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What makes IB better then TOS? IB is more international. But in the end you will need at least 3-4 Brokers for a decent international exposure.
by joyjoyjoy 7y ago
What makes IB better then TOS?
IB is more international. But in the end you will need at least 3-4 Brokers for a decent international exposure.
- hbosch 7y agoIn general, the top reason to pick IB is for it's customizability and it's super low commissions. TOS/TDA has some of the highest commissions in the industry at something like $7.95 per trade (before negotiating).
- brianpgordon 7y agoIB's commission structure is great if you trade frequently, but not for the average "sock money away in index ETFs for retirement" kind of investor.
- throwaway9d0291 7y agoHow so? Assuming you're buying say $3k of SPY each month, you'll pay $1/month. Why is that not great?
- brianpgordon 7y agoIf you have less than $100k in your account then you must spend at least $10/mo on commissions. If you fail to spend $10/mo then they'll just charge you the difference as an activity fee.
- throwaway9d0291 7y agoThat's true but I suspect most retirement accounts are worth the $100k.
- throwaway9d0291 7y agoFor me: - TOS (TD Ameritrade's ThinkOrSwim platform for those unfamiliar) has a much nicer platform but the commissions are so absurd that I just don't consider it. - IB is cheap. - IB is great for international exposure. I really don't think you do need another broker. What other broker is superior to IB in which markets? - IB is amazing at handling multiple currencies. You can deposit and withdraw in any currency I've had need to care for and they're usually local accounts in the relevant country (e.g. USD in US, EU in EU, GBP in UK, CHF in Switzerland etc.). You can also easily and extremely cheaply convert between them. - IB has an API you can use with low effort and zero cost. TDA does not.