Good evening Profitly! Tonight I have a question for you guys. Should I use Interactive Brokers or Etrade? I currently use Etrade but may switch soon. Let me run you down on my situation.
Now a lot of people know and don't know that I'm a young trader (only 18) and I'm happy to have had success early in my life. (Currently up 5k on one trade right now!) However, I live in Nebraska so I'm not allowed to have my own account until I'm 19......it's very annoying. So all of my trades have come through a custodial account which has sooooo many restrictions. (And you thought the PDT was annoying). Basically when I turn 19 I will not only get my own account but I will have a margin account since I'm well over a 2k account now. The two major bonuses here are shorting and my money being settled right away. I'm beyond excited to short, I've been studying it for two years.
So now I'm faced with the question Interactive brokers or stay with Etrade. I love Etrade's pro software and love that I get it free. So the decision basically comes down to execution and shorting abilities. I know both are great to short with so that's why I can't make up my mind. Is there any other perks of IB that would be worth the switch?
If you guys have any input please comment or DM me.
Thanks everyone.
Etrade also executes trades much quicker than most brokers which is nice. Again though, shorting is something i hear a lot of complaints about. Finding shares so to speak
@ftmanglona Interesting. And I should have mentioned I do have enough for IB. It's only 3k since I'm under a certain age. I think its 24 or 25
@HoustonParker oh thats interesting. The more you know. Well i hear that IB is like the holy grail.
@HoustonParker I have etrade and IB, and I use IB for 95% of my trades. IB Executions are often lightning fast, and are often at a good price. If you are going to scale into trades Etrade will crush you with commissions, but statistically my round trip IB trades are about $15 while etrade will be at least $20. If it were not for Etrade pro I would be strictly STT and IB. Good Luck!
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