eventually, but I haven't got a clue where to begin at the moment.

I know I would like to learn more about technical analysis and pre-earnings momentum strategies, but I am a total beginner to this.

Many thanks in advance

imaginate19 · 28 April 2020

InsvestoBoy said:
there's is a relatively new feature where you don't pay for data on an ongoing basis and you can just get a snapshot of live data for a very small fee just before you trade, I use it often when buying/selling stuff on the TSX/Venture Exchange.

THANK YOU!

imaginate19 · 28 April 2020

tech/a said:
Trading under 50K US is fine.
Its around 15K to start up an account
Then you can trade anything listed.

Its a bit of a marathon setting up an account but once on
its seamless.

Even better! Thank you!
Does their option trading platform look like the TD ameritrade or something similar?

It is so much more common to find videos and learning material for trading options in the US, so I have struggled with getting learn the Australian trading world.

Thanks!

cutz · 28 April 2020

imaginate19 said:
How does this compare to IB, would you know?

Hi,

Commissions are here https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks1, so for ASX stocks 6 dollar min then 0.08 percent.

Data management is done in IB's account management site, you turn it on as required then pay the monthly fee or as @InsvestoBoy suggested use the snapshot option.

tech/a · 28 April 2020

imaginate19 said:
Even better! Thank you!
Does their option trading platform look like the TD ameritrade or something similar?

It is so much more common to find videos and learning material for trading options in the US, so I have struggled with getting learn the Australian trading world.

Thanks!

Don’t trade options

cutz · 28 April 2020

Hi imaginate.

It's all on the website, just download a demo here and have a play https://www.interactivebrokers.com/en/index.php?f=13868

imaginate19 · 29 April 2020

tech/a said:
Don’t trade options

What do you mean, as in don't trade options without first knowing and learning about it?
Yes, copy that.

Or do you mean don't trade options at all?

Thanks!

imaginate19 · 29 April 2020

cutz said:
Hi imaginate.

It's all on the website, just download a demo here and have a play https://www.interactivebrokers.com/en/index.php?f=13868

Thank you, I had a look at their website probably last year and it was never clear, it seems they have updated it now.

Please can you let me know if you pay any monthly 'subscription' fees?
Apart from the ones you choose to pay for, like the data one you use.
There's does not seem to be any mention of a monthly 'subscription' fee.
The link says for stocks '...and includes all IB commissions, exchange and regulatory fees'.

I have been staying away from IB because it is not very clear to me what they charge for and people keep saying that IB is expensive if you don't have enough money to invest/trade, but if it is USD 0.005 per share + transaction fees then it is definitely cheaper than IG.

At the moment I pay 10USD per every stock transaction in IG!

Thank you.

imaginate19 · 29 April 2020

imaginate19 said:
What do you mean, as in don't trade options without first knowing and learning about it?
Yes, copy that.

Or do you mean don't trade options at all?

Thanks!

By the way - can you trade options on their online platform or do you have to do it on the phone?

Thanks!

cutz · 29 April 2020

imaginate19 said:
By the way - can you trade options on their online platform or do you have to do it on the phone?

Thanks!

As per the links I posted all the info is there, all done online using the TWS platform which is the preferable front end, but you can use the phone app or the web interface, the commission quoted is all inclusive as opposed to aussie brokers which rip you off on commission then add exchange fees over the top, then pump up the margin.

As per the the pricing tab you only pay for the data you require, you pay monthly, you can turn it off if you then decide not to use it, I think but not 100% on this if your account gets to below 10K you pay a small monthly fee but you may have to check this out for yourself, apart from that no other ongoing fees.

Regards.

imaginate19 · 29 April 2020

cutz said:
As per the links I posted all the info is there, all done online using the TWS platform which is the preferable front end, but you can use the phone app or the web interface, the commission quoted is all inclusive as opposed to aussie brokers which rip you off on commission then add exchange fees over the top, then pump up the margin.

As per the the pricing tab you only pay for the data you require, you pay monthly, you can turn it off if you then decide not to use it, I think but not 100% on this if your account gets to below 10K you pay a small monthly fee but you may have to check this out for yourself, apart from that no other ongoing fees.

Regards.

Really appreciate your replies! Thank you!

cutz · 29 April 2020

imaginate19 said:
Really appreciate your replies! Thank you!

No worries mate.

Spend a few days looking around Interactive Brokers website, there heaps of good info in it !

tech/a · 29 April 2020

imaginate19 said:
What do you mean, as in don't trade options without first knowing and learning about it?
Yes, copy that.

Or do you mean don't trade options at all?

Thanks!

I dont trade options at all.

tech/a · 6 May 2020

Just a couple more reasons I like IB

on my phone app

noel_ferg · 6 May 2020

Excellent broker. Have used their API in the US for years. Have not used in Australia as of yet, but I've heard good things about the flexibility to trade international shares...

Bob111 · 8 May 2020

Finally got an account setup with IB. Oh wow that was a marathon. Now the NAB will only let me transfer a max of $40k at a time to IB and sting me $30 each time. I might be able to trade with IB one day. Actually now that I think about it whie I am writing I should have just purchase some shares with Nabtrade and transferred the securities. Oh well hindsight is a wonderful thing.

blue0810 · 8 May 2020

Bob111 said:
Finally got an account setup with IB. Oh wow that was a marathon. Now the NAB will only let me transfer a max of $40k at a time to IB and sting me $30 each time. I might be able to trade with IB one day. Actually now that I think about it whie I am writing I should have just purchase some shares with Nabtrade and transferred the securities. Oh well hindsight is a wonderful thing.

You can use BPAY or EFT to transfer to IB.

Bob111 · 10 May 2020

blue0810 said:
You can use BPAY or EFT to transfer to IB.

I finally worked that out in the end. I should have rtfm.

Adamroweco · 10 May 2020

what a bout tradedirect360 ?
just opened a demo account look's good and cheaper than IG but cant find an EMA indicator or volume
so a bit disappointing there but asx trades only $5 or .07%
so cheaper than IG again
and they are with west pack
can set a stop or trailing stop as well witch is something i could not do with IG
live data is $27 a month
what do you think ????????
and yes i know IG markets is not the best trading platform but i have only been trading form a short amount of time but would like to know what people think a bout it as well
thank you

cutz · 10 May 2020

Adamroweco said:
what a bout tradedirect360 ?
just opened a demo account look's good and cheaper than IG but cant find an EMA indicator or volume
so a bit disappointing there but asx trades only $5 or .07%
so cheaper than IG again
and they are with west pack
can set a stop or trailing stop as well witch is something i could not do with IG
live data is $27 a month
what do you think ????????
and yes i know IG markets is not the best trading platform but i have only been trading form a short amount of time but would like to know what people think a bout it as well
thank you

Are you talking CFD's ? .. Who is west pack ?

Is Interactive Brokers still the best broker to use?

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