Yes, and IB also comes with the worst customer service on earth, and with a mafia-like compliance department that would freeze your account anytime they wish, preventing you from accesss to your money.
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Do all brokers charge $1.50 like Interactive Brokers to modify an option?
- Thread starter maryp
- Start date
There is a cancellation fee at IB. However, if you are modifying the order, and ultimately complete the execution, then they apply a credit against the cancellation. Usually this washes out, or at least does for me.
I usually place orders at the midpoint on spreads, and back off once or twice if necessary. In that situation I see a net charge for the cancels about one out of 20 or 30 times.
First post in this forum. Hello to everyone.
Steve G
I usually place orders at the midpoint on spreads, and back off once or twice if necessary. In that situation I see a net charge for the cancels about one out of 20 or 30 times.
First post in this forum. Hello to everyone.
Steve G
Hi STeveG
Welcome, yes you are correct in what you say about IB. Where an exchange does not charge a cancellation fee, then IB does not pass it on, but where an exchange passes a cancellation fee then IB passes it on. Whether a cancellation fee is charged or not for amendment of order and ultimate execution is formula driven and depends on instrument and exchange you are trading.
Here is how IB charge for cancellation/amendment of orders.
http://individuals.interactivebrokers.com/en/accounts/fees/otherFees.php?p=b&ib_entity=llc
I looked into this extensively because i built a bot for options which was continously amending prices and it turned out to be quite expensive if it amanded too many times before trading (Eurex)
I have not used another broker besides IB, but am very happy with them
Welcome, yes you are correct in what you say about IB. Where an exchange does not charge a cancellation fee, then IB does not pass it on, but where an exchange passes a cancellation fee then IB passes it on. Whether a cancellation fee is charged or not for amendment of order and ultimate execution is formula driven and depends on instrument and exchange you are trading.
Here is how IB charge for cancellation/amendment of orders.
http://individuals.interactivebrokers.com/en/accounts/fees/otherFees.php?p=b&ib_entity=llc
I looked into this extensively because i built a bot for options which was continously amending prices and it turned out to be quite expensive if it amanded too many times before trading (Eurex)
I have not used another broker besides IB, but am very happy with them
What's with all these whiney-assed anti IB threads lately. You wanna fuckin trade for free...go to a bazaar in Kabul and enjoy.