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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: UnBelievable who wrote (250607)7/16/2003 9:18:43 PM
From: orkrious  Read Replies (2) of 436258
 
I haven't even decided what I'm going to do. There are two obvious advantages to them.

1) They are cheap.
2) You can trade all kinds of stuff there.

Disadvantages.

1) I am reluctant to keep more than 100k in cash in a brokerage account. In the day trading account I have I buy tbills. There is virtually no reduction in buying power from cash. I can keep my cash someplace other than IB, but then how do I short?

2) What do I do with my small cap miners? Nothing wrong with having a second account, but it complicates things. I will have to find another account someplace other than Harris, since if I take most of my money out of Harris they will start charging me per 1000 shares instead of 5000, and I have sizeable positions in most of these miners.

3) They don't allow you to write checks on your account. It is nice that they don't charge you for wires, but my brokerage accounts are in the name of my trust. I sometimes take money out and put it in my joint checking account. Most places won't let you wire funds to an account in a different name. I sent IB an email tonight. We'll see what they say.

Overall, I'm not sure I have a lot of choice. But you would think that there would be another alternative.
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