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Babak, I understand now I think. I was under the impression that the user decided with whom he or she would trade with. But now I see that this is not true, and that one basically submits an order and someone/something else fills it however possible. Apologies again if the above made no...

Thanks for all your replies, and I can now better understand how the commission stays low even with multiple trades. I was under the impression though that with IB, one had direct access to the list of (for lack of better terms) bid and ask items, with which one could piecemeal their order...

Could someone please clarify this: From what I understand, with a non-direct-access broker, a "trade" is an order to sell or buy a certain amount of stocks, regardless of whether it takes more than one transaction to fill the order. For example, buy 500 shares with limit 24.50 may get you...