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Interactive Brokers - experiences and opinions

  • #241
  • Jul 23, 2009 2:06pm Jul 23, 2009 2:06pm
Is there a way to see 5 second bars for 2 hours+ timelines with IB? I never could find a way and have to rely on 3rd party charts.
  • #242
  • Jul 23, 2009 3:28pm Jul 23, 2009 3:28pm
Quoting equilibrium6
It appears that IBs platform takes a long time to master. It's a new skill all in itself. The question is if the benefit of mastering the platform pays for the considerable amount of time lost? Does it have so many functions that it definitely gives the trader an edge over others with simpler platforms?
1. It pays. It has myriads of possibilities - which can be combined, altered..

2. You can DEselect easily unneccesary functions

3. You can use alternatively a sleek -albeit less capable- webinterface

4. There is a plethora of FREE or Paid frontends available - not just Ninja.

Regards

Forex37
  • #243
  • Jul 24, 2009 9:44am Jul 24, 2009 9:44am
Is it USD 10,000 to open an account with IB?

And what is their maximum leverage?
  • #244
  • Aug 14, 2009 8:16am Aug 14, 2009 8:16am
Quoting PiedPipper
I can second that on not wanting to upgrade. For me it's mostly just a matter of keeping a stable version. I'm sure that most (if not all) of the upgrades are fine but I like to keep what is working.

Their software is cumbersome, customer service poor, but the quotes and executions are split second and very reliable.

This is a rock solid broker, perhaps second to none in the discount industry. They're not one of the fly by night forex bucketshops. Their subsidiary, Timber Hill, is a huge market maker. IB will stick around while others go under....
Hey Pied Piper ... do you know how much Timber Hill provides liquidity for IB? It seems to me that IBKR makes the vast majority of its money from market making, so I could see their ECN system front running for Timber Hill.
  • #245
  • Aug 14, 2009 8:19am Aug 14, 2009 8:19am
I'm just wondering if anyone can confirm/deny that Timber Hill (basically a subidiary of the same parent corp as ib: ibkr) acts as a liquidity provider for Interactive Brokers.


If you look at the SEC filings for interactive brokers, they make all their money off of market making. The temptation to make things easy for Timber Hill to profit seem to me to be too great. Maybe I'm just complaining because I have a hard time trading between the spread =)

Any thoughts?
  • #246
  • Aug 14, 2009 9:32am Aug 14, 2009 9:32am
Timber Hill is a big marketmaker in Stock Options, not f/x.
  • #247
  • Aug 14, 2009 10:47am Aug 14, 2009 10:47am
I've heard they have an extensive B-book operation for Forex.
  • #248
  • Aug 14, 2009 11:09am Aug 14, 2009 11:09am
Quoting Doug Quaid
I've heard they have an extensive B-book operation for Forex.
It would appear "having heard" is the premiere source of information around here, nowadays.
  • #249
  • Aug 14, 2009 11:21am Aug 14, 2009 11:21am
Quoting Doug Quaid
I've heard they have an extensive B-book operation for Forex.
I heard you're a DOUCHE, does that make it true???
  • #250
  • Aug 14, 2009 12:32pm Aug 14, 2009 12:32pm
Quoting Doug Quaid
I've heard they have an extensive B-book operation for Forex.
I've heard u will soon be rich
  • #251
  • Aug 15, 2009 12:48am Aug 15, 2009 12:48am
So... can you folks confirm/deny that Timber Hill is providing liquidity for Interactive Brokers?
  • #252
  • Aug 15, 2009 1:02am Aug 15, 2009 1:02am
Hmmm ..

http://www.securitiesindustry.com/news/19287-1.html


http://www.thetradenews.com/asset-cl...-exchange/3488

"Two providers of trading services – US options exchange International Securities Exchange (ISE) and US-based online market-maker FX Solutions – have extended their foreign exchange offerings.

ISE has expanded its suite of FX options with the launch of three new currency pairs: US dollar/New Zealand dollar; US dollar/Mexican peso; and US dollar/Swedish krona. Timber Hill is the primary market-maker for the new pairs."

Interesting, though.

Don't get me wrong.. I like interactive brokers. I'd just feel more comfortable if they separated the two companies.
  • #253
  • Aug 17, 2009 10:38pm Aug 17, 2009 10:38pm
Their charts suck worse than their customer service. Take the time to learn their platform and put everything just like you want it, and they send a little update and you are screwed.

I love to write call options against FX positions for a ton of reasons. Yes you can portfolio margin your account meaning that you can open an FX position and write a call against it. While you cannot own the underlying of CBOE or ISE FX options, you can still own a FX position that will protect you when you sell a call.

Range of available markets and their cheapness are unequaled. Everything else is horrible IMHO.

My advice is to focus on what you truly want to trade and then find a leader in that.

I mean no offense to all those who rave about IB’s greatness, I just can’t understand where they are coming from. When I read some of those posts I wonder if we are even talking about the same broker.


  • #254
  • Aug 18, 2009 8:27am Aug 18, 2009 8:27am
Quoting siafx
I mean no offense to all those who rave about IB’s greatness, I just can’t understand where they are coming from. When I read some of those posts I wonder if we are even talking about the same broker.


