Brokerage/platforms terrible in Oz
- Thread starter yonnie
- Start date
why would you have to pay your bank for their inquiries if its their mistake in the first place by not sending the details?
I would let them sort it out with IB and bugger if I would pay them anything.
I was assuming they would charge (as they do for most things).
Trying to get IB to respond in any kind of helpful manner is hopeless as they just keep putting one line answers and closing cases, they even told me they contacted my bank direct to get the info but my bank, claims nobodys contacted them, great I'm stuck in the middle of 2 faceless parties who aren;t in the slightest bit bothered.
I definitely will not use a web only broker again, it like getting blood out of a stone (and I still aint got my money back).
and IB got no name of the man/woman they spoke to at the bank?
well I mentioned the customer service before, but I got pooh poohed. its a pity but my experience is that the customer officers are good at throwing the ball back in your court and not really going out of their way to solve things. they might have to train people that are more specialized in certain areas. like Steve said that IB got so many different things going on that it is impossible to know it all. might have to have the front desk routing the calls/emails/chat to the right department.
a good organisation will save heaps of money when problems get solved the first time around.
well I mentioned the customer service before, but I got pooh poohed. its a pity but my experience is that the customer officers are good at throwing the ball back in your court and not really going out of their way to solve things. they might have to train people that are more specialized in certain areas. like Steve said that IB got so many different things going on that it is impossible to know it all. might have to have the front desk routing the calls/emails/chat to the right department.
a good organisation will save heaps of money when problems get solved the first time around.
and IB got no name of the man/woman they spoke to at the bank?
well I mentioned the customer service before, but I got pooh poohed. its a pity but my experience is that the customer officers are good at throwing the ball back in your court and not really going out of their way to solve things. they might have to train people that are more specialized in certain areas. like Steve said that IB got so many different things going on that it is impossible to know it all. might have to have the front desk routing the calls/emails/chat to the right department.
a good organisation will save heaps of money when problems get solved the first time around.
No they're not interested maybe if my account transfer was £100k+ they might be but £10k account doesnt seem to push their CS reps to be arsed.
Looks like they're operating out of some other country in Europe as I was only getting pigeon english on the chat function which makes it even harder to get sense, but I suppose you get what you pay for.
imo Good CS can make a good company great (or at least appear to be!) but its a symptom of the call centre culture that means it doesn't happen so much anymore.
** Steve-IB if you can help in this I would very much appreciate it as I am getting nowhere with your "help" desk and My bank say they have definitely not received any money so they want me to get a contact at Citibank and at IB so they can liaise.
- Joined
- 16 June 2005
- Posts
- 4,281
- Reactions
- 6
Hi Steve,
Couple more questions for you, if you don't mind!
Reading on another forum, I was reminded that IB has (or did have) order cancellation fees. Will this apply to Oz options? If so, what is the cost and can they be waived if a certain number of trades are taken? Are there any fees for amending the price or quantity of an order?
When ready to open an account, do we (joint account) just proceed with the current account application for Australia - or is it a different account application for options?
Cheers
Couple more questions for you, if you don't mind!
Reading on another forum, I was reminded that IB has (or did have) order cancellation fees. Will this apply to Oz options? If so, what is the cost and can they be waived if a certain number of trades are taken? Are there any fees for amending the price or quantity of an order?
When ready to open an account, do we (joint account) just proceed with the current account application for Australia - or is it a different account application for options?
Cheers
- Joined
- 14 August 2007
- Posts
- 6
- Reactions
- 0
Well you get what you pay for. If you think you pay a lot for commission look at the components.
You pay execution
You pay clearing
You pay exchange fees
It deosn't leave much for the broker. They have operation staff, capital requirements, developers for trading platform and the support staff to answer the phone when it breaks. They also have to have licensed traders to take your orders too. Not only that you are trading over the internet which your broker has no control over. Trades might be slow or fills slow to report but it is likely your ISP and not your broker. If you spend money on a system then you can expect better performance. Discount brokers are just that fellas. You get what you pay for.
