European Account types and limits

B

Bent

Hi All, im interesting in open an account in IB, because actually I work with other Online Broker, but the interface if web based, and have many steps to place order and stop loses, so take like 10 seconds open an order and put stop loss.

I want to try some daytrading and this time with no stop cause some hearth attacks that i dont want to reproduce.. I search about some trades and I find the Trading Workstation really interesting, but the problem come when I look in the IB documentation deeper.

If I understand correctly I have 2 type of accounts:
- One that I work with my own mony only, but after every operation i need to wait 2 DAYS to get my money back and operate again.
- The other allow me to operate with extra money with comissions, BUT can flag me as "daytrader" if I do more than 2 operation per day IF I have less than 25K in the account..

There is no account type to allow me do some daily operations, with only my money and without time limit? If not.. there is some other fast platform trader that allow me do this in Europe?

Thanks!
 
Bent said:
Hi All, im interesting in open an account in IB, because actually I work with other Online Broker, but the interface if web based, and have many steps to place order and stop loses, so take like 10 seconds open an order and put stop loss.

I want to try some daytrading and this time with no stop cause some hearth attacks that i dont want to reproduce.. I search about some trades and I find the Trading Workstation really interesting, but the problem come when I look in the IB documentation deeper.

If I understand correctly I have 2 type of accounts:
- One that I work with my own mony only, but after every operation i need to wait 2 DAYS to get my money back and operate again.
- The other allow me to operate with extra money with comissions, BUT can flag me as "daytrader" if I do more than 2 operation per day IF I have less than 25K in the account..

There is no account type to allow me do some daily operations, with only my money and without time limit? If not.. there is some other fast platform trader that allow me do this in Europe?

Thanks!
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There have got to be platforms in Europe you can use that aren't regulated the same way as US based brokerages. IB has a really old interface that isn't user friendly if you're new to this. TD Ameritrade is far easier to work with and I imagine they have the option of opening Euro accounts with their specific rules?
 
VicBee said:
There have got to be platforms in Europe you can use that aren't regulated the same way as US based brokerages
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ohh so the PDT rule is not NSYE or Nasdaq related, its related to people living in US, IB dont show this clear, I check also the .EU website and this info is present, but appear they copy&paste the US one and translate with Google...

About the interface, i test the demo account and appear fine to me, the only thing I notice is some "lag" when you make purchases on low Stock prices and buy many packs of stocks, but I think is related to be a demo account.

Also I check TD Ameritrade, but i dont see nothing to operate from Europe.
 
IB's TWS runs on a MAc and Widows and it is fairly nice and learnable. I do not use them anymore because for stocks they charge me commission and options commission is the same as anywhere else. (also I would not trade with IB, because index futures(MES) trading is addictive but very hard)

Their advantage is micro futures commission and margin interest rate. They are definitely for the active and pro trader. Also if you use their two-tiered fee base (very confusing) and select the non-pro, you get to trade stocks free of commission. This is for US traders, you may have a different experience. Their shortlist is very good and executions are supposedly free of "selling order flow" fluff.
If the 25k USD is your problem, try micro index futures, maybe you are better at that and than me, for that IB is perfect.
EDIT: TDAMeritrade is no more. Now it is Schwab.
 
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I am from the EU myself and i have a small account with Tradezero.co

No PDT and no commissions on certain orders, so far i had no issues at all.
 
DevBru said:
I am from the EU myself and i have a small account with Tradezero.co

No PDT and no commissions on certain orders, so far i had no issues at all.
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Tradezero, located in Nassau Bahamas......are you scared at the idea that these people might disappear with your money?

I'm also from europe and I have an account with binck bank and I hate them and I'm also considering IB but I know that they have penalties if you don't generate enough monthly commissions.....
 
smcoder said:
Tradezero, located in Nassau Bahamas......are you scared at the idea that these people might disappear with your money?
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Not really but the account isn't very large either. I probably wouldn't open a large account with them.

There is something new in Europe called BUX, it seems like it wants to be the EU version of Robinhood. No experience with them yet though.
Just noticed it is currently limited to Belgium, Netherlands, Germany, Austria and France.
 
DevBru said:
I am from the EU myself and i have a small account with Tradezero.co
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I check it, but when I ask to support about the operations limits, they have no PDT but "all trades settle at 10 pm daily", so I can only operate 1 time at day with my money?
 
DevBru said:
No
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The I dont understand.. this dont mean, my money is "locked" over that time?
For example I have 4000$, then I purchase 3800$ in some stock, 1 hour later I sell it, and then I have 4200$, but this (at least in IB) is locked to purchase another stock arround 24h, is not the case?
 
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