Interactive brokers... SAXO bank is really a CFD and Futures platform.. it does have a dma option which is the one you want but be very careful of CFDs.. Im just a bit uncomfortable with them regarding liquidity issues and the potential for skulduggary because a CFD is a proprietary product, the price of which for the same underlying at the same time varies greatly depending upon which CFD provider you choose.. so all the claims of being a DMA product are not so easily explained... i mean sure just because i can have direct access doesnt mean the prices im getting are necessarily market prices because after all Im not buying stock or futures.. im buying CFDs and that price may vary ..be careful... left me feeling unsure.. took Saxobank 2.5 months to answer my questions regarding this when i pressed them... they still didnt clearly answer my question to 100% satisfaction.. only a final emnail saying yes to everything despite obvious differences between thier prices and that of the real market they initially could not explain... hmmm strange... I smell fish.. and that smell reminds me of spreadbetting companies.. who also by the way offer CFDs.... wake up people.. CFDs= position trading only.. day trading I would avoid.
Maxtail
I agree... ever since I started out on this broker quest.. starting with spreadbetting firms.. I have learned a lot and so far to me.. Nearly all of them bar literally a handful are greedy F@#;]+g Ba57485 in my opinion who mislead retail buyers into believing the prices they offer are the prices they get in the market and that simply isnt true.. for example.. any company that claims to offer you a CFDs via a DMA platform is one of those f@987#~ stupid C@#~75 who are trying to bamboozle us into believing we get market prices...... but on closer investigation we now know CFDs are completely Proprietary products (i.e. a CFD price offered by one broker is exactly only based on what they DECIDE.. it IS NOT SET by the MARKET!!!... IF THEY WANT TO MID SESSION THEY CAN SKEW THE PRICES TO LIMIT YOUR GAINS AT MARKET OPENING... SO THE MARKET IS GOING UP BUT THIER PRICES ARE GOING DOWN.. this was exactly my experience in dealing with Saxo bank CFDs.. (and that means also the very expensive ETRADE who white label the very same platform.. PS Etrade trying to charge me £5 for every single order to buy stock.... F@~+ off Etrade... greedy F@}~~:~G B+__}~@:S
FORGET CFDs... FORGET Spreadbettting firms (the worst).. get a simple commission based broker who gives you market prices and thats it! these guys are one of the following:
Options Express (simplicity meets options education..previously a contradiction)
Sink or Swim ( sublime options and stock tool)
Tradestation (astonishing does it all.. My favourite..but only for US markets mainly .. unless U buy thier T200i software and add feeds yourself and port the buy and sell orders through an established outlet )
Interactive Brokers ( probably the best all round for market access and price in diff territories) marvelous)
Unless your blown away this just about covers it apart from tools like Telechart and Esignal.. Proquote and few other add ons working with the above tools
FORGET THE REST
I agree... ever since I started out on this broker quest.. starting with spreadbetting firms.. I have learned a lot and so far to me.. Nearly all of them bar literally a handful are greedy F@#;]+g Ba57485 in my opinion who mislead retail buyers into believing the prices they offer are the prices they get in the market and that simply isnt true.. for example.. any company that claims to offer you a CFDs via a DMA platform is one of those f@987#~ stupid C@#~75 who are trying to bamboozle us into believing we get market prices...... but on closer investigation we now know CFDs are completely Proprietary products (i.e. a CFD price offered by one broker is exactly only based on what they DECIDE.. it IS NOT SET by the MARKET!!!... IF THEY WANT TO MID SESSION THEY CAN SKEW THE PRICES TO LIMIT YOUR GAINS AT MARKET OPENING... SO THE MARKET IS GOING UP BUT THIER PRICES ARE GOING DOWN.. this was exactly my experience in dealing with Saxo bank CFDs.. (and that means also the very expensive ETRADE who white label the very same platform.. PS Etrade trying to charge me £5 for every single order to buy stock.... F@~+ off Etrade... greedy F@}~~:~G B+__}~@:S
FORGET CFDs... FORGET Spreadbettting firms (the worst).. get a simple commission based broker who gives you market prices and thats it! these guys are one of the following:
Options Express (simplicity meets options education..previously a contradiction)
Sink or Swim ( sublime options and stock tool)
Tradestation (astonishing does it all.. My favourite..but only for US markets mainly .. unless U buy thier T200i software and add feeds yourself and port the buy and sell orders through an established outlet )
Interactive Brokers ( probably the best all round for market access and price in diff territories) marvelous)
Unless your blown away this just about covers it apart from tools like Telechart and Esignal.. Proquote and few other add ons working with the above tools
FORGET THE REST
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Maxtail.. looks like I need to put together a list of only the very best brokers who offer good customer support and JUST the market prices!!!!
