Is Interactive Brokers bad? - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Is Interactive Brokers bad?
Updated: Views / Replies:50,396 / 69
Created: by muscleman Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Is Interactive Brokers bad?

  #21 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
Broker/Data: Fidelity, Infinity futures
Favorite Futures: futures, stocks
 
Posts: 423 since Mar 2012
Thanks: 71 given, 202 received


Luger View Post
No need to wait. You can trade with your money however you want regardless of the account it is in, as long as it is not tied up in margin on another trade.

Also a happy IB customer that swing trades futures and tinkers with options when I have gambling fever. From what you described, it sounds as if IB would be fine for your purposes.

My only experience with customer service was on a trade related matter several years back, and it was handled quickly and correctly. I believe it was closing a position when I had a major computer failure. But I would agree that IB expects you to know what you are doing. Customer service won't hold your hand, but they do have good documentation and a bunch of webinars and educational stuff like that...however I don't know the quality of said educational material.

Anyways, I have not come across any reason that swing traders should not choose IB during my 6 years with them. You can even yield enhance and let the stock you buy get borrowed.

Thanks a lot to everyone here.
Two more questions:
1. In the year end, if I use turbo tax to file my tax, does it support IB? I am currently with Fidelity, and I can just do a few clicks in Turbo tax, and my transactions from Fidelity will be loaded. That makes it much easier to file tax.
2. Has anyone used their server side OCO for futures? I am worried what if one order is triggered but they fail to cancel the other one.

Reply With Quote
 
  #22 (permalink)
Error-prone
Bundeburg
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: Fx
 
Posts: 76 since Mar 2012
Thanks: 24 given, 42 received

They cancel the other one correctly.

They don't guarantee it because IB (unlike a bucket shop) will let you place the OCO so close together that they can both get hit before IB's server can cancel the other half. But if you don't do that then they have been very consistent.


From my last post in case BM misses it: Answering BM's question.

True data is called 5 second data by IB. In answer to the problem that their live data doesn't necessarily catch all prices (its one price per 100ms) they created a new data feed that supplies the true OHLCV for the 5 second period at the end of each 5 second period.

With Sierra Chart the TD feed can be used to correct any errors in the live feed. That way you get prices instantaneously (well, within 100ms) but they are corrected for any missing ticks as each 5 second true data packet arrives. IB seem to do the same with their charting.

Reply With Quote
 
  #23 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
Broker/Data: Fidelity, Infinity futures
Favorite Futures: futures, stocks
 
Posts: 423 since Mar 2012
Thanks: 71 given, 202 received



cusp View Post
They cancel the other one correctly.

They don't guarantee it because IB (unlike a bucket shop) will let you place the OCO so close together that they can both get hit before IB's server can cancel the other half. But if you don't do that then they have been very consistent.


From my last post in case BM misses it: Answering BM's question.

True data is called 5 second data by IB. In answer to the problem that their live data doesn't necessarily catch all prices (its one price per 100ms) they created a new data feed that supplies the true OHLCV for the 5 second period at the end of each 5 second period.

With Sierra Chart the TD feed can be used to correct any errors in the live feed. That way you get prices instantaneously (well, within 100ms) but they are corrected for any missing ticks as each 5 second true data packet arrives. IB seem to do the same with their charting.

Really? They said they do not guarantee cancellation of the OCO?
I am going to do swing trades so I will place the two sides relatively far away. ES for example, at least 20 points away. But if the market gets volatile (Remember the flash crash in 2010?), then it is still possible for this to happen. If they do not have statements like, if you place the two sides at least xxx points apart then we will not guarantee cancellation of the other side, then it is still too dangerous for me. One bad trade can wipe my life time's cumulative profits out.

Reply With Quote
 
  #24 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
Futures Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker/Data: Various
Favorite Futures: TF/NQ/ES/Stocks
 
djkiwi's Avatar
 
Posts: 561 since May 2010
Thanks: 980 given, 1,524 received


muscleman View Post
Really? They said they do not guarantee cancellation of the OCO?
I am going to do swing trades so I will place the two sides relatively far away. ES for example, at least 20 points away. But if the market gets volatile (Remember the flash crash in 2010?), then it is still possible for this to happen. If they do not have statements like, if you place the two sides at least xxx points apart then we will not guarantee cancellation of the other side, then it is still too dangerous for me. One bad trade can wipe my life time's cumulative profits out.

Hi, it is highly unlikely you will get guarantees like this from any brokerage. I'd be surprised if their liability insurers would allow it for a start.

