IB to release new trading platform "IBKR Lite"

[rmiller.usmc 2]

I just wanted to share the news. I do not believe it will provide everything a day trader needs like the newly rebranded "IBKR Pro"

Here's the article I found at work, https://www.businesswire.com/news/home/20190926005753/en/Interactive-Brokers-Launch-IBKR-Lite

the release of which pummeled IB's direct competitors in the market.

I'm curious to see what the BBT community thinks of IBKR Lite

-Bobby

[Abiel 475]

Interesting Bobby. Any business model need a revenue element. Usually with free services, we are the product to be sold... in this case, traders stop losses lol 

Let see how it goes...

[kroniclesking 5]

I got excited about this then I realized that the PDT would still apply for small accounts

It seems to use a different route for executing trades versus what IB typically uses.  I wonder if DAS will be supported as the article says "Simple-to-use desktop Client Portal and IBKR Mobile trading platforms".  

 

Edited September 26, 2019 by kroniclesking

[vic 11]

• Zero commissions on US exchange-listed stocks and ETFs
• No account minimums
• No inactivity fees
• Free market data for US exchange-traded stocks
• High interest rates paid on idle cash balances (1.5% under Fed Funds rate)**
• Low margin borrowing rates (2.5% over Fed Funds rate)
• Simple-to-use desktop Client Portal and IBKR Mobile trading platforms
• Trading non-US stocks, options, futures and fixed income at the lowest commissions
• Stock Yield Enhancement Program to earn money by lending fully-paid shares

This kills most of the brokers. You do not have SMART Routing or DMA but for most of the people that's perfectly fine. If the fills are great, why not? Commissions eat your account. 

Strong move from IB, LONG $IBKR !!! 🙂

 

[BBT Member 001 27]

9 hours ago, peterB said:

no trading platform and no api=no DAS. you will need to stick to their mobile or web trading platform. maybe usable for swing trading but for daytrading not so much

Agree, this might be a good service for buy hold and swing trade positions but for day trading mehh. 

[Abiel 475]

Only for residents of the US and India.

[Carlos M. 232]

This is very exciting stuff! I have an account with TD and they are also going commission-free. Received email today. Very interesting times!

[Andrya 2]

Apparently they’ve changed it and now the IBKR Lite account does come with access to the desktop version of their Trader Workstation software. It says that Advanced Order Types are coming December 2019. Is anyone using this? It is really commission free?

 

https://www.interactivebrokers.com/en/index.php?f=45196

[Joey Gonzalez 1]

I use thinkorswim and enjoy the platform, charting, free trades, and for the most part good fills however I feel I’m losing continuity with the BBT community not being on IB and DAS. I just can’t justify paying commissions, ECN fees, and an additional $150 a month for 2 minor variables...a one second lag on some fills on lower float stocks and the lack of dynamic hot keys on thinkorswim. I was really hoping IB would launch a more cost effective IB PRO to match the other brokers so I can move over. I would pay the $150 for DAS but the commissions are what I would cringe at each and every month scaling in and out of trades, now I don’t worry about that what so ever that trades are now free. I want to trade along side you guys with IB with DAS but with free trades and TDA being a very good all around broker I just can’t make that move right now until the cost better reconciles with the current cost of the other major brokerages. I know with IB being direct access it impacts the cost but thinkorswim has very minor variables that in my opinion just don’t justify the cost of moving over to IB at the moment. I wonder what the community thinks about this.

[Brendon 146]

On 12/23/2019 at 9:31 PM, Joey Gonzalez said:

I use thinkorswim and enjoy the platform, charting, free trades, and for the most part good fills however I feel I’m losing continuity with the BBT community not being on IB and DAS. I just can’t justify paying commissions, ECN fees, and an additional $150 a month for 2 minor variables...a one second lag on some fills on lower float stocks and the lack of dynamic hot keys on thinkorswim. I was really hoping IB would launch a more cost effective IB PRO to match the other brokers so I can move over. I would pay the $150 for DAS but the commissions are what I would cringe at each and every month scaling in and out of trades, now I don’t worry about that what so ever that trades are now free. I want to trade along side you guys with IB with DAS but with free trades and TDA being a very good all around broker I just can’t make that move right now until the cost better reconciles with the current cost of the other major brokerages. I know with IB being direct access it impacts the cost but thinkorswim has very minor variables that in my opinion just don’t justify the cost of moving over to IB at the moment. I wonder what the community thinks about this.

You gotta make the move, I know when I first started I was trying to cheap out here and there. I was shocked at all these fees and costs, it's really not that much considering these are the tools for your job. Most people pay more for Cable TV lol.