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Is Interactive Brokers bad?
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Is Interactive Brokers bad?

  #31 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
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Does anyone have filing tax problems with IB?
They don't integrate with turbo tax so you have to manually type in your transactions.

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  #32 (permalink)
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Section 1256 trades do not need to be itemized. Stock and stock option trades go on form 8949. You can download the 8949 worksheet with all your trades from IB and try to mail a copy to the IRS if there are too many transactions to list manually.

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  #33 (permalink)
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Futures Experience: Beginner
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I used SC with IB -TD for 5 minutes and 1 minutes chart, it works well, but yesterday and today, there are about half of the bars (5 minutes) are not correct, and I checked TWS chart, it has the same issue. I compared their chart with TOS and chart from other source. Does anyone have the same issue?

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  #34 (permalink)
Elite Member
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Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
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manualtrader View Post
I used SC with IB -TD for 5 minutes and 1 minutes chart, it works well, but yesterday and today, there are about half of the bars (5 minutes) are not correct, and I checked TWS chart, it has the same issue. I compared their chart with TOS and chart from other source. Does anyone have the same issue?

Oh... That sounds fishy.

I have decided not to use IB.
I think it is important to separate stocks with futures in different brokers, so if one broker is down, that is still ok.
IB is not great for futures trading(data issues), and not that great for stocks trading( tax filing not convenient).
So I would rather pay the occasional wire transfer cost between my stock broker and my futures broker than having everything in IB.

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  #35 (permalink)
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muscleman View Post
Oh... That sounds fishy.

I have decided not to use IB.
I think it is important to separate stocks with futures in different brokers, so if one broker is down, that is still ok.
IB is not great for futures trading(data issues), and not that great for stocks trading( tax filing not convenient).
So I would rather pay the occasional wire transfer cost between my stock broker and my futures broker than having everything in IB.

I have been using SC with IB for 6 months, but this is the first time I had the issue, and hope they will correct after holiday.

I do occasionally use Fidelity Active Trader for swing stocks with my IRA, but I feel so awkward to place a trade, even if the minute bar is not that important for swing.

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  #36 (permalink)
Elite Member
Seattle, WA
 
Futures Experience: Beginner
Platform: Fidelity active trader, Sierra Chart
Broker/Data: Fidelity, Infinity futures
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Posts: 423 since Mar 2012
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manualtrader View Post
I have been using SC with IB for 6 months, but this is the first time I had the issue, and hope they will correct after holiday.

I do occasionally use Fidelity Active Trader for swing stocks with my IRA, but I feel so awkward to place a trade, even if the minute bar is not that important for swing.

I use fidelity for stocks. I only do very long term investing for stocks. (Warren Buffet's value investing method) So it doesn't matter to me. I normally hold a stock for years.

For futures, I need very high quality broker. There are lots of better choices. I am still learning. If I determined my style and it is swing trading, I may choose IB because of the low commission, so I am not sure yet.

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  #37 (permalink)
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BW, BW
 
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neither commissions nor data feed are good enough for futures trading.

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  #38 (permalink)
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Pismo Beach CA
 
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I have some concerns (but likely unfounded) about IB's business model and so I've recently moved all of our money out of there but I have never -- in 10+ years of use -- had a problem with executions or commissions over there - solid on that front.

"The Future Ain't what it used to be"
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  #39 (permalink)
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heywally View Post
I have some concerns (but likely unfounded) about IB's business model and so I've recently moved all of our money out of there but I have never -- in 10+ years of use -- had a problem with executions or commissions over there - solid on that front.

What concern? Where did you move?

Successful people will do what unsuccessful people won't or can't do!
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  #40 (permalink)
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Belgium
 
Futures Experience: Intermediate
Platform: sierra chart & ninjatrader
Broker/Data: deepdiscounttrader.com sierra chart/TT & Interactive Brokers
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Interactive Brokers is OK


I have a interactive brokers account for 2 years. No problems of any kind. Money transfers by wire are executed immediately, sometimes i got my money the same day. 100 % satisfied.

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