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Interactive Brokers - experiences and opinions

  • #601
  • Mar 28, 2015 7:38am Mar 28, 2015 7:38am
Quoting shrike
{quote} IB does have IBs. For example https://www.captrader.com/en/ or http://www.lynxbroker.de/ They offer TWS with less initial deposit but more expensive fees.
I can only confirm this: There are more like agora-direct, rstcapital, meintrade or even high end livevol.com. Some of them offer 4ex as well.
  • #602
  • Mar 28, 2015 6:23pm Mar 28, 2015 6:23pm
Quoting shrike
{quote} IB does have IBs. For example https://www.captrader.com/en/ or http://www.lynxbroker.de/ They offer TWS with less initial deposit but more expensive fees.
Good to know. They are both in Europe and lynxbroker doesn't even offer English. So maybe that's why I was never aware of IB's for Interactive Brokers.
Make your losses in demo. Earn your profits live.
  • #603
  • Mar 30, 2015 8:59am Mar 30, 2015 8:59am
OK. First off, I am a huge IB fan as it has been the best overall broker I have tried. But, specifically to FX I get the best execution during news announcements than anywhere else. Yes, their trading platform is very clunky and I definitely wouldn't give them the highest ratings on their system. However, I've been trading for a while and have other systems I can use when needed but I trust the execution in IB above anything else.
  • #604
  • Mar 30, 2015 11:45am Mar 30, 2015 11:45am
Quoting turtleup
OK. First off, I am a huge IB fan as it has been the best overall broker I have tried. But, specifically to FX I get the best execution during news announcements than anywhere else. Yes, their trading platform is very clunky and I definitely wouldn't give them the highest ratings on their system. However, I've been trading for a while and have other systems I can use when needed but I trust the execution in IB above anything else.
Agreed.
Make your losses in demo. Earn your profits live.
  • #605
  • Mar 30, 2015 1:29pm Mar 30, 2015 1:29pm
Quoting turtleup
I trust the execution in IB above anything else.
Agreed that their execution is top notch if you're a FX day trader or scalper but if you keep positions overnight then it's a different story. They have the worst rollover interest policy in the industry, up to several times more expensive than FXCM, Dukascopy, IG or any other FX brokers. They don't use FX swap rates and use overnight interest rates with mark-ups/downs. You're better off closing and re-opening your position...

But for trading futures or options, they're my broker of choice.
  • #606
  • Mar 30, 2015 6:55pm Mar 30, 2015 6:55pm
Quoting actalis
{quote} Agreed that their execution is top notch if you're a FX day trader or scalper but if you keep positions overnight then it's a different story. They have the worst rollover interest policy in the industry, up to several times more expensive than FXCM, Dukascopy, IG or any other FX brokers. They don't use FX swap rates and use overnight interest rates with mark-ups/downs. You're better off closing and re-opening your position... But for trading futures or options, they're my broker of choice.
Yes and not only is their roll-over interest is not competitive, Interactive Brokers' margin is also not competitive especially for futures. You are looking at almost 2875 for maintenance margin for E-mini SP 500 and 3888 for light sweet crude on Nymex, two of the most liquid with the highest trading volume. So in order to trade just 4 crude oil futures, you need at least 15K+ starting capital to invest and accomodate price movement.
Make your losses in demo. Earn your profits live.
  • #607
  • Mar 30, 2015 7:46pm Mar 30, 2015 7:46pm
Trading +4 CL contracts on a 15000$ account ? That is just insane
  • #608
  • Mar 30, 2015 8:01pm Mar 30, 2015 8:01pm
Quoting fido
Trading +4 CL contracts on a 15000$ account ? That is just insane
Why how much are you supposed to have in the account to trade 4 CL contracts? LOL
Make your losses in demo. Earn your profits live.
  • #609
  • Mar 30, 2015 8:54pm Mar 30, 2015 8:54pm
Quoting Forexia
{quote} Why how much are you supposed to have in the account to trade 4 CL contracts? LOL
We are talking about an extremely volatile instrument that frequently moves 2$ or more in a day. I don't trade the CL intraday with less than an 18 ticks stop and 5000$/contract .. I'm sure some more skilled traders can do it with less
  • #610
  • Mar 30, 2015 8:59pm Mar 30, 2015 8:59pm
Maintainance margin is set by the exchange and its currenty $4900 for CL frontmonth.
  • #611
  • Mar 30, 2015 9:05pm Mar 30, 2015 9:05pm
Quoting shrike
Maintainance margin is set by the exchange and its currenty $4900 for CL frontmonth.
Yes, but you can get intraday margin as low as 1000$/contract on CL with Ninjatrader brokerage ... then you can trade 15 contracts on a 15,000$ account
  • #612
  • Mar 30, 2015 10:07pm Mar 30, 2015 10:07pm
Quoting fido
{quote} Yes, but you can get intraday margin as low as 1000$/contract on CL with Ninjatrader brokerage ... then you can trade 15 contracts on a 15,000$ account
Ninja Trader brokerage SUCKS!!! They don't accept Canadian traders because their clearing house broker Dorman does not accept Canadian traders. Stupid f***ers!

