OmniVest User Forums
Questions on Using the Trade Processor
IB or GXtrader, what would you recommend?
15 replies, 1925 viewings
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OmniVest User Forums
Questions on Using the Trade Processor
IB or GXtrader, what would you recommend?
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Last Activity 7/17/2018 6:22 PM 15 replies, 1925 viewings |
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Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands  User Profile |
Secondly, given all of the TP vs IB-issues that I read in this forum, I am wondering whether sticking to my IB account would be wise, once I put the TradeProcessor to work on the account. You see, I have no problem with opening (yet another ;-) brokerage account, since I want to make sure things get executed automatically (which is, for a starter, the whole concept behind OT/OV anyway). But it also needs to be running without the fuss. I suspect TP and IB will remain a pain in the ass, but maybe I'm wrong? Could anyone advise on this? Thanks! | ||
| Steve2 Elite    Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
As far as brokers go, each offers different account features and cost structures and I'd suggest you decide based on what's best for your situation. Steve | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
The server version of TP -on IB as well- is very much to be preferred, of course. @Nirvana: could someone please comment on that? (Just give some guidance here - if I have to make a switch, I will, as I would not like to be waiting for months and months more. | ||
| Steve Mayo Legend Posts: 414 Joined: 10/11/2012 Location: Austin, TX User Profile |
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| Bruce Britt Regular Posts: 81 Joined: 10/11/2012 Location: Louisiana User Profile |
The only drawback is the occasional need to call the guys at GX to request that a symbol be added to the short-able stock list. But my strategies do not take a lot of shorts, so its not a significant issue - and the guys at GX are easy to reach by phone and are always very prompt and accommodating - they have always been able to obtain the symbols I needed. Like many others, I'm waiting for the server based version of TP that will trade my IB account also. Hopefully we will get an update on that soon. Bruce | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
At the moment, we over here (The Netherlands) do not (yet) have a capital gains tax. (But don't you get too excited about that - instead, we're taxed on a presumed interest of 4% - darn... ;-) Still - it's a point worth considering: do I want to be dealing with yet another institution? | ||
| Barry Cohen Icon  Posts: 1844 Joined: 10/11/2012 User Profile |
IB runs great in the beta version, but it cannot be run in Server Mode due to the current requirement of needing IB Gateway. While it is possible to get a connection to IB without using IB Gateway, it is not an easy process for us to get that developed. It is something we want to do, but it isn't going to happen in the near future. Until that time, we have no plans to discontinue support for IB (as well as MBT & GXT) in the desktop version of the Trade Processor. | ||
| kmcintyre Elite Posts: 890 Joined: 10/11/2012 Location: Portland, OR User Profile |
Keith | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
Or I'm missing something here, but I don't see what that would be ;-) Here are some details + source for anyone's later reference as well. GXtrader: http://www.gxtrader.com/marginschedule.aspx -------------------------------------------------------------------------------- Less than $250,000 7.75% $250,000 - $999,999.99 7.25% $1,000,000-$9,999,999.99 6.75% $10,000,000 and above 6.25% Interactive Brokers: https://www.interactivebrokers.com/en/index.php?f=interest&p=schedule2 -------------------------------------------------------------------------------- 0 - 100,000 1.63% (BM + 1.5%) 100,000.01 - 1,000,000 1.13% (BM + 1%) 1,000,000.01 - 3,000,000 0.63% (BM + 0.5%) 3,000,000.01 - 200,000,000 Greater of 0.5% or (BM + 0.25%) When calculating rates, keep in mind that IB uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, IB will use the greater of the benchmark rate and 0. That seems like an awful lot of $ you would be overpaying when shorting on a GxTrader account. In other words, you'd prefer to trade shorts on an IB account, wouldn't you? :) | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
Thank you for your clear answer, what to expect and what not. I shall make up my mind, taking all pros and cons into account. I may choose to run TP on a dedicated machine in the cloud, using the desktop version of TP and connecting to IB. (I'm not pretty comfortable with running the desktop version of TP on a local machine, you see, as it will need a high % of uptime.) Thanks again, Stan | ||
| Jim A Regular Posts: 65 Joined: 10/11/2012 Location: International Falls, MN 56649 User Profile |
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| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
I had hoped, as Nirvana is commercially involved in GX, that GX would do better than this. Not being able to short stuff, wel... that seems quite stupid given the short-options in OV in the first place. So Nirvana may reconsider why they should stay involved with GX, or have GX get their act together - and offer broader service? Who knows. Anyway - it's a good thing to know that GX will therefore not be "my cup of tea" as they won't allow me to short properly. So I will stick to IB as well. They have never let me down. Only too bad, that there won't be a server version of TP on IB. So instead, Amazon AWS or the likes should be used. | ||
| Jim Dean Elite Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
The new deal with TradeKing obviously has rearranged priorities somewhat. I have "understood" the promise re IB support on the N server to mean that it will likely be available before the end of this year. Barry ... if that is too optimistic, could you please clarify the likelihood a bit further? I hope y'all have not "given up" on doing it for the time being, but that it is still "in process". [Edited by Jim Dean on 4/19/2015 7:15 PM] | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
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| Jim Dean Elite Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
[Edited by Jim Dean on 4/20/2015 4:00 AM] | ||
| Flying Dutchman Member Posts: 24 Joined: 3/17/2014 Location: The Netherlands User Profile |
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