Theres nothing worse than trading and slowly realising the market you thought you were trading has been skewed by the licentiously Machiavellian broker... dancing and intimidating you down the end of a phone with their ever-so-slightly tone of condescension and reverse snobery.. forgetting that some of their customers are bright enough to be their bosses.. if we wanted the dammed job in the first place..fools.....
man.. you hit my pet hate right on the button with this one.. I apologise for my tone... but I do not apologise for my attack on these charlatans in city suits and their sheep with faux Oxbridge accents that wither to surprise and delay on exceedingly probing questions from us they cant immediately answer and have to seek council before response... REMEMBER they took exams as well.. isnt that a surprise?...
Theres nothing worse than trading and slowly realising the market you thought you were trading has been skewed by the licentiously Machiavellian broker... dancing and intimidating you down the end of a phone with their ever-so-slightly tone of condescension and reverse snobery.. forgetting that some of their customers are bright enough to be their bosses.. if we wanted the dammed job in the first place..fools.....
man.. you hit my pet hate right on the button with this one.. I apologise for my tone... but I do not apologise for my attack on these charlatans in city suits and their sheep with faux Oxbridge accents that wither to surprise and delay on exceedingly probing questions from us they cant immediately answer and have to seek council before response... REMEMBER they took exams as well.. isnt that a surprise?...
hehe.. very very true.. i am happy with STIFX, and dont think moving from them. I tried Saxo, GFT. but my main call was always good customer support. STIFX serves me right.
Make a list, and post it here. Include STIFX as well, they have good execution and respected support team.
Make a list, and post it here. Include STIFX as well, they have good execution and respected support team.
Interactive Brokers
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Why IB?
For your reference,
• We are a publicly traded company on NASDAQ (ibkr is our symbol)
• We have been in business for over 30 years
• We are regulated by the SEC, CFTC and FSA
• We process over 550,000 transactions per day
• We support regulated products with the exception of forex
• We provide direct access trading to over 70 global exchanges and solely from one Universal Account
• You can trade multi asset classes (i.e., shares, options, futures, bonds, ETF’s and forex)
• We offer account protection up to $30 million
• We pay interest for your funds on deposit => $10,000
• We offer competitive margin rates i.e., Reg T, Portfolio Margining, and etc
• We ask $5,000 initial deposit to open an account
• We ask a minimum brokerage fee of $10 per month
• Market data fees vary per exchange or region e.g., we ask $10 per month to view live data for futures, options, and share exchanges in the US
• Brokerage fees vary per exchange e.g., we ask $0.005 per share (all in, plus Smart Order Routing) for US shares, $0.15 to 0.75 per US options contract (all in plus Smart Order Routing), GBP 6.00 per transaction for GBP UK LSE shares =< 50,000 in trade value (all in plus Smart Order Routing) although Stamp Duty applies on purchases, GBP 1.70 per UK options (all in) and other low fees for other exchanges
• Our Trader Workstation is simple, flexible, scalable, supports over 40 order types, offers technical analysis, Option Trader, analytics, market scanners, option modelers, supports spread features (e.g., buy writes, verticals, and etc) and more…
• We are very risk adverse company hence we ask clients to keep the appropriate margin in their account at all times to meet their margin requirements. If not we reserve the right to close any position that does not meet your margin requirements. To assist our clients we offer scalable alerts to notify them when their positions are close to a margin deficiency.