Holy words...
  • #255
  • Aug 19, 2009 4:10pm Aug 19, 2009 4:10pm
i was just on the phone with interactive brokers and they told me they charge a half a cent per share straight up no deals. i told the guy on the phone that those priced were crazy and instead of buying 10,000 shares of a stock through them which would cost me $100, i could buy the shares through etrade for $7.99. he then explained to me that there has been studies that say that ib was cheaper than every other broker in the long term because when there orders execute they dont have to go through a middle man and the orders save me money because if i buy shares through them i will average a cheaper price that i pay for the shares. the guy told me thats the reason why alot of hedge funds use them, because there spending millions of dollars and they end up saving money. is this really true? i love there margin requirements and if its true im gonna open an account.
  • #256
  • Edited 10:06am Aug 21, 2009 9:51am | Edited 10:06am
Quoting siafx
Their charts suck worse than their customer service. Take the time to learn their platform and put everything just like you want it, and they send a little update and you are screwed.

I love to write call options against FX positions for a ton of reasons. Yes you can portfolio margin your account meaning that you can open an FX position and write a call against it. While you cannot own the underlying of CBOE or ISE FX options, you can still own a FX position that will protect you when you sell a call.

Range of available markets and their...

sad to see this post, all i can say is you have not spent the time required to learn to use TWS or FX trader.

I have had heaps of updates on TWS stand alone, no issues to presets I always save to IB servers.

I have used that many different brokers in my 4 years of trading, IB is my final stop.

First week at IB was hard and confusing. But i spent hours on the webinars talked to other IB users, used the sim account for a 1 week further and now I am totally in control of it.

I only trade FX but it's great to know I can update my feeds and trade options futures form any exchange worldwide. Trading FX with IB has been a wonderful experience, Book trader is the best this out there IMO, I love it.

I trade 80 - 100k lots min com not an issue spreads execution are fantastic. I love the order presets all my currencies are set up the way I want. I am a 1min scalper and this broker is the only one I have found that accommodates my trading style.

True ECN is all it's glory. of course i would love to trade Currenex on a instu feed but I anit got 20+ million nor trade the volume required.

For me right now IB is home and I really feel great i finally found a broker that helps me achieve what i want. If i could not trade with IB tomorrow I would think whether I would still trade or not. (Currenex other option)

they're a class act in all aspects, I know the charts suck but I don't use em still use MT4 on one screen with fx trader and two book traders up on 2nd screen. anyone that has a issue with IB get into the webinars and spend some time to learn what TWS can offer u.

screen shot of FX trader below.
Attached Image (click to enlarge)
Click to Enlarge Name: IBspreads.JPG Size: 144 KB
  • #257
  • Aug 21, 2009 2:02pm Aug 21, 2009 2:02pm
Quoting johnpalley
i was just on the phone with interactive brokers and they told me they charge a half a cent per share straight up no deals. i told the guy on the phone that those priced were crazy and instead of buying 10,000 shares of a stock through them which would cost me $100, i could buy the shares through etrade for $7.99. he then explained to me that there has been studies that say that ib was cheaper than every other broker in the long term because when there orders execute they dont have to go through a middle man and the orders save me money because...
You won't receive the ECN liquidity rebate at etrade that you will at IB, that's why the big boys use them. That cuts costs when using unbundled commissions.

Nor will you get interest on your short margin at the other retail shops (pennies today, but was quite lucrative pre-ZIRP). If you're always trading 5k-10k blocks, it can be a tradeoff, I wish IB also offered a per-ticket commission like the rest, but most prefer their current model.
  • #258
  • Aug 21, 2009 2:11pm Aug 21, 2009 2:11pm
Quoting >Apocalypto<
I only trade FX but it's great to know I can update my feeds and trade options futures form any exchange worldwide. Trading FX with IB has been a wonderful experience, Book trader is the best this out there IMO, I love it.

I trade 80 - 100k lots min com not an issue spreads execution are fantastic. I love the order presets all my currencies are set up the way I want. I am a 1min scalper and this broker is the only one I have found that accommodates my trading style.
Apokalypto,

I agree wholeheartedly.
IB is BY FAR the best broker for retail spot FX.
Especially for scalping, and especially with BookTrader.

It might be confusing at the beginning because of the plentitude of features and possibilities, but once one has invested the necessary time and effort to understand and learn how to use it, it is difficult to imagine having to use something else again.
  • #259
  • Aug 21, 2009 3:31pm Aug 21, 2009 3:31pm
Quoting Trader KGB
You won't receive the ECN liquidity rebate at etrade that you will at IB, that's why the big boys use them. That cuts costs when using unbundled commissions.

Nor will you get interest on your short margin at the other retail shops (pennies today, but was quite lucrative pre-ZIRP). If you're always trading 5k-10k blocks, it can be a tradeoff, I wish IB also offered a per-ticket commission like the rest, but most prefer their current model.
thanks for your response. im a newbe to trading and a dont really understand a couple things you were talking about. can you please explain what a ecn liquidity rebate is? and could you also explain about the short positions? are you saying if im shorting a stock i can get paid interest on the money thats in the stock? sorry but im new to this and im trying to learn on me own
  • #260
  • Aug 21, 2009 3:40pm Aug 21, 2009 3:40pm
Quoting johnpalley
thanks for your response. im a newbe to trading and a dont really understand one thing you were talking about. can you please explain what a ecn liquidity rebate is?
If you enter a limit order into an ECN, and it's not immediately marketable against an existing limit order, your order will rest in the order book, i.e. you are adding liquidity to the ECN book. When someone else enters an order that executes against yours, you get paid an add liquidity rebate (and the other party pays a remove liquidity fee).

http://en.wikipedia.org/wiki/Electro..._fee_structure

examples

*This only pertains to equity ECNs, unfortunately this model hasn't made its way over to FX ECNs, for various reasons.
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