Software to use with IB other than DAS

[MScott 0]

Hello,

 

I am searching for a cheaper option than DAS to day trade on IB. I want LVL2 / T&S, hotkeys, etc, something that is similar to DAS as far as usability. I thought the pricing was fair for DAS but by comparing it seems overprice.  For example, MotiveWave has something similar for $49 per month and you can buy the license to own it forever for about 4 months of DAS.

 

Anyone using a different software or with recommendations?

 

Thank you!

[Abiel 474]

Some IB traders use IB´s platform, TWS, it is free, you only need to buy market data from IB. The learning curve of TWS is longer than DAS and it is more resource intensive on your computer than DAS. 

[MScott 0]

Thank you for your response. I am aware of IB's platform but would prefer one that is faster and more user-friendly.

[Roberto 10]

I'm not aware of any other platform available in North America that has direct server to IB. In other words that would mean using API connection. You wanna go down that road? It's pretty crappy...

[MScott 0]

I'm still looking around, but there seems to be other options. Here's one example that seems to use API

https://www.medvedtrader.com/www/frontend/blog/Interactive-Brokers-Setup-Instructions

This service is $20 per month, and then you buy market data either from IB or another service. I think it's worth it to try to save on a big recurrent cost every month, even if it's 50 bucks per month this adds up pretty quickly over many years. Obviously the software and the execution need to be relatively the same quality and I have no idea if that's the case since I haven't tried anything other than DAS.

[MScott 0]

Why would it be slowed down by the TWS platform if I use another platform linked to IB the same way DAS is? I don't get it.

[MScott 0]

Thank you Peter, really appreciate it.

[Roberto 10]

I don't think the execution times are much different. My API orders showed filled  in IB TWS before my finger left the key. The issue is the scary things that happen with IBs API. It has a well deserved reputation that is not good. 

I'm pretty sure DAS goes directly to IB, not MM. They have to go to some broker. 

[Abiel 474]

On 8/18/2021 at 12:19 PM, MScott said:

Thank you for your response. I am aware of IB's platform but would prefer one that is faster and more user-friendly.

Well, that would be DAS Trader. I think about platform cost and commissions as cost of doing business (even loses inside the risk parameters, "business man risk" as Alex Elder call them).

Considering the daily cost of DAS ($7.50) and considering DAS features that I won't find  in any other platform, like risk controls and fixed risk hotkeys, the cost is pretty fair.