Current best alternative to Interactive Brokers

[Dieter 4]

Hi all,

for personal tax reasons I cannot use interactive brokers. What US based alternative would you recommend at this point?

Thanks in advance

 

Dieter

[Rob C 826]

On 7/11/2020 at 1:04 AM, Dieter said:

Hi all,

for personal tax reasons I cannot use interactive brokers. What US based alternative would you recommend at this point?

Thanks in advance

 

Dieter

Depends on you style of trading. I used Centerpoint (US based) for over a year and it didn't fit my style. But the commissions were about the same as IB, DAS worked well, and good customer service.

They didn't fit my style of trading. their shorts were different than IBs. Their easy to short list (instant short) was much smaller than IB. Their hard to short list, (but you had to use an extra app which cost more and was time consuming) is better than IB's. 

Their fills, depending on their route, are better than IB's if you sacrifice speed. Or worse but are lighting fast. Essentially, the fast route was just at ask/bid which is fine for tight spread stocks. 

So for trend traders who like to trade in low floats to the short side they are likely the best. For me who trade ORBs on big float stocks right at the open, it didn't work well. I was limited with my shorts and the fast route sometimes gave me poor fills since the bid-ask spread can get large right at the open. So I moved to IB.