I'm trying to decide on which brokerage to use, and it seems like every other brokerage, besides interactivebrokers is quite user-friendly. I would like to use interactive brokers, for their low trading fees, but their platforms are quite daunting for the novice investor (even webtrader).
I've watched/used the demo of webtrade, but was quite confused after it was over. Does anyone have any websites to simplify how to use interactivebrokers webtrade platform? ... or any tips on how to use/understand the platform?
If you are set on using IB, their web interface is a simplified version of their java platform.
TWS offers more features than the web platform and the standalone TWS is a better choice then browser based version. It's faster, needs less memory, and won't crash with the browser. Unfortunately it's not as intuitive as other platforms and you really need to spend some serious hours studying instruction manuals and trying everything out in the simulated copy of TWS. You can run both simulated copy and real copy of TWS at the same time as long as you set the "socket port" to a different number here (eg. 7496 and 7498):
No other broker in Canada offers anything close to functionality of TWS, like accounts where you can keep cash in several currencies purchased very close to interbank rates, bracket orders (entry+target+stop transmitted with one mouse click), securities from overseas markets, US futures, etc. (why on earth would anyone trade Horizons BetaPro HOU/HOD, HNU/HND and all that, when you get better leverage, 24 hour market and lower risk trading crude oil or nat gas directly).
The best TWS manual is here (the link won't work in some browsers):
Other useful links: