What is the difference between Allocation Profiles and Account Groups?

Allocation Profiles are allocation directions that predetermine the accounts to be traded and to what degree.

Account Groups only define the accounts to be traded. The method of allocating shares to the grouped accounts must be defined prior to submitting the order.

Please note that an account can be part of both an Allocation Profile and an Account Group.

Find out more about creating a share allocation profile in the TWS Users' Guide. 

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What allocation criteria is available for the Allocation Order?
What are the group allocation methods?
How do I create an Account Group for share allocations in TWS?
How to create allocation groups in FA Portal?