I thought you meant $15000 for CL contract is too low. LOL Well with Interactive Broker's crappy $3888 margin, $15K is just barely enough. And apparently IB had to set so high of margin in accordance of IIROC regulation in Canada I think.

These are the very very rare time that I wish I live in U.S.A.
Make your losses in demo. Earn your profits live.
  • #613
  • Mar 30, 2015 10:37pm Mar 30, 2015 10:37pm
Quoting fido
{quote} Yes, but you can get intraday margin as low as 1000$/contract on CL with Ninjatrader brokerage ... then you can trade 15 contracts on a 15,000$ account
Well if you're in Europe, with IG markets you can trade that contract with just 650$ (including overnight) now we're talking 23 contracts on a $15K account
  • #614
  • Mar 30, 2015 11:06pm Mar 30, 2015 11:06pm
Quoting actalis
{quote} Well if you're in Europe, with IG markets you can trade that contract with just 650$ (including overnight) now we're talking 23 contracts on a $15K account
OMG!! You are kidding me $650 including overnight??!!! 23 contracts that's all the number of contracts available on the exchange!!! You are gonna corner the market!! You sure that's not CFD's and the real thing through the exchange and all? Futures isn't like forex. It's tiny! LOL
Make your losses in demo. Earn your profits live.
  • #615
  • Mar 30, 2015 11:30pm Mar 30, 2015 11:30pm
No it's obviously OTC as NYMEX and the CME would never allow it... But they've recreated the exact instrument: each contract represents 1,000 barrels, has the same maturity date, exact replication of the underlying asset fluctuations and price so it's a pretty good a proxy for the real thing but just with crazy leverage...
  • #616
  • Mar 30, 2015 11:44pm Mar 30, 2015 11:44pm
Quoting actalis
No it's obviously OTC as NYMEX and the CME would never allow it... But they've recreated the exact instrument: each contract represents 1,000 barrels, has the same maturity date, exact replication of the underlying asset fluctuations and price so it's a pretty good a proxy for the real thing but just with crazy leverage...
So the actual contract is not traded on the exchange? Because plenty of futures brokers I see nowadays are all offering day margins lot lower than the exchange requirement on e-mini's and stuff, so they are all OTC too or just brokers extending their own credit to the traders? Just take Ninja Trader brokerage for example, they are offering $1K day margin on e-mini and yet the exchange requirement is clearly higher so if you sign up with ninja trader brokerage you will be trading e-mini OTC too?
Make your losses in demo. Earn your profits live.
  • #617
  • Mar 31, 2015 12:01am Mar 31, 2015 12:01am
Not sure... I know the exchange allows some leeway on intraday margins so they might be the real thing.

Anyway as I said before, I'll stick with IB for futures & options as I never get close to getting margin called anyway and from what I've heard they have the largest volume and market share of futures trading amongst all brokers so they'll be hard to beat on execution...

Now if only they could change their stupid FX interest rates, I wouldn't have to split my trades with 2 other brokers...
  • #618
  • Mar 31, 2015 1:43am Mar 31, 2015 1:43am
Quoting actalis
Not sure... I know the exchange allows some leeway on intraday margins so they might be the real thing. Anyway as I said before, I'll stick with IB for futures & options as I never get close to getting margin called anyway and from what I've heard they have the largest volume and market share of futures trading amongst all brokers so they'll be hard to beat on execution... Now if only they could change their stupid FX interest rates, I wouldn't have to split my trades with 2 other brokers...
I would consider Interactive Brokers if ONLY they lower the day margin for CL and at least e-mini's. There is NO way I can trade CL on $3888 margin with just $10K in my account. That's only 3 contracts and you are done and that's not even creating rooms for price movements.

How do you know your trade was definitely executed on an exchange and not by the broker itself? With futures, there is supposed to be no market makers, everything is supposed to be traded on the exchange. But how do you know for sure? Is there some kind of exchange ID or something on the filled order?

Thanks
Make your losses in demo. Earn your profits live.
  • #619
  • Mar 31, 2015 2:16am Mar 31, 2015 2:16am
I really don't understand your need to trade that many contracts on CL. If you are good you can double a $10K pretty fast trading just 2 contracts - and if you are not good you should stay away from CL
All futures trades must be cleared by a clearing firm - ninja trader brokerage is not OTC it is the real thing .. and their intraday margin on emini S&P500 is $500 not $1000.
  • #620
  • Mar 31, 2015 2:29am Mar 31, 2015 2:29am
No idea, best to ask the brokers directly... Btw maintenance margin @ IB on CL is about 20% lower than initial, but that's hardly going to make a difference on a 10K account.
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