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Interactive Brokers is one of the largest online discount brokers in the world. They average over 1,, client trades every trading day and offer an incredibly wide array of products to trade.
A lot of professional traders, hedge funds, and other institutions choose Interactive Brokers as their broker for stocks, options, futures, and forex in the US and abroad. We can see why. On the surface, Interactive Brokers looks like a great choice. They have very cheap commissions and offer access to products that other brokers do not, like US dollar futures that trade on the Mexican Derivatives exchange or options on Euro-Bund futures. For one, IB charges for order cancelations.
The exact pricing structure for canceling orders is opaque and not easy to understand. Order cancellation fees are off-set be executed trades, but the problem occurs when total cancelled orders exceed the number of executed orders for the day. Very few brokers charge for oder cancelation, and IB is one of them.
At The Options Bro, we like to put on a lot of futures positions and short options positions, and IB was not happy with this. IB is not paying employees to actively look at the risk of all of their client accounts. Instead, they have an algorithm that determines the daily exposure fee pricing and charges clients accordingly. We held this exact same position with three different brokers and there was no problem with the margin risk team at all — IB was the only brokerage firm that gave us a hassle.
We this said, we had an account with Interactive Brokers for approximately three months, and it was the worst three months of our lives — seriously.
Not only were we charged a bundle of stupid fees, but we also had several of our positions auto-liquidated that resulted in moderate losses. In one instance, we had too many futures positions in our account, and our margin buying power temporarily went negative due to futures exchanges raising the margin requirements for their products. IB did not provide us this courtesy. This causes more forced selling and an eventual account blow up. Options spreads can often be very wide for a number of reasons.
Plus, if you think the daily exposure fee for out short futures position is a gyp, the daily exposure fee for short options positions is ever worse, because the theoretical losses are much greater — if not unlimited. Our aim is not to speak negatively of Interactive Brokers. Rather, we are merely trying to state the facts and expose the truth. And in this case, the truth is that Interactive Brokers is simply a bad choice of options and futures traders. If you are an existing Interactive Brokers client, access the IB login by clicking the appropriate button below.
Futures trading offers traders access to stock indexes, fixed income, currencies, and commodities globally. Are you wondering where to buy bitcoin futures?
Well, bitcoin futures are now available to trade on the CFE, the Options Bro December 13, Auto-Liquidating High-Risk Futures Positions We this said, we had an account with Interactive Brokers for approximately three months, and it was the worst three months of our lives — seriously. Options Trading Nightmare We were certainly not the first IB clients to have issues with auto-liquidation algorithms.
Short Options Positions with Interactive Brokers Options spreads can often be very wide for a number of reasons. Final Thoughts Our aim is not to speak negatively of Interactive Brokers. Futures Options and Futures Trading Futures trading offers traders access to stock indexes, fixed income, currencies, and commodities globally.