New Margin Acct - Favorite Brokers

ShawnJ-15 said:
I live in California.
Will be in the 1k to 2k shares/trade range.
I am mostly taking liquidity.
I don't reach out to customer service too often, but would like to be able to reach someone (whether phone or live support) if needed. OX who i'm with now has great customer support.
I would like a platform that has all in one. I'd rather not have to go to many different outside sources say for charting, real time scanner, etc if i don't have to.

I have heard a few people recommend speedtrader. I've looked into them but cant find much info on them other than they have cheaper trades.
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With 1000 to 2000 share orders taking liquidity, it will be close to a wash with ticket fees vs per share. Not a big deal over the course of a month. I would start with TD and take their promotion of "$100 cash and 90 days of commission-free trades when you deposit $25,000" Then decide in 90 days what you want to do next.


https://www.tdameritrade.com/offer/...40!25005612684&referrer=https://www.bing.com/



1245
 
I'm sorry that SIG had a poor experience with Customer Support at IB but we've put great effort into beefing up those services and believe there has been a vast improvement as I've been receiving excellent feedback.

You mention a margin account and everyone just seems to post commissions. You should also look at your interest costs (I won't discuss payment for order flow here which I can hurt you even more).

Let's compare (I just pulled this from the internet) and you'll see a huge difference - with IB you'd currently be paying 1.87% vs 4.75-8.25% at the other firms mentioned:

IB
https://www.interactivebrokers.com/en/index.php?f=1595
USD 0 - 100,000 1.87% (BM + 1.5%)
100,000.01 - 1,000,000 1.37% (BM + 1%)
1,000,000.01 - 3,000,000 0.87% (BM + 0.5%)
3,000,000.01 - 200,000,000 Greater of 0.5% or (BM + 0.25%)
200,000,000.01 + Greater of 0.5% or (BM + 0.25%) See note below

http://www.optionsxpress.com/about_us/pricing_commissions.aspx
Margin7 Rates
$0 - $49,999 8.25%
$50,000 - $99,999 7.25%
$100,000 - $249,999 7.00%
$250,000 - $499,999 6.75%
$500,000- $999,999 6.50%
$1,000,000 + 6.00%

https://www.td.com/ca/products-services/investing/td-direct-investing/accounts/rates.jsp
TD Direct Investing Annual Interest Rates
Direct Trading Accounts
US $
Margin Debit Balances
All Balances 4.750%
 
def said:
You mention a margin account and everyone just seems to post commissions. You should also look at your interest costs
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DEF,

I agree that IB offers the best retail borrow rate on the street by far. I would expect that the vast majority of traders in ET that have a $40K account are doing mostly day trading and not borrowing a lot overnight. If he/she is carrying a high debit balance, it would help his returns to consider this.

1245
 
marcoPolo21 said:
another vote for IB here

great margin rates

[long time with IB, through thick & thin] :rolleyes:

marc
:D
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Funny, I left IB because I was very unhappy with their service and their option monitor. Too hard to use DMA and they charge extra for it.
 
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