Monthly fees IBKR Pro
By - BuckSkinMinhh
I think I've read that it's 100k per account, but you don't need 100k in each account.
E.g. if you have 1 million, you can keep it all in one account and get 9 other accounts for free.
Let's say for example:
Account 1 has 140k
Account 2 has 14k
Will I pay a monthly fee?
Yes because the total is not 200k.
Also commissions are substracted from the monthly fee. So if you generate 5$ commissions in transactions your monthly fee is only 5$
The 10 usd fee is only for the IBKR Pro right? Not the IBKR lite?
There's no fee as long as your actively trading, generating $20/month commission minimum. However, they will nickel and dime on the data fees. I pay $4.50/month to get real time stock quotes. That one in particular really gets me because absolutely no broker I have ever found charges for live stock quotes. And here I am generating in the range of $20,000 per year in commissions for these people, so indeed they are ungrateful and greedy.
My CME data would be $20 per month in the bundle, but they waive it because I generate the minimum $20 in commissions each month.
So basically in a nutshell, you need to generate $20/month in commission with IBKR Pro, and you will only pay to get real time stock quotes for $4.50.
I do pay $120/month, but that's because I'm getting the ICE exchange for the softs. I trade those products, so I need it, and that's pretty much the way it is anywhere if you're gonna trade those futures products.
bro, 4.5 a month is 54$ a year, I just came off Questrade where I was charged 100$ a month for data.... 54$ is also nothing compared to ur commissions + if you have that much in commissions, you def won't have a problem paying for it lol, and that goes for any profitable trader...
It blows my mind that people get concerned about this type of charges. I mean i don't mean to disrespect the OP but if you have 100k in your account, paying 10$ a month shouldn't hurt
And that's why I'm there. They nickel and dime, but they are the only one I've found that has the product selection I need. I mostly trade futures/futures options, and they charge me .85/contract. When I occasionally do stocks and stock options, I pay a high commission. For example, I did a QQQ call spread 20 contracts on Friday, and I averaged over $1.10 per contract. I've traded with all the majors, and I my opinion is IBKR is the only way to go if you trade futures and stocks, and you are trading a lot of different kinds of products, perhaps some in international markets. However, you will do much better to use another broker if all you are going to trade is U.S. stocks and stock options. I would leave IBKR immediately if I didn't need them for the markets I trade. So for me, it has always been a love/hate relationship. In fact, I have my IRA at E*Trade, and I like everything about them better than IBKR. Far superior and easier to use software.
There is one other very important point I want to make about IBKR. Personally, I'm a futures trader, so I don't deal with paying margin interest. However, if you are a big user of margin, IBKR again, is the only way to go. No one touches their margin rates, and if you are the type of trader that carries a margin balance that margin interest will quickly eclipse your deal on free commissions at any of the other broker. For me, margin interest is rarely an issue, but it's a huge issue for stock traders.
What about if I need realtime data for options? How much do I pay and if I'm active enough do they waive off? Thanks
The real time stock options are included. I pay $4.50/month for the live stock quotes. The only charges I get are the $4.50/month for the stocks and $125/month for the ICE exchange. I hate paying that $125/month, but I need the ICE real time.
I have IBKR Pro. It might be that the stocks are included with IBKR Lite.
The way I view IBKR is they are like a low cost airline. They basically charge for everything. But overall they are pretty affordable and do give pretty good capabilities
I just thought of anther example of an IBKR nickel and dime charge. The fee for making a withdrawl. They give you one!!! I say again ONE free withdrawal per month. After that, they will charge you $1 for every ACH withdrawal you make or $10 for a wire (that's reasonable). I've traded with TDA, (Waterhouse before that), Ameritrade before is was TD Ameritrade, Brown and Company before it became E\*Trade, Fidelity, and before that Schwab. I have active accounts at IBKR, TDA, E\*Trade, and TradeStation, and not a one will charge me to make an ACH withdrawal except IBKR. They are nickel an dimers that will give you nothing, no matter how much commission you generate. So again, I say, use them if you need them. They are certainly using you too. But if you are a pure stock/stock options trader that doesn't use a lot of margin stay far far away from them. That's my opinion.
I am 22 years old so my monthly fees are only $3 USD/month, which is why I considered opening an IB account, as Questrade charges $4.95 USD/commission + 2% CAD to USD exchange rate while IB charges only 20 pip, with a minimal fee of $2.50 CAD. Long term buy and hold investor here, and I DCA about once every 2 weeks when I get my paycheck.