I can tell you this though I do swing trade futures through IB and have been doing so for awhile. I've also been swing trading stocks for much longer and use TD Ameritrade, IB and lightspeed for my stock and option portfolio.

I would rate IB superior than the others in terms of product offering, execution and fee structure. I have never had an issue with OCO cancellation, not once. Having said that my stops and targets are never close. The biggest weakness with IB is their data feed and I use another for that.

As an additional piece of information I only use TD for longer term low $ amount shares. If you are trading shares for $1 you are better off using TD and if you are trading $100 shares use IB. However the slippage on TD is atrocious so limit orders are recommended.

It is important to look at the bigger picture on this type of thing in my opinion. Where will your funds be the safest? For a start IB is a publicly listed company which has more stringent regulatory and reporting requirements. I feel much more secure in this environment than some small brokerage with a handful of staff. Of course Ib can go bankrupt but normally you have a pretty good idea when this will happen with slide in the stock price.

You are much more likely to get better controls and less likely to get a "Bernie Madeoff". At least if I want to look at the financial condition of IB I can pick up an annual report. These other outfits report a one line on a disclosure statement.

You also read people on this forum raving about the customer service of some these smaller brokers and how they answer the phone on the 5th ring and how IB is useless and is rude etc. If you want hand holding then IB is probably not the best but I'd pick safety over customer service any day.

Like anything, this is not a recommendation for IB just my experience so far. It is up to the individual to do their own due diligence and select the broker that best meets their needs.

Cheers
DJ

Reply With Quote
The following user says Thank You to djkiwi for this post:
 
  #25 (permalink)
Elite Member
Germany
 
Futures Experience: Beginner
Platform: MultiCharts, NinjaTrader
Broker/Data: IB/IQFeed
Favorite Futures: NQ, YM
 
Posts: 79 since Jun 2009
Thanks: 113 given, 55 received

I am a happy IB customer for over 6 years. Never had a problem with them. And since they have release the IB Gateway some time ago the integration with MultiCharts is quite good. As many others have already mentioned before the feed is unusable if you use any other bar type than minute or daily.. For this reason I have added IQFeed to the mix.

HTH

Reply With Quote
 
  #26 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
Broker/Data: Fidelity, Infinity futures
Favorite Futures: futures, stocks
 
Posts: 423 since Mar 2012
Thanks: 71 given, 202 received


djkiwi View Post
Hi, it is highly unlikely you will get guarantees like this from any brokerage. I'd be surprised if their liability insurers would allow it for a start.

I can tell you this though I do swing trade futures through IB and have been doing so for awhile. I've also been swing trading stocks for much longer and use TD Ameritrade, IB and lightspeed for my stock and option portfolio.

I would rate IB superior than the others in terms of product offering, execution and fee structure. I have never had an issue with OCO cancellation, not once. Having said that my stops and targets are never close. The biggest weakness with IB is their data feed and I use another for that.

As an additional piece of information I only use TD for longer term low $ amount shares. If you are trading shares for $1 you are better off using TD and if you are trading $100 shares use IB. However the slippage on TD is atrocious so limit orders are recommended.

It is important to look at the bigger picture on this type of thing in my opinion. Where will your funds be the safest? For a start IB is a publicly listed company which has more stringent regulatory and reporting requirements. I feel much more secure in this environment than some small brokerage with a handful of staff. Of course Ib can go bankrupt but normally you have a pretty good idea when this will happen with slide in the stock price.

You are much more likely to get better controls and less likely to get a "Bernie Madeoff". At least if I want to look at the financial condition of IB I can pick up an annual report. These other outfits report a one line on a disclosure statement.

You also read people on this forum raving about the customer service of some these smaller brokers and how they answer the phone on the 5th ring and how IB is useless and is rude etc. If you want hand holding then IB is probably not the best but I'd pick safety over customer service any day.

Like anything, this is not a recommendation for IB just my experience so far. It is up to the individual to do their own due diligence and select the broker that best meets their needs.

Cheers
DJ

Thank you.
I don't think I would need much customer support. I may need some initially to get familiar with the tws interface though.
So for OCO, if one side is executed, are they going to actively check the other side and make sure it is cancelled, and if it is too late to cancel that side, then immediately place a market order to flatten that new position? I think it is reasonable not to guarantee cancellation of the other side, but it is reasonable that they actively check for that, and flatten the new position if it is unfortunately not cancelled successfully. Maybe I need to directly ask IB about that.
For the real time data feed, it costs $10 per month and as many of you said, it is no good. Can I choose not to use that data feed and don't pay the $10, and if I do that, will I at least still see real time bid and ask when I place my order?