You pay execution
You pay clearing
You pay exchange fees
It deosn't leave much for the broker. They have operation staff, capital requirements, developers for trading platform and the support staff to answer the phone when it breaks. They also have to have licensed traders to take your orders too. Not only that you are trading over the internet which your broker has no control over. Trades might be slow or fills slow to report but it is likely your ISP and not your broker. If you spend money on a system then you can expect better performance. Discount brokers are just that fellas. You get what you pay for.
about shorting
have never shorted before and I`m wondering how that works with the money.
I understand that I get the proceeds into my account. is that blocked/reserved somehow until I buy back those shares?
Do I also have to put up money myself if the value doesn`t change?
And if the value changes and goes up or down?
thanks
have never shorted before and I`m wondering how that works with the money.
I understand that I get the proceeds into my account. is that blocked/reserved somehow until I buy back those shares?
Do I also have to put up money myself if the value doesn`t change?
And if the value changes and goes up or down?
thanks
I've shorted my first stock. It is the same as a long except reversed:
Yes, you get the proceeds from the sale as usual, minus brokerage and you lose the stock you sell. So your cash value will increase while your stock value will decrease.
Your stock position will show as having negative value. As the stock value decreases, the negativity will decrease, so your equity increases.
The cash is not blocked as long as your net value is above the maintenance margin.
However, I am not sure about the margin. Is short selling is 100% on margin? And since we get charged interest on the margin do we pay interest on the cash proceeds from the sale or pay interest on the current stock value?
And how do we make up for the lost dividends of holding a short?
Steve, care to comment?
Yes, you get the proceeds from the sale as usual, minus brokerage and you lose the stock you sell. So your cash value will increase while your stock value will decrease.
Your stock position will show as having negative value. As the stock value decreases, the negativity will decrease, so your equity increases.
The cash is not blocked as long as your net value is above the maintenance margin.
However, I am not sure about the margin. Is short selling is 100% on margin? And since we get charged interest on the margin do we pay interest on the cash proceeds from the sale or pay interest on the current stock value?
And how do we make up for the lost dividends of holding a short?
Steve, care to comment?
- Joined
- 10 July 2007
- Posts
- 132
- Reactions
- 0
Sorry if this is a dumb question, but how do I go short?
IB: To short, you just sell a stock that you do not own. You can see an updated short list on our website here:
http://individuals.interactivebrokers.com/en/trading/shortableStocks.php?ib_entity=llc
Or you can just try and sell the stock – you will get a message telling you if it’s not currently available to short.
With options? When I try to order an option it say option not found.
IB: Options should be launched before Monday (commission $1.88 plus ACH fees)
If you can help in this I would very much appreciate it as I am getting nowhere with your "help" desk and My bank say they have definitely not received any money so they want me to get a contact at Citibank and at IB so they can liaise.
IB: Caleb, if you sent funds which came to us without any details then they would be returned to the bank. However, there is usually a 5-7 day turnaround time (I don’t know why it takes Citibank so long). The HK desk, also available on the Australian phone number on our website, will be able to check if we have received any “unknown deposits” and will be able to check with Citibank if and what day these funds were returned. Citi will also provide a reference which your bank can use to track. Of course, this assumes that these funds are yours – the whole problem with an unknown deposit, and returning the funds, is that we don’t know who they belong to. The more info you provide the better – particularly if you can e-mail a receipt to us. If you contact the desk ask for a case number – I can check up on this if you PM to me.
Reading on another forum, I was reminded that IB has (or did have) order cancellation fees. Will this apply to Oz options? If so, what is the cost and can they be waived if a certain number of trades are taken? Are there any fees for amending the price or quantity of an order?
IB: No fees for cancels or modifies on Australian options. This is something we charge on some of the US exchanges (who charge us).
When ready to open an account, do we (joint account) just proceed with the current account application for Australia - or is it a different account application for options?
IB: Same application.
I do not understand some jargons on my IB account. Can anyone help me explain the meaning of the following?
IB: All in the user guide on the website. Also on the actual account window which displays this “jargon” you should see a “?” symbol (or go to help) and you will be taken to the explanations. You can also set the cursor so that when pointed to the word it will give the calculation or definition.
I am not sure about the margin. Is short selling is 100% on margin? And since we get charged interest on the margin do we pay interest on the cash proceeds from the sale or pay interest on the current stock value? And how do we make up for the lost dividends of holding a short?
