Posted by philosoraptor on 1st of Nov 2011 at 01:30 pm
Matt, Steve, RP, anyone else experienced/in-the-know, should I
be worried about MF Global being the tip of the bad brokers iceberg
(commingling client accounts, etc)? I have funds with
Interactive Brokers and TradeStation. Any advice would be much
appreciated.
philosoraptor- Yes that is one worry of course is
the health of your broker.
However that said, after extensive research, Interactive Brokers
appears to be by far the best, safest, and most stable of the
bunch! I also know a hedge fund group who did extensive
research on this as well, and this was their conclusion as well,
that they money would be safest in I.B. vs other brokers
yeah with IB you don't get a nice pretty platform, it's rather
archaic, or nice people to talk to, you can call them, but they
always seem to be in a big hurry to get you off. But for
commissions and safety, it's the best
if you account is under 100k.. I wouldn't recommend it.
THey will fill anything at any price when there is a margin
call. I can tell you for a fact that in 2008 I
sold a bunch of 10.00 spreads spx credit spreads for 14.00
because Ib wanted to get them filled. that's a profit
of 4.00 bucks for getting filled... they didn't care.. they were
liquidating everyone
Bad brokers
Posted by philosoraptor on 1st of Nov 2011 at 01:30 pm
Matt, Steve, RP, anyone else experienced/in-the-know, should I be worried about MF Global being the tip of the bad brokers iceberg (commingling client accounts, etc)? I have funds with Interactive Brokers and TradeStation. Any advice would be much appreciated.
philosoraptor- Yes that is one
Posted by matt on 1st of Nov 2011 at 01:32 pm
philosoraptor- Yes that is one worry of course is the health of your broker.
However that said, after extensive research, Interactive Brokers appears to be by far the best, safest, and most stable of the bunch! I also know a hedge fund group who did extensive research on this as well, and this was their conclusion as well, that they money would be safest in I.B. vs other brokers
Safest but the world's most
Posted by philosoraptor on 1st of Nov 2011 at 01:37 pm
Safest but the world's most surly, supercilious service - I wonder whether it is inversely correlated?
p.s. thanks Matt.
yeah with IB you don't
Posted by matt on 1st of Nov 2011 at 01:46 pm
yeah with IB you don't get a nice pretty platform, it's rather archaic, or nice people to talk to, you can call them, but they always seem to be in a big hurry to get you off. But for commissions and safety, it's the best
IB has nice fills too on options.... however
Posted by zach06 on 1st of Nov 2011 at 01:48 pm
if you account is under 100k.. I wouldn't recommend it. THey will fill anything at any price when there is a margin call. I can tell you for a fact that in 2008 I sold a bunch of 10.00 spreads spx credit spreads for 14.00 because Ib wanted to get them filled. that's a profit of 4.00 bucks for getting filled... they didn't care.. they were liquidating everyone
Right IB would be safe. Avoid
Posted by quantum on 1st of Nov 2011 at 01:34 pm
Right IB would be safe.
Avoid Ameritrade like a plague thou' ; lousy platform and service.