How Many of You Lied to IB?

Quote from axeman:

Go to Genesis. IB doesnt want the smaller fries anymore it seems.

Better commissions, an API, and it sounds like a better trading platform.

What more do you want???


peace

axeman
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Genesis has a $250/month software charge per month that is waved for prop clients, but for retail clients, "there may be volume requirements." You have to email them for details...sounds shady to me (why not just post the requirement on the website???).

Genesis also has a minimum ticket charge of $1 for Nasdaq and $2 for NYSE, AMEX.
 
Quote from Corso482:

Genesis has a $250/month software charge per month that is waved for prop clients, but for retail clients, "there may be volume requirements." You have to email them for details...sounds shady to me (why not just post the requirement on the website???).

Genesis also has a minimum ticket charge of $1 for Nasdaq and $2 for NYSE, AMEX.
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$250 /month software charge for retail accounts is only if you trade < 20.000 shares in that month. It has been posted by Genesis (Serge) on ET several times.

IB also has a minimum commission of $1,- (And MB, Tradestation etc.)
This is because there are costs involved in clearing for a RETAIL account. Genesis has no minimum for a pro-account.

I'm in the process of opening an account (retail) with them.
 
Now you have my curiosity up...IB is a retail firm....SIPC and all of that retail stuff....I do know that Merrill etc., have requirements.. just to keep the casual investor away, but I have never heard of it with IB or Scotttrade or any other retail group.

I'll call them on Tuesday and see what's up.

Don
 
Quote from Don Bright:

Now you have my curiosity up...IB is a retail firm....SIPC and all of that retail stuff....I do know that Merrill etc., have requirements.. just to keep the casual investor away, but I have never heard of it with IB or Scotttrade or any other retail group.

I'll call them on Tuesday and see what's up.

Don
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This is what Serge (Genesis) told me when we discussed the commission structure.

If I wanted to open a PRO account there would not be a minimum ticket charge, but in case of opening a RETAIL account he had to charge the minimum of $1,- / trade to cover his costs.

There're no extra charges if you get partial fills.

Since the rates are good for a retail account (The best I've seen) I decided to open an account with them.
Software looks OK as well (demo)
We will see how things work out in real live trading...
 
Quote from H2O:

This is what Serge (Genesis) told me when we discussed the commission structure.

If I wanted to open a PRO account there would not be a minimum ticket charge, but in case of opening a RETAIL account he had to charge the minimum of $1,- / trade to cover his costs.

There're no extra charges if you get partial fills.

Since the rates are good for a retail account (The best I've seen) I decided to open an account with them.
Software looks OK as well (demo)
We will see how things work out in real live trading...
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Well, good luck with the experiement, I hope it works out well for you....and I hope that they can help make you a consistently profitable trader...as we all know, "value added" and "bottom line" are what we all seek for our traders.

I answered you PM...SIPC fees may be a part of it.

Don
 
For a cash account, there shouldn't be any requirement to set up an IB account. Just deposit whatever their account minimum is, fill out the forms, pass their quiz, etc. Be sure you weren't filling out the form for being an "accredited investor" which isn't needed to open an account.
 
If you are tryin to open options or futures account you need to have some trading experience , otherwise you wont qualify. That could be the reason that you couldnt open the account. I dont think opening account with IB is related to your net worth!
 
,corso482 good point ,zac "THAY DO WANT TO KNOW YOUR NET WORTH"why i ask .All i can say on this is that i also got asked the same questions.I passed there quiz and thought f**k you IB i,ll only do two thirds of the form and drop you from my list .Guess what IB the cheeky B******s e-mail me prompting me to finish the application .So i thought to myself ,wait a minute I want to put my money in you firm , If you don,t want it up yours . This info has been passed on to many UK traders
 
THE REQUIRED MINIMUM NET WORTH TO PARTICIPATE IN IB'S ACCREDITED INVESTOR" PRIVATE DEBT PLACEMENTS IS 1MM. This has absolutely nothing to do with opening an account.
 
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