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Is anyone using Light Speed?

Discussion in 'Online Brokers' started by tom, Jun 24, 2016.

  1. tom

    tom Administrator Staff Member

    I've had people ask me about Light Speed (formerly Livevol Securities). Is anyone using them? What are your thoughts about them?
     
  2. Kevin Lee

    Kevin Lee Well-Known Member

    Wow... Their commission rate is very attractive. Does anyone know whether there are other hidden costs? Any ticket charge or min per trade?

    upload_2016-6-24_14-45-25.png
     
  3. Aditya

    Aditya Well-Known Member

    I believe the minimum is 1.5 per order. They also add on exchange fees and small routing fees. For SPX it comes to a little over 1$(I think), for things like SPY it's cheaper (around .8 I think).
     
  4. Aditya

    Aditya Well-Known Member

    FYI - I'm in the process of moving some of my account to Lightspeed as my negotiations with TOS didn't quite work out (they want 1000 contracts a month to offer me 1.25$ per contract). I think we get to use both IB tools and LVX (which might be a benefit for a few). However, I think I'll still very much need TOS for option analysis and plan to use LVX only for order execution.
     
  5. Bohdan

    Bohdan Well-Known Member

    Aditya,

    I am ALSO VERY INTERESTED..!!

    When doing your research...although commission/contract is VERY ATTRACTIVE..ASK THEM IF...THERE IS A MINIMUM TICKET CHARGE..!
    That's how they usually get 'ya.

    IF ANYONE ELSE is interested PERHAPS,we as ONE GROUP we can approach them for preferred RATES & SERVICE.

    THANKS,
    Let me know,
    Bohdan

    Also,...Tom N. Thanks for creating this thread !!
     
  6. stevegee58

    stevegee58 Well-Known Member

    The argument I've always heard for TOS vs IB is that with TOS you're basically paying for their nice analysis tools. You may find that paying for a tool like OptionVUE and using IB as your broker is more cost effective.
     
  7. Bohdan

    Bohdan Well-Known Member

    I think they are equally BAD..so my rationale is STAY CONSISTENT..!!

    I BELIEVE that TOS is a horrible platform , and am exploring LIGHTSPEED,basically an arm of IB & LiveVol.
    Maybe it's a functiion of current volatility, however...WHEN a PLATFORM DOES NOT ALLOW YOU TO SET DEFAULTS to
    BUY on BIDS,and SELL on OFFERS, I wonder whose side they really are on.
     
  8. stevegee58

    stevegee58 Well-Known Member

    Weeeeeeeeeel I was thinking more along the lines of having nice risk graphs. TOS has 'em, IB doesn't.
     
  9. Bohdan

    Bohdan Well-Known Member

    LiveVol HAs THEM..and HOW
     
  10. Aditya

    Aditya Well-Known Member

    If you look here - https://www.lightspeed.com/trading-platforms/livevol-x/#livevolx-pricing
    Minimum is 1.5 per order.
    I'd be up for that - I believe CD had some offer knocking a nickel off the price (I think Jim Riggio mentioned it in one of the Round Table videos but can't remember which one). I asked them for the .05 discount and they said they applied it to my account.
    I also called and asked them if they charge cancellation fees - the guy I spoke to said you only get charged routing fees /exchange fees if you get filled.
    Look here for additional fees https://www.lightspeed.com/pricing/routing-fees/
     
    Last edited: Jun 24, 2016
  11. tom

    tom Administrator Staff Member

    I knew a SOM mentoring student years ago who had a $5mil IB account and a $5k funded TOS account. He would do his analysis in TOS and live trades in his IB account.
     
  12. Aditya

    Aditya Well-Known Member

    Tom, since you know IB well and use it, would it be possible for you to give us a demonstration on using TWS for basic option strategies discussed in this forum whenever you get a chance?
     
  13. Steve S

    Steve S Well-Known Member

    I would say that IB and TWS are all about the API (I've been coding against it for 15 years, so speaking from long experience). The API is incredibly flexible and useful; it will change your trading life if you make an investment there. Without the API (just TWS), there's nothing there to impress anyone, in my opinion.
     
  14. tom

    tom Administrator Staff Member

    I made a video for this a while ago:

     
    PK and Aditya like this.
  15. Gabor Maly

    Gabor Maly Well-Known Member

    Not that it makes a huge difference but notice that if you want to open up a Livevol X account you get a quote of 0.65cents as opposed to 0.60 for using Lightspeed's flagship platform Lightspeed Trader in line with your screenshot. Livevol X accounts are cleared through IB. I have been with Livevol X for more than a year, there are no hidden costs, no round trip charges. Min fee is 1.5 per order. Cancellation fees are negligible and I do cancel a lot. Platform is very reliable, order management and execution is quick and easy to use, but its analytics is nowhere near as good as that of TOS so you need OV or ONE on top of it. Charting is weak ( I am using TOS for that), conditional orders and alerts do not exist. Hopefully they will be adding in some additional nice features over the next year.
     
  16. Aditya

    Aditya Well-Known Member

    Thanks - I hadn't seen this - I'll take a look at this.
     
  17. Teddy

    Teddy Well-Known Member

    I used IB and Tos. I do not like the Tos execution. I think it executes, but tends to give a more expensive price. I also noticed that Tos is not all that stable.
    There are also a few features on IB that I really like...eg Unrealized profit or loss which hi-lights it in green and red. I know which options make or lose money.
     
  18. JackH

    JackH New Member

    I used Lightspeed in the past (prior to livevol integration). The platform is very good for equity trading/scalping. You can customize hotkeys which allow you to enter orders very quickly. It used to not allow complex option orders on the platform but again this was a few years back. The addition of livevol platform would be great for option trading now, but the at 0.65 per contract it is only 0.05 less than IB so not really worth it to switch over. I don't know if you can get their less expensive rate shown above if you use the livevol platform. But even with the lower lightspeed commission rate above if you trade RUT/SPX/SPY they add 0.40/0.62/0.20 per contract so again the total is pretty similar to IB. In the past capital discussions used to have a discount (0.05/0.1 per contract) with Livevol, is that still in place?
     
  19. tom

    tom Administrator Staff Member

    Jim was going to talk to Lightspeed to see if we can get that discount again. Still waiting.
     
  20. Last edited by a moderator: Oct 19, 2016

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