IB and corporate accts

Spark · Dec 5, 2002

Quote from hii a_ooiioo_a:

You're supposed to be able to trade without Market Data Subscriptions. You should be able to cancel your data subscriptions on IB, and get your data from somewhere else. You would have to only use the TWS for creating orders.

how about sending order as market order without subscribing data? do i get real time execution with minimal slippage?

hii a_ooiioo_a · Dec 5, 2002

If you use IB without subscribing to market data, you should be able to place market orders or limit orders and get the same execution as you would with data subscriptions. The only difference is you wouldn't get any numbers on the market data lines. Your TWS would just be for placing orders.

If you were getting your data from somewhere else so you knew what the current bid/ask were it would be about as good. It would just be a bit inconvenient for some people who make a lot of trades each day.
It would probably be no harder or even easier to place orders this way than how it is done through other less sophisticated online broker systems. I bet you could get used to it real fast.

You would still get your daily bulletins informing you when ARCA and OneChicago are unavailable.

slapshot · Dec 5, 2002

they give you all the basic realtime data on a non-professional account for free if you spend a mere $30.00 per month in commissions - you can read it in the fees section.

Level II is $79.00 per month -

Paul

alanm · Dec 5, 2002

hii said:"You would still get your daily bulletins informing you when ARCA and OneChicago are unavailable."

catman · Dec 5, 2002

Quote from Spark:

Is this Financial Advisor stuff? If so, is commission you generate from trading others account is enough to cover your 225 fee? thought about being a parttime FA, but not yet started. your experience would be useful

I'm not a financial advisor. It's a partnership account that I trade
for myself and some friends, so I'm not generating any commissions.

ctrader · Dec 5, 2002

Quote from catman:

I'm not a financial advisor. It's a partnership account that I trade
for myself and some friends, so I'm not generating any commissions.

Thats what I want to do too.

hii a_ooiioo_a · Dec 5, 2002

Why not open the account in your own name, as an Individual. Then you won't pay the professional data fees. As long as you aren't a licensed trader you should be able to do that.

ctrader · Dec 5, 2002

Quote from hii a_ooiioo_a:

Why not open the account in your own name, as an Individual. Then you won't pay the professional data fees. As long as you aren't a licensed trader you should be able to do that.

Taxes.

Mark Hansen · Dec 5, 2002

I trade through an LLC at IB, non-professional status;
no fees

richtrader · Jan 2, 2003

Quote from richtrader:

If you want to have an account through your corporation, you will likely have to look into Ameritrade or others. I have an account with Ameritrade through my s-corp and it is exactly the same as a personal account with regard to fees, commissions, etc.

As a followup, I received a letter a couple of days ago that Ameritrade now classifies corporate accounts as professional, just like IB. They eliminated the only reason I kept an account with them....