I recently switched brokers from Schwab to Interactive Brokers. I mean, who can resist $1.00 commissions per trade? Well, it seems you get what you pay for. Their trading platform, Trader Workstation, seems like it is developed and managed by AMATEURS!

 

I like to pyramid into my positions, and I default to Last In First Out cost basis accounting. That means, when long, that I will always sell my most expensive lots first. IB will let you set that (outside of their trading platform) in your account settings and even provide an app that will let you chose the best cost accounting for each lot to maximize your gains. The issue is that their TWS platform will ONLY display First In First Out cost basis. So for me, now I can't even use their TWS platform for BASIC portfolio management since it does not accurately reflect my unrealized P&L!

 

I'd also like to add that I have received lousy customer service from them. It really seems like amateur hour over there. If I were you, I'd avoid them like the plague. Like I said, you get what you pay for. Don't let cheap commissions lure you to IB. If I didn't have open positions, I'd immediately close my account and transfer all my funds to another broker...probably back to Schwab.

 

*sigh*