Leaving IB - where to go??

Quote from PARACLESE:

I see you met oldtime the louis carruthers of the message board.

Look man, you have to call these places directly. dont ever go by what the website tells you. I call that OPP other peoples prices, which I am definitely not down with. I dont know how big your wad is but if you can afford it and have a little over 100k check out lime. they are owned by wedbush. the most inexpensive clearing house and well capitalised for safety.

If you have less money you can go to great point capital, they offer retail accounts and the big dog takion platform. I myself have created my own platform, and I would have to say takion is a fine work of art. It is by far the fastest feed for equities I have seen. I have used all platforms. DAS is like the fisher price of the industry. It does get the job done but it really is the worst in class, well maybe its brother orbis is which is a variation of it, from the same source.

If you are a momentum scalper, get your hands on takion. the stock sorter is unreal. I am creating an answer to takion because i just havent found something else i want to strive to be better than.
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Lime/Wedbush target market is black box traders, not high touch traders. Also, they have a minimum account size much higher than $100K, and they have a minimum monthly volume to open an account.

Bob
 
Quote from rmorse:

Lime/Wedbush target market is black box traders, not high touch traders. Also, they have a minimum account size much higher than $100K, and they have a minimum monthly volume to open an account.

Bob
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youre right. 250k min account. reg pma 6.7X I heard a friend of mine talking about it and he is friends with alistair brown. I trade with someone who is at wedbush so dont really need it. most of their business is hft/BB but they do accept others who are discretionary.
 
Victor, Cobra, et. al.

What kind of monthly commission levels are we talking about for it to make sense to move away from IB? $100? $1000? $5000?

I'm assuming there are platform fees as well.

OK to speak generally. I know it comes down to case by case and individual volume.
 
From Cobra Trading's perspective, we do have a software fee ($125 for CobraIQ), but that fee is rebated if you do 75,000 shares in a month.

That being said, 75,000 shares at $0.004 would be $300.00 in commissions.

So, if you can trade 75,000 shares, you would save $75(.005-.004) + all of IB's exchange fees.

Hope that answers the question. If you were a very inactive trader, we do have our VENOM platform at www.venomtrading.com that has no platform fee and $5 per ticket pricing.
 
Quote from Chadd Hessing:

From Cobra Trading's perspective, we do have a software fee ($125 for CobraIQ), but that fee is rebated if you do 75,000 shares in a month.

That being said, 75,000 shares at $0.004 would be $300.00 in commissions.

So, if you can trade 75,000 shares, you would save $75(.005-.004) + all of IB's exchange fees.

Hope that answers the question. If you were a very inactive trader, we do have our VENOM platform at www.venomtrading.com that has no platform fee and $5 per ticket pricing.
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Chad,

If you're going to compare costs against IB, please do so accurately.

In particular:

1. IB's sliding scale for cost+ starts at 0.0035 per share. (you state 0.05 which would be for our all inclusive fee package)
http://www.interactivebrokers.com/en/p.php?f=commission&p=stocks2

2. your exchange rebates are also less than IB for adding liquidity;

3. your exchange fees for removing liquidity are higher than IB;

4. the number of ECN's and direct routes available are much less compared to IB;

5. you are not offering liquidty rebates for NYSE and AMEX.
 
No insult intended to IB. We clear through IB as well as Penson.

I was just trying to give a general response regarding commissions to a thread of an unhappy IB customer.

Happy trading ET members.
 
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