IB ratings on elitetraders (what its going on?)
- Thread starter trader578
- Start date
Osorico,
You'd be disappointed if someone didn't reply. So here's my version.
Frame: Remember that IBs goal is to be low cost, highly automated and fast. No mention of customer service so adequate is all they're aiming for ... read that as good if you don't need much and disastrous if you need hand holding or can't take personal responsibility (ie, you shouldn't be trading
)
Quote and Execution Speed: 5
They rock. People using esignal sometimes see lagging quotes in fast markets and I'm getting the data right when I need it ... now. Most of my executions are outside US trading hours and they're great.
Data feed is not tick by tick (so if you need it then buy it but beware that all normal tick by tick data feeds seem to fall behind in fast markets). IB uses 200-250ms packets (so if there are two ticks in that time you see it as one).
The data feed api provides two options (which you can run simultaneously), the 250ms snapshot (live) which includes only the last price in the snapshot and thus can miss high and low ticks and the newer 5 second (true) data bars. The 5 second bars include information from all ticks in the 5 secs. I use Sierra Chart which lets you provide a combined chart (up to date using live data + corrected for all ticks and extremes using true data as the true data bars arrive every 5 seconds).
So you get 100% on time and 100% accurate (to the extent that that's possible).
But you don't get every tick. Most who use tick charts (I actually do for my fastest entry tuning chart) are happy to use a multiplier to adjust to esignal charts but if you really want accurate tick data you need to pay for it.
Range of services: 5
Training and Tech Support: 5
if you don't need lots of it and especially if you don't need hand holding. Remember Browns. They wouldn't take newbies ... well IB is less direct about it but you shouldn't start with IB if you don't have an experienced trader who will help you with those annoying little issues.
I have received everything I've asked for including changed data feeds, different timestamps, and (soon) audio alerts for bulletins. Now, sometimes the customer service people just don't get it but with persistence I've had a great experience.
Commissions and Fees: 5
Not the cheapest but for the markets I trade they are the lowest from someone reliable and reputable. And the speed and reliability no doubt save me more than any marginal fee difference costs.
No negotiation = no other bastard is getting it cheaper.
Overall Reliability: 5 I have experience 3 outages in 5 years and I trade almost every day. 2 of those outages were caused by severe weather events and I got pre-warning of one of those. Not sure about the other outage. I have also had a couple of local internet outages every year but only a fool blames IB for that (plenty of fools exist). 3 outages in 5 years = close enough to perfect.
That's one customer's experience. But I am NOT a newbie. IB was my 7th broker so I have plenty of experience of what is good and bad ... and once you have the experience then IB is good.
You'd be disappointed if someone didn't reply. So here's my version.
Frame: Remember that IBs goal is to be low cost, highly automated and fast. No mention of customer service so adequate is all they're aiming for ... read that as good if you don't need much and disastrous if you need hand holding or can't take personal responsibility (ie, you shouldn't be trading
)Quote and Execution Speed: 5
They rock. People using esignal sometimes see lagging quotes in fast markets and I'm getting the data right when I need it ... now. Most of my executions are outside US trading hours and they're great.
Data feed is not tick by tick (so if you need it then buy it but beware that all normal tick by tick data feeds seem to fall behind in fast markets). IB uses 200-250ms packets (so if there are two ticks in that time you see it as one).
The data feed api provides two options (which you can run simultaneously), the 250ms snapshot (live) which includes only the last price in the snapshot and thus can miss high and low ticks and the newer 5 second (true) data bars. The 5 second bars include information from all ticks in the 5 secs. I use Sierra Chart which lets you provide a combined chart (up to date using live data + corrected for all ticks and extremes using true data as the true data bars arrive every 5 seconds).
So you get 100% on time and 100% accurate (to the extent that that's possible).
But you don't get every tick. Most who use tick charts (I actually do for my fastest entry tuning chart) are happy to use a multiplier to adjust to esignal charts but if you really want accurate tick data you need to pay for it.
