A backup account for IB

H

hajimow

I have had accounts in some of brokerage firms like TD Waterhouse, Ameritrade, Fidelity, Etrade, Datek, scottrade. I was not happy with them for one reason or another. I am now with IB and I am extremely satisfied. I wish they could lower the commission for volume trades. Like $8 max per trade for stocks. Now my question is which broker you suggest as a backup one with the following requirements. I only trade stocks and options so I don't care about future.
1- Should allow all kinds of trades on stocks and options like selling naked call and put and shorting.
2- Minimum account requirement should not be more than 10K. Even for selling naked options.
3- Should support extended hours
4- Fast execution
5- Low commission and should not charge commission when you are assigned stocks for your options.
6- No monthly fee for their software or platform
7- Definitely should also have web based trading
8- Option orders should go to the floor in real time and should not go to the trading desk for review
9- Low margin rate
10- real time account update
11- Reliable system
12- should have a good short list
13- No inactivity fee
14- Their performance and system should make me not to need any technical support .
 
you're out of luck my boy. only 2 people have options at the same price as ib and thats tradestation and mb trading. mbtrading allows no naked selling and tradestaion as a $100 platform fee. i have mb trading for a backup to ib but there's no comparison. i have accounts with 6 brokers and ib is hands down the best period. there fills are so fast and i love there options platform and i get a few pennies price improvement about 40% of the time. i trade futures with ib and they're good. i moved my ira to ib as they allow options and futures.
 
I don't have any experience with tradestation but IB is the God of brokers. I even love their fast liquidation if you get out of margin as it has helped me a lot many times. I had option orders with Fidelity or other brokers that I named and although my price was the market price, it would go to option desk to manually get reviewed and then sent to some markets that made it not to get executed and ..... Those brokers make one to age fast if you are into fast trading. I have also got price improvements in my option order with IB. It never happened to me with other brokers.One assumes that a cheap broker should be the worst but it is the opposite for IB. The more expensive ones are the worst.
 
yes nobody and i mean nobody will give you prcie impovements on option s but ib. the reason being is they're part owner of box optin exchange. go look at any of your price improvements and its 995 of the time on the box exchange. they need to lwoer there stock commissions as 1 cent a share isn't competivie any more
 
Does IB have minimum commissions for each stock order? For example, if I place an order to buy 100 IBM @ 100. When filled, am I charged US$1 commission (i.e. 0.01*100) or do they bump the commission rate up to a flat rate?
 
You will be charged only $1 for that 100 shares. for 500 shares it will be $5 and for 1000 shares it will be $7.5. Check their website for a complete list of commissions.
 
Quote from joeyata1:

yes nobody and i mean nobody will give you prcie impovements on option s but ib.
More...

I occasionally get price improvement at Ameritrade (2 of my last 6 purchases of SPY options.)
 
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