Margin seems pretty expensive too and AFAIK they auto liquidate you rather than letting you meet the call. That's not great in both dimensions.

What the fuck are you talking about dude? They have rock bottom margin rates, like multiple % lower than you get with retail brokers like schwab, etc

Who do you like that's cheaper? IBs margin rates max out around 2% in the US, which seems quite low.

The best tier is about 30bps over fed funds or libor, doesn't matter in the current environment. I've seen better from major banks.

This is on top of the other downsides that I mentioned.

It would be fine if the financing terms were worse, but everything else was better as long as your total costs are lower.