Range of services: 5
Training and Tech Support: 5
if you don't need lots of it and especially if you don't need hand holding. Remember Browns. They wouldn't take newbies ... well IB is less direct about it but you shouldn't start with IB if you don't have an experienced trader who will help you with those annoying little issues.
I have received everything I've asked for including changed data feeds, different timestamps, and (soon) audio alerts for bulletins. Now, sometimes the customer service people just don't get it but with persistence I've had a great experience.
Commissions and Fees: 5
Not the cheapest but for the markets I trade they are the lowest from someone reliable and reputable. And the speed and reliability no doubt save me more than any marginal fee difference costs.
No negotiation = no other bastard is getting it cheaper.
Overall Reliability: 5 I have experience 3 outages in 5 years and I trade almost every day. 2 of those outages were caused by severe weather events and I got pre-warning of one of those. Not sure about the other outage. I have also had a couple of local internet outages every year but only a fool blames IB for that (plenty of fools exist). 3 outages in 5 years = close enough to perfect.
That's one customer's experience. But I am NOT a newbie. IB was my 7th broker so I have plenty of experience of what is good and bad ... and once you have the experience then IB is good.
Definitely. Note also that banks who back the margin can also force through changes. A participant in the markets needs to have backup credit facilities for times of credit panic. If not, both Bear Stearns and Countrywide would be in chapter 11 already. Why should individuals be any different.
LOL. You forget Kiwi... I am not an IB client, past or present. I don't give a hoot!! It's just fun to stir it up sometimes. IB is a guaranteed topic to get desired and predictable results.
It is nice to read ratings with per item verbiage though. Keeps things meaningful, if not credible, imo. Maybe the ET rating system needs a change of sorts.
Good trading to all
Osorico
Grow up. Its the fucking internet not your primary school.
kiwi, its not always about hand holding or not taking personal responsibility.
sometimes people like me have a genuine problem with IB.
about 3 years ago the Canadian data wouldn`t display day orders or GTC orders (cant remember which) for a whole month and needless to say I didn`t feel like paying for data for that month.
IB`s response was: its the fault of the exchange, we have to pay them, so you have to pay us.
so basicly they`re telling me that the whole Canadian financial industry get the wrong order book data for a month and they just meekly pay up?!?
you got to be a moron to believe IB`s story.:eek:
sometimes people like me have a genuine problem with IB.
about 3 years ago the Canadian data wouldn`t display day orders or GTC orders (cant remember which) for a whole month and needless to say I didn`t feel like paying for data for that month.
IB`s response was: its the fault of the exchange, we have to pay them, so you have to pay us.
so basicly they`re telling me that the whole Canadian financial industry get the wrong order book data for a month and they just meekly pay up?!?
you got to be a moron to believe IB`s story.:eek:
Actually, this is not just "the internet".
US Securities Laws are fully applicable...
To everything that goes on at ET.
In particular...
Any Broker-Dealer or Registered Person...
Must comply with all NASD Advertising regulations.
Someday...
You will grow up...
And be a businessman and understand these things.
I signed up with IB a month ago and they are rock solid so far.
I trade ES, FESX, DAX futures and data has been lightning fast at all times.
I heard that some of the nasdaq stock data has been playing up recently though, but futures data and execution has been perfect for me.
Customer service was a bit rude when i was setting up my new account, but hey im never really going to use them again (i hope).
Also the tws is utter garbage software.
I bought quotetracker and zeroline trader to use as frontends. These cost 150$ a year.
So im happy so far, and if you trade futures i highly recommend them.
I trade ES, FESX, DAX futures and data has been lightning fast at all times.
I heard that some of the nasdaq stock data has been playing up recently though, but futures data and execution has been perfect for me.
Customer service was a bit rude when i was setting up my new account, but hey im never really going to use them again (i hope).
Also the tws is utter garbage software.
I bought quotetracker and zeroline trader to use as frontends. These cost 150$ a year.
So im happy so far, and if you trade futures i highly recommend them.