Opening IB Account - Questions

J

jason586

I went to IB online to start the process of opening an account last night so that I can start demo trading and watching real-time data to begin to understand and learn price action.


I did not finish (but saved) the application as I had a few questions:

1. I understand that there is a $10 fee for not making at least $30 worth of trades, but what about the market data section that has subscription monthly prices. I am going to watch/demo the YM - do I have to pay an extra monthly fee for that?

2. Bundled or unbundled - I assume you can change that later, but what would be best trading only 1 YM contracts/day on average when I start.

3. Cash or Reg-T: I was thinking of taking a longer-term postion buying some apple stock whiling I am learning/demoing - does that matter?

4. Any other important details in the application process that I might miss that would be important?


Thanks,
Jason
 
1. MArket data fees are EXTREMELY minimal.. (over the free data)

I subscribe to NYBOT and Pink Sheets over and above the free data.... I only pay $4.00 per month in Data fees. ECBOT data is included in the free ($10/month) data pkg.. So watching/trading the YM is no big deal.

2. Go Bundled trading 1 contract. (Unless you expect to trade more than 300 times per month)

It can be changed anytime...

3. http://www.interactivebrokers.com/en/accounts/tradingPermissions.php?ib_entity=llc

4. Enjoy your account.....
 
what I understand is you be charged $10 every month at least
if you commission great than $10, you pay nothing on that month fee. At this point, you dont have any market data.

you have to pay another $10/ month for mostly market data except some market like NYBOT ets. However, you are waived if you pay more than $30 for commission.





Quote from giles117:

1. MArket data fees are EXTREMELY minimal.. (over the free data)

I subscribe to NYBOT and Pink Sheets over and above the free data.... I only pay $4.00 per month in Data fees. ECBOT data is included in the free ($10/month) data pkg.. So watching/trading the YM is no big deal.

2. Go Bundled trading 1 contract. (Unless you expect to trade more than 300 times per month)

It can be changed anytime...

3. http://www.interactivebrokers.com/en/accounts/tradingPermissions.php?ib_entity=llc

4. Enjoy your account.....
More...
 
Your understanding would be incorrect.....

$10 = BAsic Data Services...
Including
Forex
CME
ECBOT
NYSE
NASDAQ Level I (OTCBB)
Sydney Futures
Hong Kong Futures
Singapore
* US Securities and Commodities Bundle Non-professional - Level I
Includes all Stock, Options, Futures and Bond markets


ICE/NYBOT = $1.00/ month
Pink Sheets OTC = $2.50/ Month


If you accrue over $30 in tradig fees, you will not have to pay the $10 for data, if not, you pay the $10 for data... any additional Data you susbscribe too is considered a SEPARATE charge. No way to "trade out" of paying those fees....

There Non Pro Level I covers all of the US exchanges except NYBOT..


Quote from Fighter:

what I understand is you be charged $10 every month at least
if you commission great than $10, you pay nothing on that month fee. At this point, you dont have any market data.

you have to pay another $10/ month for mostly market data except some market like NYBOT ets. However, you are waived if you pay more than $30 for commission.
More...
 
Quote from giles117:

1. MArket data fees are EXTREMELY minimal.. (over the free data)

I subscribe to NYBOT and Pink Sheets over and above the free data.... I only pay $4.00 per month in Data fees. ECBOT data is included in the free ($10/month) data pkg.. So watching/trading the YM is no big deal.

2. Go Bundled trading 1 contract. (Unless you expect to trade more than 300 times per month)

It can be changed anytime...

3. http://www.interactivebrokers.com/en/accounts/tradingPermissions.php?ib_entity=llc

4. Enjoy your account.....
More...

Thank you.
 
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