I am done with Interactive Brokers! (2019 update: I am back to IB)

[Longnose]

I only use IB for non-US stocks. 

 

I use TD ameritrade for everything else. Great platform. Think or Swim is great if you are really into the technical indicators (I'm not, but I pull them up every now and them). I dont use margin so I dont know how their rates compare to other platforms. 

 

I also have a robinhood account as my gambling account. I think RH's interface is the most user-friendly of any platform. It is crazy easy and all the no fee stuff is great. There is not quality research to be dont on RH so I do that all offline. I just dont trust RH with the majority of my money with all the publicity around their major fails and flaws. 

 

Someday I hope other brokers can catch up with how simple and effective the RH interface is. 

 

[Castanza]

16 minutes ago, Gregmal said:

Why'd you leave Fidelity? I would probably have everything there if they had better margin rates. IBKR is low quality IMO but serves a purpose. Although they've seemingly gone from being the lowest cost option to now a more expensive than peers, nickel and dime operation with abysmal customer service. 

 

Was looking for a better mobile experience and everyone and their brother was saying IBRK is the best  figured I'd give it a shot.

[Mephistopheles]

I use ibkr for the margin rates. Otherwise it’s god awful

[Spekulatius]

My experience with the Etrade is dated but their mobile and PC apps were solid, when I used them. I use mostly IBKR nowadays.I I think their mobile apps are solid and robust, but their GUI isn’t exactly user friendly. The biggest weakness is reporting, imo.

[fareastwarriors]

16 hours ago, Mephistopheles said:

I use ibkr for the margin rates. Otherwise it’s god awful

 

Same. Can't beat those margin rates. 

 

But I heard you can negotiate your rates at other places.

Maybe people with some coin like Greg can do that.

[Munger_Disciple]

I use Interactive Brokers & Schwab. Overall I prefer Schwab. The back-office support at Interactive Brokers is virtually non-existent. If have questions or you believe there are errors on an Interactive 1099, good luck getting any one to help you especially during tax time. The only advantage of of Interactive is foreign stock and forex trading IMO. You can pretty much negotiate the same/better margin rates at Schwab assuming your account is of significant size. And back office support at Schwab is outstanding. 

Edited June 21, 2021 by Munger_Disciple

[Mephistopheles]

That's an interesting point about negotiating margin rates. Another reason I use IBKR is because it allows me to do bull call spreads in my Roth IRA. Merrill Edge doesn't, which is so stupid because it's the same thing as a covered call. 

 

I'll ask Schwab about margin and spreads. Are there any other brokers that are willing to negotiate? Merrill is not. TD has some of the worst margin rates but I hear they have a great platform, has anyone been able to negotiate with them?

 

Also the other supposed benefit about IBKR is the quality of their execution. Is it truly better than the others? I haven't noticed any difference between it and Merrill Edge, but I'm by no means a day trader or fast trader. Does execution quality between these brokers even matter for infrequent traders?

Edited June 22, 2021 by Mephistopheles

[Spekulatius]

In terms of quality of execution, I think Fidelity is on par or better than IBKR (based on the price improvements I am getting).

[gfp]

I disagree on Fidelity's execution.  The accounts I manage at Fidelity consistently display an inaccurate and higher bid/ask spread on stocks like Atlas Corp vs IB which shows the actual current best bid/ask.  A marketable limit order (buy at actual exchange ask) entered on Fidelity will sit there unexecuted because they do not route orders to the exchange.  They route orders to a pay-for-order-flow outfit like Citadel (I forget but I think it is Citadel Securities).  It can be frustrating to get a fill but I have learned to bid more at Fidelity and consider it part of their new "free" commissions.  I only manage 3 accounts there so maybe there is a better service level for others.  I have no personal accounts with them.