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Jean-Pierre Poulin

Intelligently choosing between IB, SpeedTrader and CenterPoint...

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Hello (awesome) Bear Bull Traders!

As one of your newest lifetime members, I'm in the process of shifting my $50K trading account into the best possible broker for me and would love to obtain advice on what home base should be for my trading account!
 
Reading in this forum posts such as this post, I was saddened to hear that the Interactive Brokers usually very reasonable commission can easily double due to various 'fees' that IB needs to pay its partners to route your order.  (I currently have an IB account but not I'm not so sure if it's optimal for me)
 
I understand that IB has fixed and tiered pricing structure, somewhat making the decision more complex...
 
Could you recommend the best between the three given my trading pattern:
- I intend to invest mostly in stocks between $5 to $75 with the 'sweet spot' around $35.
- I'll be staying away from low float < $10 stocks until I'm consistently profitable with mid-float stocks.
- I expect most transactions will be around $20K-$40K so around 1,000 to 3,000 shares per transaction.
- To start I'll probably do about 5-10 transaction a day every day but I also want to try my hand at semi-automated scraping so that might go up to 20-40 trades per day.
 
Which of the three do you think is best for me?  (SpeedTrader, CenterPoint securities, IB fixed, IB tiered)
 
Thanks for the awesomeness! 🙂
 
   Jean-Pierre
Edited by Jean-Pierre Poulin

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Thanks for taking the time Abiel,

I see with SpeedTrader that it all depends on the expected number of trades per month... To get $2.95 rate I'd need to make about 25 trades per trading day but their $3.95 reduces that to 10 trades per day which could be more feasible.

Lots to think about! 🙂

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Others you might want to consider w. per ticket commissions are CenterPoint Securities (geared towards high networth individuals) and E-Trade. I have accounts with Fidelity and it's $4.95 per ticket too. I don't have a margin account and cannot say anything about shorts availability with them. Fidelity does have a nice charting (WealthLabsPro) and trading platforms (ActiveTrader Pro) I just have not gotten around to swing and options trading which I plan to do with Fidelity eventually. I am looking at adding an account with per ticket commissions eventually for day trading when I get to the size that you are proposing on a more consistent basis and have grown my current account sufficiently. From what I have heard from other traders CenterPoint or E-Trade is the way to go if you are looking for shares to short a fair amount.

Edited by NinjaTrader007
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We meet again Mr. Bond!

Thanks for that heads up on these other traders...  Have you observed personally any difference in the quality of the fills between the ones you tried?

(I'm still considering using my RobinHood account for some of the slower long opportunities... do you think its a waste of time and I should not trade anything with Robinhood?

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Jean-Pierre,

I happened to see your post and couldn't help but chime in.  I have experience with both Speedtrader and IB and there is no comparison in my opinion.  IB is far superior in customer service and short inventory.  

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Hi Jean-Pierre,

Interactive Brokers is the most reputable company out of all of them. It is a publicly traded company, it has most assets under management and longest track record. Also, Andrew uses IB. 

The other providers are also good but if you have over $25k i would recommend interactive brokers.

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IB has its own platform for trading so you dont have to spend money on DAS or other stuff.

IB gives you simulator for free

Edited by peterB
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