Author Topic: IBKR - Interactive Brokers  (Read 168939 times)

KCLarkin

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Re: IBKR - Interactive Brokers
« Reply #310 on: March 01, 2017, 09:12:21 AM »
Interesting scuttlebutt from Twitter:

Quote
Spoke to ~$1bn mutual fund that said banks charging them an arm & leg for trading. So they use $IBKR for most trades, same execution.
-- @LuisVSanchez777


Spekulatius

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Re: IBKR - Interactive Brokers
« Reply #311 on: March 01, 2017, 01:08:00 PM »
But IB makes the vast majority of their money off active, professional traders who (should) care a lot more about pricing than customer service.

Not sure what you call active, professional traders. Day traders? People with 200-400% annual turnover?

In any case, as much as I can call myself "active" trader, I do care much more about customer service than I do about pricing.
The only reason I would consider IB at all is their access to markets Fido does not provide.

And yeah IB is probably the only viable smallish SMA platform. But the fact that most SMA advisors use it, doesn't mean I should fall in love with it. IB is crap.

But you are right: I was on Fido before and I will only be happier on Fido now.
If I decide to have someone manage my money, I'll weigh whether I want to endure the account on IB.

I have accounts with Fidelity, Interactive Brokers, and Wells Fargo Investments.

I think from a Customer service perspective, I like dealing with Fidelity the most. I don't like the fact that they don't allow to buy some dark company stock any more. This is an area that I have been investing quite a bit over the years and I really hate this restriction and let them now. Wells Fargo investments does have similar restrictions.

Wells Fargo investment is the cheapest, I get 100 free trades/year as a PMA (or whatever it is called now) customer, but the platform is bare bones. If they ever do away with the free, I will be gone in a NY minute.

Interactive Brokers gives you access to the largest Universe of stocks, including foreign stocks. I rarely use the Pc platform any more but trade from the iPad or Android app. The PC app has become very unwieldy, imo. Their tax reporting is crap, they don't have import into Turbotax and I have found the import via different format lacking. it should really be a high priority to fix this, sind es they are behind pretty much every other broker in that regard.

With Fidelity or Schwabs price cuts, IB is not really much cheaper any more for plain vanilla trading, if you trade a few hundred shares. IB is much cheaper when dealing with foreign stocks, currencies, bonds and margin.

So far, not one broker meets all my requirements and that is why I have a few accounts at different brokers. I could probably whittle then down to Fidelity and IB, but my laziness prevents me from doing so.
To be a realist, one has to believe in miracles.

kab60

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Re: IBKR - Interactive Brokers
« Reply #312 on: March 01, 2017, 01:42:24 PM »
February metrics out, very nice growth in accounts.

roark33

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Re: IBKR - Interactive Brokers
« Reply #313 on: March 07, 2017, 11:51:34 AM »
IB's technology advantage shown here (two days running)...


Jurgis

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Re: IBKR - Interactive Brokers
« Reply #314 on: March 07, 2017, 01:25:52 PM »
It's preventing you from trading for your own good. Just go on vacation, you don't need to buy or sell anything. Come back in 10 years and you gonna be $$$$$.
"Before you can be rich, you must be poor." - Nef Anyo
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roark33

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Re: IBKR - Interactive Brokers
« Reply #315 on: March 07, 2017, 01:36:28 PM »
It doesn't actually prevent me from doing anything.  What is does is make clients wonder what is going on with their account.  It's just so funny that people think IB is so advanced, but their back-end customer service technology is just so poor. 


Jurgis

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Re: IBKR - Interactive Brokers
« Reply #316 on: March 07, 2017, 01:40:15 PM »
Sorry, my mistake. It's for clients' own good. Tell them to take a vacation and come back in 10 years for $$$$$.



;)

Edit: I haven't gotten to entering IB transactions into TurboTax yet. I'm gonna be way more snarky when I do.
« Last Edit: March 07, 2017, 01:43:14 PM by Jurgis »
"Before you can be rich, you must be poor." - Nef Anyo
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"American History X", "Milk", "The Insider", "Dirty Money", "LBJ"

undervalued

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Re: IBKR - Interactive Brokers
« Reply #317 on: March 07, 2017, 01:47:06 PM »
Lol as long as it doesn't say your money is NOT available anymore.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

writser

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Re: IBKR - Interactive Brokers
« Reply #318 on: March 07, 2017, 02:18:22 PM »
That's the MF Global approach.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

Travis Wiedower

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Re: IBKR - Interactive Brokers
« Reply #319 on: March 08, 2017, 05:43:22 AM »
Just last week my girlfriend's Schwab account randomly showed a $0 balance. Couple phone calls got it sorted out. All technology companies have occasional glitches. Be careful not to extrapolate meaningless sample sizes.

On another note, I got my copy of Preqin's 2017 hedge fund report and was happy to see the entire back cover is an Interactive Brokers ad. Thought the ad was pretty solid...
My investing blog: Egregiously Cheap