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Interactive Brokers



 
 
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  #1  
Old September 13th 03, 05:40 AM
Parkyboy
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Default Interactive Brokers

I wanted to offer a quick endorsement for IB.

This is, to my knowledge, the lowest cost brokerage available in
Canada. $.01 cent per share for US listed stocks. They've recently
begun executing trades for Canadian-listed securities at $.02 per
share, $2 minimum commission. $1 per contract for US-listed options.
I've been using IB for close to a year with no mishaps. Their trading
interface (TWS) takes some getting used to but gives exceedingly fast
fills. They offer a real time data stream (you need to generate at
least $10 / mo in commissions to avoid market data fees) and
intelligent order routing.

Their Canadian website is at

http://www.interactivebrokers.ca

No, I don't work there. Just a pleased customer

Happy trading,

Parky
  #2  
Old September 13th 03, 07:28 AM
Clemens Gehrmann
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Default

I used to be with IB. I will never deal with them again. With every
"normal" broker, you can use your funds from a filled sell order
immediately to place a buy order. Not so with IB. They will freeze
your funds until the Settlement Day (Trade+3), despite the fact that a
buy also settles in Trade+3. To my knowledge the only broker doing
this. The only way to get around this is to have a margin account. I
didn't bother with it, but would not be surprised if you'd get charged
Margin Interest if you use your unsettled funds to buy another stock.
Very poor company, very poor customer service. I like ScotiaMcLeod
much better. Higher commissions, but way more flexibility, which is
important to generate cash flow and profits. (Just another opinion.)


On 12 Sep 2003 21:40:29 -0700, (Parkyboy)
wrote:

I wanted to offer a quick endorsement for IB.

This is, to my knowledge, the lowest cost brokerage available in
Canada. $.01 cent per share for US listed stocks. They've recently
begun executing trades for Canadian-listed securities at $.02 per
share, $2 minimum commission. $1 per c