The best way to milk your customers is when it goes undetected. I have taken a hard look at several brokers and while no broker is perfect , the best deal may not always be where you think it is, depending on your type of trading.
Let's look at IB
IB quietly introduced a series of fees recently but have you realized how much it really costs you to trade there ?
no interest on first 10 K : 500 bucks per year,
now wait, if you have a multi currency account
no interest on first $10K
no interest on first EUR 8K
no interest on first GBP 6K
that starts adding up , thes elow commissions aren't so low anymore unless you trade like a madman alll day long
And then there are other costs that hit your account if you are not careful and dig deeply into their fee schedule. Then of course there is the much higher cost
on your health that these guys can inflict on you. TWS problems , hit or miss customer service solutions etc.
To be fair, IB should offer money market funds and credit at least some interest on all cash . In the meantime
the search for the perfect broker still continues
Let's look at IB
IB quietly introduced a series of fees recently but have you realized how much it really costs you to trade there ?
no interest on first 10 K : 500 bucks per year,
now wait, if you have a multi currency account
no interest on first $10K
no interest on first EUR 8K
no interest on first GBP 6K
that starts adding up , thes elow commissions aren't so low anymore unless you trade like a madman alll day long
And then there are other costs that hit your account if you are not careful and dig deeply into their fee schedule. Then of course there is the much higher cost
on your health that these guys can inflict on you. TWS problems , hit or miss customer service solutions etc.
To be fair, IB should offer money market funds and credit at least some interest on all cash . In the meantime
the search for the perfect broker still continues
