def
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If TH took a major hit of course group capital would take a hit but not IBLLC capital. They are separate entities.
Looking to switch from Interactive Brokers to a new broker dealer
- Thread starter bramnil
- Start date
If TH took a major hit of course group capital would take a hit but not IBLLC capital. They are separate entities.
Forgive me if I'm merely stating the obvious, but it strikes me that where you should go depends on why you're leaving IB: there'd be no point in jumping out of the frying-pan and into the fire by selecting one that doesn't clear up, or even worsens, whatever your unspecified problem is with IB.
Absolutely no criticism implied at all, but you may possibly generate more helpful responses by mentioning what it is you need that you find IB isn't providing?
He has already told us why he wants to leave:
"I trade US equities and ETFs. I'm looking for better commission rates and leverage"
So how much monthly volume do you do in US equities and ETFs?
Are you looking for a per share rate or ticket charges?
How much leverage do you get now, and what are you looking for?
What is the size of the account you are looking to move?
Without these responses at a minimum, no one can help you.
1245
1. On average my volume is around 50K shares a month.
2. Yes, I'm looking for per share rate.
3. I get no more than 4:1 on both intraday and overnight. I'm looking for 8:1 +
4. $100K and above
On the question about capital and safety of my funds, I mentioned "LICENSED" broker dealer, who would guarantee my funds not some kind of Cyprus entity.
Thanks.
Bram.
-I don't expect that you will get lower rates than what IB offers for your volume
-I don't know where you are based, but IB offer Customer Portfolio Margin (PM) accounts with assets of $110,000 or more. That will be up to 6.66 to 1. PM is not available for every country.
https://www.interactivebrokers.com/en/index.php?f=4745&p=overview4
To get better rates on per share fees, you will need a PM account at an institutional broker with much higher volume and much higher capital requirements. Even if you could save 10 mils, that would only be $50/month. Another broker with lower rates might charge for their trading platform which will cost you more than that.
DEF knows I don't love IB, but for equites, their offering is quite good. I don't think you will find better for your situation.
Good luck,
1245
-I don't know where you are based, but IB offer Customer Portfolio Margin (PM) accounts with assets of $110,000 or more. That will be up to 6.66 to 1. PM is not available for every country.
https://www.interactivebrokers.com/en/index.php?f=4745&p=overview4
To get better rates on per share fees, you will need a PM account at an institutional broker with much higher volume and much higher capital requirements. Even if you could save 10 mils, that would only be $50/month. Another broker with lower rates might charge for their trading platform which will cost you more than that.
DEF knows I don't love IB, but for equites, their offering is quite good. I don't think you will find better for your situation.
Good luck,
1245
Thanks for your replies, 1245. I'm based in Amsterdam and am working on forming a group of traders. Once I'm done with the set up, I'll certainly need a broker dealer that will provide me leverage more than 8:1 as I'll be significantly increasing the volume I trade (2 mil +). I also need clean rebates schedule, as well as getting rebates on both adding and taking liquidity.
I found several EU based brokers, which include Exante (https://exante.eu/), Alaric Trader (http://alarictrader.com/) and few others. I found very competitive pricing and leverage. You are certainly right on the platform charge part, they charge for it. But frankly, if I receive leverage of 20:1 + and trade with bigger volumes, I don't think it will be a problem.
You've ever heard of those?
Thanks,
Bram.
I found several EU based brokers, which include Exante (https://exante.eu/), Alaric Trader (http://alarictrader.com/) and few others. I found very competitive pricing and leverage. You are certainly right on the platform charge part, they charge for it. But frankly, if I receive leverage of 20:1 + and trade with bigger volumes, I don't think it will be a problem.
You've ever heard of those?
Thanks,
Bram.
No. I'm in the USA not not familiar with brokers outside. I feel like I'm selling IB here, which is not my intent. If you open a portfolio margin account, with a master/substructure, all of your traders can be monitored from the master account and get you everything else you've asked for including lower fees for higher volume with free trading platforms.
I don't know how you get higher leveraged then portfolio margin for US stocks without it being a prop firm, which is not a fair comparison to any registered US broker with SIPC protection.
I don't know how you get higher leveraged then portfolio margin for US stocks without it being a prop firm, which is not a fair comparison to any registered US broker with SIPC protection.
haha, now I feel like I'm selling Alaric Trader. I got in touch with them, they are an EU licensed prop trading firm, also providing prime brokerage services. They offer intraday up to 30:1 and overnight up to 10:1. Commissions go as low as $0.0010 per share + access/routing to over 100 dark pools. and I'll be able to open an "institutional client" account. they have other types too.
I certainly need to do more research as to me it's too good to be true, but the fact that they are EU licensed makes me more confident in them.
May I know what broker you use?
Thanks,
Bram.
I certainly need to do more research as to me it's too good to be true, but the fact that they are EU licensed makes me more confident in them.
May I know what broker you use?
Thanks,
Bram.
This is not prime brokerage. Prop accounts are commingled. You are at their risk and under their regulations. I would pay higher commission and use a customer account if you are adding $100k+. You can always change to prop in the future but leaving prop and going to a customer account will be more difficult. If you really start the scale in the future, you can just start your own broker dealer, which I don't recommend either, did that, been there, not going back