Reply With Quote
 
  #27 (permalink)
Identify Evaluate Execute
Mercer Island WA
 
Futures Experience: Advanced
Platform: Ninjatrader/Strategy Desk
Broker/Data: Various
Favorite Futures: TF/NQ/ES/Stocks
 
djkiwi's Avatar
 
Posts: 561 since May 2010
Thanks: 980 given, 1,524 received


muscleman View Post
Thank you.
I don't think I would need much customer support. I may need some initially to get familiar with the tws interface though.
So for OCO, if one side is executed, are they going to actively check the other side and make sure it is cancelled, and if it is too late to cancel that side, then immediately place a market order to flatten that new position? I think it is reasonable not to guarantee cancellation of the other side, but it is reasonable that they actively check for that, and flatten the new position if it is unfortunately not cancelled successfully. Maybe I need to directly ask IB about that.
For the real time data feed, it costs $10 per month and as many of you said, it is no good. Can I choose not to use that data feed and don't pay the $10, and if I do that, will I at least still see real time bid and ask when I place my order?

Hi, I suggest you ask IB directly all these questions otherwise you are getting things third hand.

Cheers
DJ

Reply With Quote
 
  #28 (permalink)
Trading Apprentice
Bangkok, Thailand
 
Futures Experience: Advanced
Platform: tws
Broker/Data: ib
Favorite Futures: ES
 
Posts: 1 since Apr 2010
Thanks: 4 given, 0 received

been using them for 12 years. Couple minor problems over the years but nothing memorable. Pretty satisfied overall.

Reply With Quote
 
  #29 (permalink)
Elite Member
Frankfurt, Germany
 
Futures Experience: Advanced
Platform: Sungard Front Arena, Apama, NinjaTrader, TradeStation
Favorite Futures: FDAX, EURUSD
 
Nathamus's Avatar
 
Posts: 1 since Sep 2009
Thanks: 0 given, 1 received


bibulous View Post
I am a happy IB customer for over 6 years. Never had a problem with them. And since they have release the IB Gateway some time ago the integration with MultiCharts is quite good. As many others have already mentioned before the feed is unusable if you use any other bar type than minute or daily.. For this reason I have added IQFeed to the mix.

HTH

I haven been using IB with an advisory account for many years now. I also use(d) Zen-Fire / Dorman, TradeStation,... I am happy with IB besides the data quality. If you go for aggressive hf scalping Zen-Fire / Dorman is the better choice in combination with Ninja Trader.
IB Gateway can be used with NinjaTrader for order execution without disconnects, although it is not officially supported. The accounts cash amounts are only updated on executions.

Reply With Quote
The following 3 users say Thank You to Nathamus for this post:
 
  #30 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
Broker/Data: Fidelity, Infinity futures
Favorite Futures: futures, stocks
 
Posts: 423 since Mar 2012
Thanks: 71 given, 202 received



Nathamus View Post
I haven been using IB with an advisory account for many years now. I also use(d) Zen-Fire / Dorman, TradeStation,... I am happy with IB besides the data quality. If you go for aggressive hf scalping Zen-Fire / Dorman is the better choice in combination with Ninja Trader.
IB Gateway can be used with NinjaTrader for order execution without disconnects, although it is not officially supported. The accounts cash amounts are only updated on executions.

Thanks a lot.
I currently have an account with AMP futures with CQG, so I will try this out first.
I really hope I could find a broker that trades both stocks and futures. The problem with IB is that tax filing is not easy. I am currently using Fidelity and I can just do a one click to import all trades into turbo tax.

Reply With Quote

Reply



futures io > > > > Is Interactive Brokers bad?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Linda Bradford Raschke: Reading The Tape

Elite only

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

January

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Preparing Schedule D with Interactive Brokers ShruggedAtlas Reviews of Brokers and Data Feeds 2 April 16th, 2012 01:02 PM
Interactive Brokers - More Problems sam1197 Reviews of Brokers and Data Feeds 20 January 24th, 2012 08:13 AM
Interactive Brokers fees + NinjaTrader thomas79 Reviews of Brokers and Data Feeds 2 November 19th, 2011 06:56 PM
Ninja and Interactive Brokers dale1670 NinjaTrader 17 September 25th, 2011 12:22 PM
Stop me from using Interactive Brokers.... NetTecture Reviews of Brokers and Data Feeds 12 June 27th, 2011 10:54 AM


All times are GMT -4. The time now is 12:32 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-12 in 0.16 seconds with 19 queries on phoenix via your IP 54.145.16.43