Hi
I am a client of IB and they are an excellent and cheap broker, if you don't mind somewhat dodgy customer service and holding assets with a BBB+ rated institution. LSE Level 1 is a type of market data subscription. IB charge separately for the live prices you get from them. Level 1 data is a bid/offer price and size and last trade price.
Level 2 gives you a deeper view of the order book.
Please see attached image for example. Market Depth info tells you about buyers and sellers at different price levels to the current market price. In the attached example, the numbers I have highlighted in yellow would not be visible without a level II subscription.
Level II data is a somewhat specialist requirement and you are unlikely to need it unless you are doing very frequent intraday trading or for whather reason want to manually place your order with the knowledge of other orders that are sitting on the exchange.
You probably don't need to subscribe to Level II, it costs more. Hope this helps.
I am a client of IB and they are an excellent and cheap broker, if you don't mind somewhat dodgy customer service and holding assets with a BBB+ rated institution. LSE Level 1 is a type of market data subscription. IB charge separately for the live prices you get from them. Level 1 data is a bid/offer price and size and last trade price.
Level 2 gives you a deeper view of the order book.
Please see attached image for example. Market Depth info tells you about buyers and sellers at different price levels to the current market price. In the attached example, the numbers I have highlighted in yellow would not be visible without a level II subscription.
Level II data is a somewhat specialist requirement and you are unlikely to need it unless you are doing very frequent intraday trading or for whather reason want to manually place your order with the knowledge of other orders that are sitting on the exchange.
You probably don't need to subscribe to Level II, it costs more. Hope this helps.
