Just getting started here on the platform. Was hoping to get some feedback as far as which custodian I should run auto trading through... Schwab or Interactive Brokers? I read some of the postings and Interactive Brokers seems more robust but with IBKR you need Pro version which entails commissions on trades. Its not exorbitant but still detracts from performance. On the other hand, Schwab seems more elementary but it appears based on posts that you have to update Key every 7 days. Not sure if there are any other isolated things that Interactive Brokers makes you do. Regardless, looking forward to feedback from anyone on which one to go with.
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Rename
I use both (a good option) and both have advantages.
Schwab ThinkOrSwim charting is nice to monitor the market, option chains, etc. IB TWS has charting and chains too, but they're not nearly as convenient to use.
Apart from the commission aspect (share size matters), I think it depends mostly on the trading frequency and if you plan to trade futures - which at least currently Schwab's API doesn't support (last I checked).
Auto-Trading with IB is lightning fast over the API - definitely the winner. Schwab is sluggish in comparison and can take a few seconds to send in a handful of orders.
Data:
Schwab only returns 6 weeks (1-Min) to 18 months (30-Min) intraday.
IB has long histories (intraday back to 2007 at least), but is far slower to download historical data. Request long histories for intraday overnight!
More info here about streaming and more -
https://www.wealth-lab.com/blog/wealthlab-data-providers
Schwab ThinkOrSwim charting is nice to monitor the market, option chains, etc. IB TWS has charting and chains too, but they're not nearly as convenient to use.
Apart from the commission aspect (share size matters), I think it depends mostly on the trading frequency and if you plan to trade futures - which at least currently Schwab's API doesn't support (last I checked).
Auto-Trading with IB is lightning fast over the API - definitely the winner. Schwab is sluggish in comparison and can take a few seconds to send in a handful of orders.
Data:
Schwab only returns 6 weeks (1-Min) to 18 months (30-Min) intraday.
IB has long histories (intraday back to 2007 at least), but is far slower to download historical data. Request long histories for intraday overnight!
More info here about streaming and more -
https://www.wealth-lab.com/blog/wealthlab-data-providers
Thanks Cone... appreciate the insight.
Was going to start with mostly trading ETFs. IBKR looks pretty involved to set up and their customer support is awful from my experience.
However, updating the Schwab key every week isn't ideal but not the worst.
May make sense to utilize similar game plan that you have... one account with each.
Was going to start with mostly trading ETFs. IBKR looks pretty involved to set up and their customer support is awful from my experience.
However, updating the Schwab key every week isn't ideal but not the worst.
May make sense to utilize similar game plan that you have... one account with each.
There's also Tradestation and Tradier as options.
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