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  #1  
Old September 13th 03, 05:40 AM
Parkyboy
external usenet poster
 
Posts: n/a
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
external usenet poster
 
Posts: n/a
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:
Homepage:
www.formulaoneinvestments.com
  #3  
Old September 13th 03, 07:28 AM
Clemens Gehrmann
external usenet poster
 
Posts: n/a
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:
Homepage:
www.formulaoneinvestments.com
  #4  
Old September 13th 03, 06:48 PM
Parkyboy
external usenet poster
 
Posts: n/a
Default

ScotiaDiscount (who I left for IB) also has (or had, at least) the
Trade+3 settlement you speak of, which is as you say, annoying. I
think it's a pretty common policy. Anyways, I got the margin acct with
IB & can re-deploy funds immediately. I've never been assessed margin
interest. Can't speak to their customer service as I've never had to
contact them. Perhaps I've just been fortunate...

Guess it depends on how big a line you swing, the importance of
commissions. Regardless, I think it's a good thing to finally have a
low-cost provider in Canada. Healthy competition & all...


Clemens Gehrmann .com wrote in message . ..
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:
Homepage:
www.formulaoneinvestments.com

  #5  
Old September 13th 03, 06:48 PM
Parkyboy
external usenet poster
 
Posts: n/a
Default

ScotiaDiscount (who I left for IB) also has (or had, at least) the
Trade+3 settlement you speak of, which is as you say, annoying. I
think it's a pretty common policy. Anyways, I got the margin acct with
IB & can re-deploy funds immediately. I've never been assessed margin
interest. Can't speak to their customer service as I've never had to
contact them. Perhaps I've just been fortunate...

Guess it depends on how big a line you swing, the importance of
commissions. Regardless, I think it's a good thing to finally have a
low-cost provider in Canada. Healthy competition & all...


Clemens Gehrmann .com wrote in message . ..
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:
Homepage:
www.formulaoneinvestments.com

  #8  
Old September 13th 03, 08:51 PM
J. Smith
external usenet poster
 
Posts: n/a
Default

Clemens & Parkboy,

I also have an IB account. I went from a cash account to a margin account
when I found out about the whole 3 day settlement thing, which btw is
standard . Converting to a margin account was quick & painless.

Now I can redeploy funds immediately.

You only get charged margin interest if you buy on margin and hold
overnight. If you don't do that and you just use the margin account to
avoid the 3 day thing, then there are no charges.

JS

"Parkyboy" wrote in message
om...
ScotiaDiscount (who I left for IB) also has (or had, at least) the
Trade+3 settlement you speak of, which is as you say, annoying. I
think it's a pretty common policy. Anyways, I got the margin acct with
IB & can re-deploy funds immediately. I've never been assessed margin
interest. Can't speak to their customer service as I've never had to
contact them. Perhaps I've just been fortunate...

Guess it depends on how big a line you swing, the importance of
commissions. Regardless, I think it's a good thing to finally have a
low-cost provider in Canada. Healthy competition & all...


Clemens Gehrmann .com

wrote in message . ..
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:


Homepage:
www.formulaoneinvestments.com


  #9  
Old September 13th 03, 08:51 PM
J. Smith
external usenet poster
 
Posts: n/a
Default

Clemens & Parkboy,

I also have an IB account. I went from a cash account to a margin account
when I found out about the whole 3 day settlement thing, which btw is
standard . Converting to a margin account was quick & painless.

Now I can redeploy funds immediately.

You only get charged margin interest if you buy on margin and hold
overnight. If you don't do that and you just use the margin account to
avoid the 3 day thing, then there are no charges.

JS

"Parkyboy" wrote in message
om...
ScotiaDiscount (who I left for IB) also has (or had, at least) the
Trade+3 settlement you speak of, which is as you say, annoying. I
think it's a pretty common policy. Anyways, I got the margin acct with
IB & can re-deploy funds immediately. I've never been assessed margin
interest. Can't speak to their customer service as I've never had to
contact them. Perhaps I've just been fortunate...

Guess it depends on how big a line you swing, the importance of
commissions. Regardless, I think it's a good thing to finally have a
low-cost provider in Canada. Healthy competition & all...


Clemens Gehrmann .com

wrote in message . ..
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 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


----------------------------------------------------------------
About us: Founded in September of 1999, FOIC is a private Investment
Partnership located in Edmonton, Alberta.

For information on our holdings and returns, visit:
http://www.formulaoneinvestments.com/content/REPORT.PDF
-----------------------------------------------------------------
Please direct all correspondence to:


Homepage:
www.formulaoneinvestments.com


  #10  
Old September 13th 03, 09:18 PM
stockwiz
external usenet poster
 
Posts: n/a
Default

I too am happy with IB after switching about 8 months ago although I
still keeps a regular discount broker account just for the occasional
instances when I want to trade OTC BB stocks which IB do not
offer.Another thing I'd like to point out is that you need to generate
the min. $30 commission/month to avoid the $10/moth market data access
charge on the US side whereas you have the pay $9.50/month for the
canadian market data access regardless of the commission you generate
/month.Still considering that we all pay somewhere in the $25-$29 per
trade with Canadian brokers to buy and sell the saving from just 1 trade
will cover the $9.50/monthe access fee. On top of that you're getting
direct access to the market. All in all I love the service and is about
time someone give the traditional discount brokers some REAL
competition.Anyone not switching over-on my opinion-just have too much
money to burn.


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 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


 




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