We ask all of our clients to compare us before they open an account. That is, unlike other brokers that do not post all of their services and fees on their website in order for their prospects to compare against others we do. Hence refer to our website and if decide to open an account you can contact our local UK office for assistance 020 7 776 7800. But remember compare before you buy to ensure you choose the right broker for your specific needs. The aforementioned is paramount.
Thank you and the best of luck regardless who you choose as your broker.
For your reference,
• We are a publicly traded company on NASDAQ (ibkr is our symbol)
• We have been in business for over 30 years
• We are regulated by the SEC, CFTC and FSA
• We process over 550,000 transactions per day
• We support regulated products with the exception of forex
• We provide direct access trading to over 70 global exchanges and solely from one Universal Account
• You can trade multi asset classes (i.e., shares, options, futures, bonds, ETF’s and forex)
• We offer account protection up to $30 million
• We pay interest for your funds on deposit => $10,000
• We offer competitive margin rates i.e., Reg T, Portfolio Margining, and etc
• We ask $5,000 initial deposit to open an account
• We ask a minimum brokerage fee of $10 per month
• Market data fees vary per exchange or region e.g., we ask $10 per month to view live data for futures, options, and share exchanges in the US
• Brokerage fees vary per exchange e.g., we ask $0.005 per share (all in, plus Smart Order Routing) for US shares, $0.15 to 0.75 per US options contract (all in plus Smart Order Routing), GBP 6.00 per transaction for GBP UK LSE shares =< 50,000 in trade value (all in plus Smart Order Routing) although Stamp Duty applies on purchases, GBP 1.70 per UK options (all in) and other low fees for other exchanges
• Our Trader Workstation is simple, flexible, scalable, supports over 40 order types, offers technical analysis, Option Trader, analytics, market scanners, option modelers, supports spread features (e.g., buy writes, verticals, and etc) and more…
• We are very risk adverse company hence we ask clients to keep the appropriate margin in their account at all times to meet their margin requirements. If not we reserve the right to close any position that does not meet your margin requirements. To assist our clients we offer scalable alerts to notify them when their positions are close to a margin deficiency.
We ask all of our clients to compare us before they open an account. That is, unlike other brokers that do not post all of their services and fees on their website in order for their prospects to compare against others we do. Hence refer to our website and if decide to open an account you can contact our local UK office for assistance 020 7 776 7800. But remember compare before you buy to ensure you choose the right broker for your specific needs. The aforementioned is paramount.
Thank you and the best of luck regardless who you choose as your broker.
trendie
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so, what happened to the list?
I am looking to move from SB to DMA within the next 3 months, so was looking forward to seeing what the consensus was on the best DMA providers.
any links would be just as good, so I can see their mimimum deposit requirements, etc.
(I trade FX and indices; not stocks)
Benny Dorm
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so, what happened to the list?
I am looking to move from SB to DMA within the next 3 months, so was looking forward to seeing what the consensus was on the best DMA providers.
any links would be just as good, so I can see their mimimum deposit requirements, etc.
(I trade FX and indices; not stocks)
Me too! I have spent the last week trying too come up with a decent broker. IB seem to edge it but the platform does my head in!
Fair enough!
I found in one publication that CFDs has got price which is provided by the market. That why I wanted to swap my sb account to CFDs. If its not provided by market its a sheer gambling! So which instruments got market's prices from category of derivatives? only futures and options?
By the way I checked Interaktive Brokers and they require 10k on beginning. Actually on saxo basic account you can't dealing on shares... ehhhh I think the only one way which I have is buy metastock and study hard + save some money
sorry for misstakes!
I found in one publication that CFDs has got price which is provided by the market. That why I wanted to swap my sb account to CFDs. If its not provided by market its a sheer gambling! So which instruments got market's prices from category of derivatives? only futures and options?
By the way I checked Interaktive Brokers and they require 10k on beginning. Actually on saxo basic account you can't dealing on shares... ehhhh I think the only one way which I have is buy metastock and study hard + save some money
sorry for misstakes!
