I've heard that some brokers trading platforms give better fills when using Limit Orders than others.
Any truth to that?
Any truth to that?
Different Broker = Different Fills?
- Thread starter IanMacQuaide
- Start date
Come on gang, can anyone provide some real life experience on this?
?..........When a market opens, there's a possibility that a limit order can be filled better than the limit price if there is an order imbalance that can create a gap-opening through your limit price. During the session, you should expect limit orders to be filled at the limit price. It's related to order flow, not the platform.
So it doesn't matter which broker I'm with? A limit order is just that, right?
Thanks!
Thanks!
well, at IB (interactivebrokers.com),
i get better fills than my limit quite often...
because of the SMART Routing,
lets say you enter a limit buy order for Stock A at 23.55, now the order may first go to ARCA.
now the price comes down, and on ARCA it is 23.55 your bid / 23.56 ask.
now it happens that someone offers at 23.54 on Island or a different exchange.
so IB reroutes your order and buys those, so you get them for 23.54 although you had a 23.55 buy limit.
but that's only because of the SMART order (rerouting).
a limit order on the exchange always at limit (unless open/close as mentioned before)
i get better fills than my limit quite often...
because of the SMART Routing,
lets say you enter a limit buy order for Stock A at 23.55, now the order may first go to ARCA.
now the price comes down, and on ARCA it is 23.55 your bid / 23.56 ask.
now it happens that someone offers at 23.54 on Island or a different exchange.
so IB reroutes your order and buys those, so you get them for 23.54 although you had a 23.55 buy limit.
but that's only because of the SMART order (rerouting).
a limit order on the exchange always at limit (unless open/close as mentioned before)