Has anyone been able to escape IB's price cap?

sprstpd said:
IB's price capping algorithm is idiotic when there is a market-moving event for a specific security. I have a couple of examples where IB's algorithm has hurt me financially. It basically comes down to the fact that I cannot control my risk at IB in certain situations. IB apparently thinks it knows better than me how to control my own risk (which is ridiculous).

I intended to switch to Lightspeed after I got dinged at IB, but the answers I got for the question I asked made it seem like price capping would apply at Lightspeed as well. Maybe it is an industry wide restriction. If it is, the capping regulation needs to be revoked.
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You should switch out of IB. I did and my life couldn't be better!! For the very first time, I could be trading without constantly having to look over my shoulder to see whether and how much the broker is nickle and diming me over how much they are supposed to charge me on every trade like when I was with IB. I really should've left IB long time ago. The stress was so not worth it for the "low" commission that they advertise which is not so low anymore.
 
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Which broker did you move to?
  1. JSOP said:
    You should switch out of IB. I did and my life couldn't be better!! For the very first time, I could be trading without constantly having to look over my shoulder to see whether and how much the broker is nickle and diming me over how much they are supposed to charge me on every trade like when I was with IB. I really should've left IB long time ago. The stress was so not worth it for the "low" commission that they advertise which is not so low anymore.
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Maverick2608 said:
It also occurs in situations where the stock has moved significantly and traded at these new levels. If I in that type of situation want to execute a marketable limit or just a limit further away from the new traded level, the limit price is capped. I have to wait for somebody else to trade, before I am allowed by IB to trade. In this situation, the stock has not moved 5 or 10% away from the last sale. Thus I do not believe this is due to a regulatory or exchange rule?
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Obviously somebody is able to trade at prices that I cannot during these price capping episodes (i.e., I see the prints of people trading at prices that I can't). So if this is a regulatory issue, then each broker apparently can implement their own policy for it. Please someone show me a broker who has lax rules on this issue.
 
sprstpd said:
Obviously somebody is able to trade at prices that I cannot during these price capping episodes (i.e., I see the prints of people trading at prices that I can't). So if this is a regulatory issue, then each broker apparently can implement their own policy for it. Please someone show me a broker who has lax rules on this issue.
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Try Tastyworks. https://tastyworks.com/ or TOS
 
hoff57 said:
im considering cobra https://www.cobratrading.com/low-cost-online-trading-platform/
I trade 1m/month, so I would choose tiered share structure. That would be a price of 0.002c/share, but they route through IB so not sure if it is a good choice.
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It's not too bad. It's the only broker so far that I have seen that charges no commission on broker-assisted trades but it has a $35 annual IRA fee which is dubious. Although if you are trading 1m/month, you should explore fixed-fee brokers that charge you a fixed amount for unlimited amount of shares so that way you can get economies of scale.
 
hoff57 said:
What do you think of Trader equity: http://www.traderequity.com/index.php
it is a prop firm with very reasonable fees - but resided in british virgin islands
I don't have any experience with prop firms.
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It's based in British Virgin Island, offshore. I do not consider offshore brokers. My personal thing. Especially when they don't even mention whether they are regulated and by whom and there is not even a physical address of their office. Their methods of contact is via Live Chat, Twitter, Youtube and Email form (they don't even have an email address LOL), none of what I consider reliable methods of contact. If anything happens, do I even know where I have sent my money to and where they are located in British Virgin Island? If tomorrow they take down their website, how and where am I going to find them? Through Youtube? LOL Or am I supposed to carpet-search for them in the entire British Virgin Islands & Caymen Islands? LOL

It's good at least they give the following notification in the tiny print at the very bottom of their webpage:

Please Note: We DO NOT accept applicants from the USA.
 
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Great points! Yes my concerns as well - thx for the reply

JSOP said:
It's based in British Virgin Island, offshore. I do not consider offshore brokers. My personal thing. Especially when they don't even mention whether they are regulated and by whom and there is not even a physical address of their office. Their methods of contact is via Live Chat, Twitter, Youtube and Email form (they don't even have an email address LOL), none of what I consider reliable methods of contact. If anything happens, do I even know where I have sent my money to and where they are located in British Virgin Island? If tomorrow they take down their website, how and where am I going to find them? Through Youtube? LOL Or am I supposed to carpet-search for them in the entire British Virgin Islands & Caymen Islands? LOL

It's good at least they give the following notification in the tiny print at the very bottom of their webpage:

Please Note: We DO NOT accept applicants from the USA.
More...
 
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