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SJ
I use IB as one of my brokers. In my experience, their execution is
excellent. They also seem to have better access to shares to borrow than any
other discount broker. My reservation (and why I don't use them more) is
that I find their software interface complicated and confusing. I am
reasonably careful about entering orders, but I have had more mistakes with
IB than any other broker (not their errors - just a confusing interface). If
you want to use them I recommend going through the online manual, although
it is enormous - otherwise you may find you are making assumptions that are
incorrect - e.g., be clear if your stop orders on electronic futures are
active in the overnight sessions or not.
They also provided some incorrect gain/loss reporting which they did not
correct, and were aggressive in denying the problem until I proved it to
them.
All in all, great execution, great product reach, no hand-holding, confusing
order interface and caveat emptor. A professional execution platform,
nothing more.
For most of my stock and stock option execution I use OptionsXpress -
excellent order interface, great analytics (IB is not good for analytics)
and free intraday charts through prophet.
Andrew
-----Original Message-----
From: fuminator [mailto:no_reply@xxxxxxxxxxxxxxx]
Sent: Tuesday, July 27, 2004 11:45 AM
To: equismetastock@xxxxxxxxxxxxxxx
Subject: [EquisMetaStock Group] Question about broker. Anyone use IB?
Hello,
Just want a honest opinion from anyone using IB as their broker, and
how do you like their trade execution? I'm currently using
TDWaterhouse, and I like this service very much, but it is does not
offer different types of trading except for stocks and options in US.
Besides, I want to scale into my positions a little at a time, and I
find that IB's transaction cost to be favorable in this type of
situation. I want a solid broker with excellent execution. That's
all I'm looking for. Thanks.
SJ
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