IB TWS vs DAS

[Silviu 0]

Hello! I just started learning about trading, so I apologize if my question might be silly (also I hope this is the right place for this question). A few weeks before joining BBT community I made an IB Lite account and I played a bit with their paper trading Trading Workstation app. I read a bit online and as far as I understand (please correct me if I am wrong), even with a Lite account I can subscribe to live market data and Level 2, and overall that would cost about $60-70 per month (for the main ECN's for stocks). After joining BBT, and watching some of the education videos and live trading, I really started to like the DAS layout and functionalities, but I am not totally sure I understand the big price difference relative to IB. For simulator it would be $100 per month while for the actual trading, thorough IB, it would be $150 per month (right?). I assume that the price includes live data and level 2, but IB+TWS seems to  offer this for only $60. Also for Lite, there are no commissions for trading or inactivity/maintenance fee. Is the data from IB Lite not real time, even if you subscribe to Level 2? Can someone help me understand the benefits of DAS? Thank you!

[Silviu 0]

Thank you for you reply! As far as I understand, the main difference is in the fact that DAS has some extra functionalities, that are probably really useful in practice. But it still seems like DAS is about $90 more per month than IBKR Lite (plus the fact that DAS requires IBKR Pro, which adds extra costs for trades, maintenance fee etc.).  I guess my question is if this pretty big difference (for someone just getting started) is worth it (I am willing to pay for it, if I am sure that is it actually a good idea). IBKR Lite does offer a trading simulator and live market data. One other thing that confuses me a bit is the difference between Lite and Pro (unrelated to DAS now). It seems like the difference is in the fact that Pro has an API and lower margin rates. But given that I plan on doing day trading and hold the stocks for few minutes, the margin rates should not be a problem. So beside that API, I see no advantage of using Pro. Thank you again for your help!

[Silviu 0]

Thanks a lot for this! One more question (sorry I just want to make sure I get it all right from the beginning). You said:  "if you plan to learn only in sim then you could use tws to see what trading is about. but then you will have new challenges when you will go live and there is a quite big chance you will struggle with the platform and your own capabilities.". I am a bit confused. Shouldn't I learn how to trade only in sim (with live data, of course, but not real money)? Isn't the 100$ DAS version only sim, too? Also, if I decide to continue actual trading (using real money) also in TWS (after doing paper trading in TWS), why would I struggle when starting to use real money? Shouldn't TWS paper trading and live trading be exactly the same in terms of functionalities? Or did you mean that if I paper trade in TWS and then move to DAS I would struggle? 

 

[Silviu 0]

Thanks again! One more thing, do you know how much slower is DAS on a virtual machine? I am using a MAC and as far as I understand DAS requires Windows. Or do you have any suggestions on how should I use DAS under this circumstances (beside buying a windows machine :P)?

[Silviu 0]

Uh, it is the M1 chip mac... Have you ever tried (or know someone who did) using a remote desktop option (using teamview for example)? I could have access to a Windows machine that way, but I am not sure if the delay would be too big.

[MikeJay 3]

So having both IB and TD and having started with and used DAS heres my two cents, as well as my current dilemma.  

DAS is a superior product and experience for daytrading when you utilize quick executions and need in and out of a trade.  Its fairly simplistic user interface but sometimes thats a good thing.  So i recommend first trying to understand how you think you'll trade, then try DAS for the 3 month trial to understand and learn the platform.  I recommend learning with the platform you think best suits the style you intend to pursue.  

TD with their TOS has been what i've held and use for swing trading.  Its much more intricate and nuanced with too many features.  The biggest problem is the lack of ability through TOS to trade quick in and out scalps and get filled.  Now you can link DAS to TD, but the last reviews I saw and consensus was the filled order was still lagging compared to IB.

The issue with DAS is the cost.  Now we are in post covid world, my ability to scalp / day trade more than one two  days a week has diminished and I find myself not able to utilize DAS to justify the cost when I can use TOS/TD and IB directly to execute my trades either swing, or slower plotted entry and exit day trades.  

So now I will likely take IBs TWS for a test drive and see if that fills the need for a little better balance.

 

 

[Brad 18]

I have used both DAS and IB TWS. I used DAS for a few months and thought it was great. I went back to TWS to save money and I am able to trade more or less the same way I was on DAS, it's just a bit more awkward with the charts and Level 2.  I combine it with TOS which I use just for charting.

For me, it's worth it for now to save the money in my monthly budget, but I'll get back to DAS at some point in the future.

 

[Brad 18]

I am also using Thinkorswim along with TWS for Level 2 and execution. Together they can do the job. The TOS charting is far better than that of TWS and both are free platforms that come with an account.