Ironbeam Free Level 2 Data Controversy

[Max Gains]

Ironbeam are advertising on various outlets including their own web site that they will now offer Level 2 MBO data free to their clients.
I have had conversations this morning with IB representatives via chat and they seem to think the level 2 is not free and costs $10 per exchange.
Has anybody else had the same misunderstands?

 

[Robert Morse]

CME offers Level 1 and Level 2 data for a fee. Ironbeam, according to your post, is eating the cost. That does not mean other FCMS need to. CQG charges $13/CME exchange for non-pro with no bundle. https://www.cqg.com/partners/exchanges/market-data-fees.

 

[maxinger]

That is strange / odd / too good to be true,
Why would they want to offer free level 2 data?
Is it delayed data?
Level 0.5 or 1 is good enough.


If it sounds strange / odd / too good to be true,
run away from it immediately.


By default, always reject free things.

Marketing folks, please take note.

 

[Max Gains]

I have since been contacted by an Ironbeam representative and they assure me that Level 2 MBO data for several exchanges is now totally free for their clients.
I have a downloaded their demo and will test it next week.

 

[Robert Morse]

Nice that it is covered by them, but I hope you choose them for more than to save $13/month.

 

[Max Gains]

I think it's more than $13 per month with the number of exchanges they offer.

 

[rbigsby]

CME offers Level 1 and Level 2 data for a fee. Ironbeam, according to your post, is eating the cost. .

if they're willing to eat the cost on level 1 and 2 data, they could theoretically do the same thing for some advanced charting software like bookmap.

 

[Max Gains]

I plan to use Jigsaw via their platform with the free L2 data.

 

[rbigsby]

I plan to use Jigsaw via their platform with the free L2 data.

but jigsaw you have to pay right? what's the point of using free data if you are still paying for the charting? i would have thought advanced charting is free if level 2 data is free. stuff like footprint charts, etc. but i guess not!

 

[maxinger]

ICE futures Europe level 2 - US$140/month
ICE futures NYBOT level 2 - US$128/month

Data fees are not cheap.
You can easily pay US$1k to $3k/month for the trading platform, charting software, and data fees.


If a broker gives you a few dollars worth of data free, that could be fine.
If a broker gives you a few hundred or thousand dollars worth of data free,
you'd better run away.


If given free things, I'd run away!
I don't want to waste my time looking at the small print using a microscope.
Similarly, if you are given free sex or free lick on the boobs, you'd better run away.