- ago
Is there a table or narrative description of the functional differences between the WL API implementations for TWS vs. TDA, and the companies in general?

Here are my impressions and understandings so far, based on personal experience, research, and public comments:

1. Support for trading options: TWS - YES, TDA - NO
2. Margin Interest Rate: TWS - LOW, TDA - HIGH
3. Trading Fees: TWS - HIGH, TWA - LOW
4. Customer Support Experience: TWS - POOR, TWA - GOOD
5. User-Friendly Trading Platform: TWS - NO, TWA - YES
6. Support for Multiple Broker Accounts: TWS- NO, TWA - YES

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- ago
#1
Are there any trading functions (e.g., stacking trades/OCO, MOO, MOC) the API for TWS supports that TDA *doesn't*?
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MIH7
- ago
#2
Hello innertrader,

You can look at the APIs directly to find out what they offer.

https://interactivebrokers.github.io/tws-api/introduction.html
https://developer.tdameritrade.com/apis

For more information about the WL Framework and its API, see the Support tab.
Documentation can also be found within the software via "C# Coding QuickRef".

TWS is not a company, it is a software product of Interactive Brokers.

To compare two brokers you can just google "ib vs td ameritrade".
You will find a number of websites that will answer your questions.

WL, on the other hand, implements a multi-broker approach as far as I know, which means avoiding special functionalities of APIs.
Functionalities that are available across the brokers are supported. Exceptions should confirm the rule.


Hope it helps a little bit.
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- ago
#3
Hi @MIH thanks for responding. I should clarify I am asking about the WL8 specific implementation of these functions, not just what's in the vendor doc. I wanted to know if there is any loss of functionality moving from TWS API to TDA.
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- ago
#4
As everyone on this forum (as a trader) knows, it's common practice for brokers to hold a trade request for several seconds to capture "price improvements"--which they pocket for themselves--on a trade. The discount brokers especially like to do this.

TD Ameritrade typically has a several second delay on each trade request. For most of us, we don't trade enough to care about price improvements on each trade. The broker can pocket that. But if you're auto-trading, then this is a weird exception. You probably want those price improvements for yourself, so the several seconds of delay are working against you. In that particular case, you may want to pick a broker that fills the trade requests faster.
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- ago
#5
if your account is IB PRO then you can pick your commission scheme in IB TWS settings to optimize for either low-commission or execution - (not available in Lite, as trades are commission-free).

I have experimented with IB's lowest commission and frankly cannot see any performance loss. In this case IB picks the lowest-cost exchange for the trade. You end up using their full range of low-cost exchanges including dark pools.
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