What is going on with IB?

[minimi]

I got nickles and dimes of cancel fees that I don't understand at all. How come the cancel fee ends up with sometimes like .95, .25, while .7 other times? Is it possible for these number coming out all for me? Or is there something wrong (worst case, got ripped off?) BTW, I use only one simple order type.

How the hell is it counted and calculated?

Don't blame me that I don't read or keep track things. This is far less clear and clean than it needs to be called as rigid accounting.

By the way, the exchanges do save credit for cancel fees in a period of month not day. Does this mean IB rip us off?

Is it the time to leave, folks? Perhaps the old good days has been gone.

Reference:

http://www.interactivebrokers.com/html/generalAccount/otherFees.html

In Section: Exchange Cancel and/or Modify Order Fees

US Direct/Smart TWS + API option orders USD 1.20/Cancel or modify order Direct Orders: $0.20/executed contract capped at $1.20/executed trade.
Smart Orders: $0.25/executed contract capped at $3.75/executed trade.

 

[def]

minimi, with comments like that it is perhaps time for you to leave.

For others, if you haven't figured out that IB is reputable, honest and doesn't rip people off by now, if you think you have been charged incorrectly or don't understand any charges, send details to the help desk and they'll research it for you.

 

[Don Bright]

Quote from def:

minimi, with comments like that it is perhaps time for you to leave.

For others, if you haven't figured out that IB is reputable, honest and doesn't rip people off by now, if you think you have been charged incorrectly or don't understand any charges, send details to the help desk and they'll research it for you.

Heck, even I have recommended IB to those who choose to trade retail.....cancellation fees are really foolish, and will, in time, really hurt the exchanges, but they are not brought on by IB.

Hi Def....hope all is well!!!

Don

 

[def]

Thanks don and yes all is well. hopefully you'll still make it out this way at some point.

 

[minimi]

well def, I try not to act hostile to IB. All I did was raising questions, serving as a reminder, if you will. You read my comment again to see if this is true. People will have their own justifications.

As for your recommendation, do you really want other customers or me dial in every day to get explanations on the confusing fee? I don't think it would help IB support very much, woundn't it?

Quote from def:

minimi, with comments like that it is perhaps time for you to leave.

For others, if you haven't figured out that IB is reputable, honest and doesn't rip people off by now, if you think you have been charged incorrectly or don't understand any charges, send details to the help desk and they'll research it for you.

 

[ctrader]

Question:

I don't use the api to trade. I have cancelled/modified orders (mostly stops). I haven't seen any charges (nyse and nasdaq stocks).

Should I?

 

[gerico]

Quote from def:

minimi, with comments like that it is perhaps time for you to leave.

For others, if you haven't figured out that IB is reputable, honest and doesn't rip people off by now, if you think you have been charged incorrectly or don't understand any charges, send details to the help desk and they'll research it for you.

Hi Def,

we all think IB is reputable and honest, BUT we have now some things that are unacceptable in my opinion.
I want to precise that I'm not against IB. I consider IB the best direct access broker in the US, and I'm trading with IB from late '99.
However cancel fees need some more detailed accounting: a trailing log of all placed/cancelled/modifyed orders. This was requested even for security reasons.

I would also like IB to pressure options exchanges to remove these cancel fees, or to reduce them to an acceptable rate. The actual rates are really non-realistic.

Please read also:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=15975
http://www.interactivebrokers.com/discus/messages/4/10780.html?1049557758
http://www.interactivebrokers.com/discus/messages/4/8136.html?1049406905

 

[minimi]

I figure out an example

1.2 * 6 - 0.25 * 26 = 0.7

Gee, I must have had paid IB too much commissions. And they ask me to leave. How nice and honest they are. I recommend IB to everyone.

Thanks.

 

[j_medved]

Quote from minimi:

Gee, I must have had paid IB too much commissions. And they ask me to leave. How nice and honest they are. I recommend IB to everyone.

if all your recommendations are like " Does this mean IB rip us off?" and "Is it the time to leave, folks?", I think they can do without them.

 

[sprstpd]

Quote from ctrader:

Question:

I don't use the api to trade. I have cancelled/modified orders (mostly stops). I haven't seen any charges (nyse and nasdaq stocks).

Should I?

No cancel fees for manual orders for stocks.