Post by lakon on May 4, 2016 11:12:13 GMT -5
For those who might want a new broker, as a customer, I have to say that IB is the most straight up and fair broker that I know. IMO, it has to do with the origin of their founder and their highly technical background. In some ways, they were on a mission to create a somewhat fairer system by using programmed policies as opposed to the old boys brokerage club of special privileges for special customers. Plenty of people complain about IB liquidating positions automatically. At least it is algorithmic as opposed to your broker screwing you, but letting their buddy take his time to meet a margin call... Anyway, you join or unjoin their automated lending program. Also, if you want, you can enter the loan market directly where you pick deals instead of letting them do it for you. That's a lot of work and risk mitigation, but you have the power. IB rates and loans adjust daily. IB is not for the novice, and they expect you to be professional. Don't ask silly questions. They do not suffer fools well. They have lots of online training, and they expect you to use it. Don't waste their time. That's my take. They used to have fairly high account requirements to avoid problems...
Not to unfairly push IB, but the recent article about Fidelity concerns me a bit. I still have Fidelity accounts, but I don't loan through them. Yet, as far as the most bang for your buck, Fidelity tends to pay the best, but they do not adjust their rates as quickly as IB.
From what I hear, Schwab is okay too. They are somewhere in the middle, not the best rates, but you get paid.
I think most of the other discount brokerages, like ET, AT, etc, screw you if they can. I still use them for certain purposes. ET has nice security and banking features, but not on topic.
Opinions vary. Good luck.
Not to unfairly push IB, but the recent article about Fidelity concerns me a bit. I still have Fidelity accounts, but I don't loan through them. Yet, as far as the most bang for your buck, Fidelity tends to pay the best, but they do not adjust their rates as quickly as IB.
From what I hear, Schwab is okay too. They are somewhere in the middle, not the best rates, but you get paid.
I think most of the other discount brokerages, like ET, AT, etc, screw you if they can. I still use them for certain purposes. ET has nice security and banking features, but not on topic.
Opinions vary. Good luck.