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Interactive Brokers

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Can anyone recommend good online brokers I can use to day trade US penny stocks (preferably with the ability to short sell)? Hubby and I are both new to stock market and only have a small amount to start with.

We have a trust with corporate trustee setup, and plan to use separate trading accounts. Later in the year we'll be setting up a SMSF with a similar structure, and at that time we can consider brokers with higher startup values.

ETrade don't allow short selling and don't list penny stocks, and their global figures are only updated on a daily basis, which isn't idea for day trading.

Plus500 is questionable.

SureTrader seems okay and their DASTrader interface seems fairly easy to use, but I get the feeling they're not as popular now as they were a few years ago. Anyone have any experience with them? They require two forms of photo ID and I only have one - not sure if that's a dealbreaker.

Everything else I've found so far is either too-high initial funding requirements, no short selling, or doesn't offer global stocks.
 
I'm sorry ... I think I've posted that question in the wrong place, and now I can't edit it. I thought this was a thread for International Brokers!

Can it please be moved to a more appropriate area? (I HAVE considered IB, but their 30K limit is too high for our pre-SMSF trading)
 
Just got a message from IB telling me that SFE data is no longer free as of 1 June 2015 and they are going to start charging $65/month for ASX24 derivatives data. What the? Looking through the ASX site I can find no reference to data fee increases and this appears to be fee gouging from IB plain and simple. I trade the SPI irregularly and this is a deal breaker for me.
 

3 Ticks a month---deal breaker---hmmm.
 
tech/a said:
3 Ticks a month---deal breaker---hmmm.
Click to expand...
Yeah, I'm sick of them. Lousy service, lousy data, crap software, non-Chess stock trades, and their only real selling point is the lack of competition for full service brokers in Australia. This price gouge for data provided free by the exchange says something about their attitude to Australian customers.
 
And I'd also like to know tech/a, what planet are you on where $750 a year for a single basic data feed - far and away many times more expensive than any other exchange data - is acceptable? Haven't had time to chase this up with IB, but it looks to me like they are deliberately trying to discourage retail ASX derivatives trading.
 
Just got the message about the new fee for Australian futures, from zero to $65 seems pretty excessive to me, SGX charge S$1 and Eurex Stoxx futures data is 8 euro, most US markets are only US$10 bundled and free if you spend more than US$30 in commissions a month, so looks like Australian futures now have the most expensive data by some margin

Maybe only 3 ticks,but $780 a year is not to be sneezed at, and how is it justified from zero to $65, thats what i think they should at least state, is it IB or the exchange that have lifted fees so dramatically?

Not happy
 
Did anyone speak to IB about the new data fees being introduced today for ASX? i never did but just checked Account Mgt this morning and there is an option for “ASX 24” that’s still free and this according to the description provides data for the Spi 200!

Then another option is “ASX 24 Commodities and Futures” now that’s $65, this im thinking may be the change and it’s for the Ag and Bond market data only, maybe spi is still free? As the “ASX 24” hasn’t been removed yet as an option for data subscription.

Suppose I will find out at 9-50am this morning as im only subscribed to the free data option and message I got said I would have to add the new $65 data if I wanted it.
 

Bollocks!

Oh well, my trading doesnt really need live data, but was nice to have it
 
Not sure what’s going on, will ring them later today to clarify as on my desktop I cannot get Spi data, however im just off out so have switched to mobile trader and its still available and working?
 

So it's possible to have a margin account with IB being an Australian citizen? I'm in the States now, and thinking of moving to Australia, and IB told me I couldn't keep my margin account with them if I moved to Australia.
 
Any BBY clients have a problem with IB platform they were using? - you can access it but accounts frozen even when it has a substantial credit.
 
Pager said:
Not sure what’s going on, will ring them later today to clarify as on my desktop I cannot get Spi data, however im just off out so have switched to mobile trader and its still available and working?
Click to expand...

I lost SPI data this morning, so clicked on the subscriptions link (provided on the line where SPI data is normally shown on the platform) and found I was able to choose the free SYCOM data - so it's all back to normal now.


freebird54 said:
Any BBY clients have a problem with IB platform they were using? - you can access it but accounts frozen even when it has a substantial credit.
Click to expand...

Is this resolving for you yet?
 
sails said:
I lost SPI data this morning, so clicked on the subscriptions link (provided on the line where SPI data is normally shown on the platform) and found I was able to choose the free SYCOM data - so it's all back to normal now.
Click to expand...

IB said that it is not free any more. Now they update their website
with new prices.
 
$65/month for SFE SPI200 data! You've got to be kidding me?! How does it go from free to $65?

Is this SFE pushing up the price, or IB gouging?
 
blue0810 said:
IB said that it is not free any more. Now they update their website
with new prices.
Click to expand...

I found an email this morning stating that the "free" option for SPI data was ambiguously described and that I had until today to register with the $65 per month or would lose that data. I am going to let it go as my interest is in XJO options and not completely necessary.

Investing.com has SPI data but it's not as good as I could get through IB. It's a shame but things change so have to adapt.
 
I have no data from these knuckleheads this morning, can anyone from Australia receive any data?
 
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