Stewenson133
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bur if you trade uk stocks with IB you have to pay Stamp Duties (0.1% right?).
CFDs in that case are the only way to day-trade. Do you agree?
CFDs in that case are the only way to day-trade. Do you agree?
Interactive Brokers
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Some points (but not limited) to consider, when buying UK shares with IB:
1. When you buy UK shares you have to pay stamp duty = 5 basis points per transaction.
2. We ask GBP 6.00 per transaction (all in, exclusive of Stamp Duty on purchases) =<GBP 50,000 in transaction value.
3. Trader interacts directly on the order book, i.e., we do not see your order first, nor do we trade against you (Direct Market Account), and you can improve the market quote.
4. We provide stock lending facilities.
5. Our fees are completely transparent.
6. When you trade shares on a regulated market (LSE) little or no counterparty risk. When you trade CFD's the counterparty risk is the CFD provider?
Whatever you choose we wish you much success!
Interactive Brokers
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Me too! I have spent the last week trying too come up with a decent broker. IB seem to edge it but the platform does my head in!
We offer two platforms at the same cost:
a) Web Trader
b) Trader Workstation
Try one of our online tutorials for an overview.
http://www.interactivebrokers.com/en/software/twsTutorial.php?ib_entity=uk
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Interactive Brokers
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For US markets you can compare us to our competitors i.e.,
leverage rates, price improvement and US commission rates
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_01.jpg
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_02.jpg
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_03.jpg
leverage rates, price improvement and US commission rates
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_01.jpg
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_02.jpg
http://individuals.interactivebrokers.com/images/common/pdfprodhighlights/comparison_03.jpg
Stewenson133
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can you post please a detailed example of commissions and duty costs for a
transaction with IB in UK share.
ex.
1- enter long 10.000£ BP
2- enter long 100.000£ BP
Interactive Brokers
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BUY GBP 10,000 trade value = GBP 6.00 (IB commission) + 50 basis points stamp duty = GBP 56
SELL GBP 10,000 trade value = GBP 6.00 (IB commission); No stamp duty applies
BUY GBP 100,000 trade value = [ =< 50,000 in trade value] GBP 6.00 (IB commission) + 50 basis points stamp duty = GBP 506 + 5 basis points (IB commission => 50,000 in trade value)
SELL GBP 100,000 trade value = GBP 6.00 (IB commission); No stamp duty applies + 5 basis points (IB commission => 50,000 in trade value)
SELL GBP 10,000 trade value = GBP 6.00 (IB commission); No stamp duty applies
BUY GBP 100,000 trade value = [ =< 50,000 in trade value] GBP 6.00 (IB commission) + 50 basis points stamp duty = GBP 506 + 5 basis points (IB commission => 50,000 in trade value)
SELL GBP 100,000 trade value = GBP 6.00 (IB commission); No stamp duty applies + 5 basis points (IB commission => 50,000 in trade value)
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Stewenson133
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copy & paste from IB.com
Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the customer.
BUY GBP 10,000 trade value:
10000 £ * (0.5/100) = 50£ duty stamp. am i wrong?
then again from IB.com: "GBP 6.00+ 0.05% of incremental trade value>GBP 50,000"
so BUY GBP 100,000 trade value = GBP 6.00 + (100,000-50,000)*0.5% = 31£ (but max. 29£)
+ 500£ duty stamp. am i wrong?
Stamp taxes (UK=0.5%, Ireland=1%) are directly passed through to the customer.
BUY GBP 10,000 trade value:
10000 £ * (0.5/100) = 50£ duty stamp. am i wrong?
then again from IB.com: "GBP 6.00+ 0.05% of incremental trade value>GBP 50,000"
so BUY GBP 100,000 trade value = GBP 6.00 + (100,000-50,000)*0.5% = 31£ (but max. 29£)
+ 500£ duty stamp. am i wrong?
Interactive Brokers
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apologies for the error.
Phil Mibbutz
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Why isn't it a surprise that even IB don't know their own costs?