IB: The margin is the same for shorting (50%). You only get interest on cash proceeds if over A$120k. If you are short over a dividend record date then you are liable for the dividend and possibly an extra 40% due to the franking – so you may wish to think twice before shorting over the record date.
IB: To short, you just sell a stock that you do not own. You can see an updated short list on our website here:
http://individuals.interactivebrokers.com/en/trading/shortableStocks.php?ib_entity=llc
Or you can just try and sell the stock – you will get a message telling you if it’s not currently available to short.
With options? When I try to order an option it say option not found.
IB: Options should be launched before Monday (commission $1.88 plus ACH fees)
If you can help in this I would very much appreciate it as I am getting nowhere with your "help" desk and My bank say they have definitely not received any money so they want me to get a contact at Citibank and at IB so they can liaise.
IB: Caleb, if you sent funds which came to us without any details then they would be returned to the bank. However, there is usually a 5-7 day turnaround time (I don’t know why it takes Citibank so long). The HK desk, also available on the Australian phone number on our website, will be able to check if we have received any “unknown deposits” and will be able to check with Citibank if and what day these funds were returned. Citi will also provide a reference which your bank can use to track. Of course, this assumes that these funds are yours – the whole problem with an unknown deposit, and returning the funds, is that we don’t know who they belong to. The more info you provide the better – particularly if you can e-mail a receipt to us. If you contact the desk ask for a case number – I can check up on this if you PM to me.
Reading on another forum, I was reminded that IB has (or did have) order cancellation fees. Will this apply to Oz options? If so, what is the cost and can they be waived if a certain number of trades are taken? Are there any fees for amending the price or quantity of an order?
IB: No fees for cancels or modifies on Australian options. This is something we charge on some of the US exchanges (who charge us).
When ready to open an account, do we (joint account) just proceed with the current account application for Australia - or is it a different account application for options?
IB: Same application.
I do not understand some jargons on my IB account. Can anyone help me explain the meaning of the following?
IB: All in the user guide on the website. Also on the actual account window which displays this “jargon” you should see a “?” symbol (or go to help) and you will be taken to the explanations. You can also set the cursor so that when pointed to the word it will give the calculation or definition.
I am not sure about the margin. Is short selling is 100% on margin? And since we get charged interest on the margin do we pay interest on the cash proceeds from the sale or pay interest on the current stock value? And how do we make up for the lost dividends of holding a short?
IB: The margin is the same for shorting (50%). You only get interest on cash proceeds if over A$120k. If you are short over a dividend record date then you are liable for the dividend and possibly an extra 40% due to the franking – so you may wish to think twice before shorting over the record date.
I`m moaning sometimes about the customer service, but am very impressed with IB`s platform.
I had a gamble on PRR last week with a tight stop loss, and wow when the price hit the stop loss price, I was out in a second. Praise where it is due.
Steve, the highest volume order is 500,000.
could you make that 10 million and how far are the programmers now?
I had a gamble on PRR last week with a tight stop loss, and wow when the price hit the stop loss price, I was out in a second. Praise where it is due.
Steve, the highest volume order is 500,000.
could you make that 10 million and how far are the programmers now?
- Joined
- 16 June 2005
- Posts
- 4,281
- Reactions
- 6
Hi Steve,
Sent you a pm a few days ago, but perhaps your pm box is full, so will ask again here.
We are wanting to open a joint account - just one account with two names. Can this be achieved under the individual application? (Family & Friends application appears to have multiple accounts which we don't want.)
Many thanks!
PS - If anyone else can help while waiting for Steve to reply, please let me know - thanks!
Sent you a pm a few days ago, but perhaps your pm box is full, so will ask again here.
We are wanting to open a joint account - just one account with two names. Can this be achieved under the individual application? (Family & Friends application appears to have multiple accounts which we don't want.)
Many thanks!
PS - If anyone else can help while waiting for Steve to reply, please let me know - thanks!
- Joined
- 9 July 2006
- Posts
- 5,922
- Reactions
- 1,590
- Joined
- 15 March 2007
- Posts
- 28
- Reactions
- 0
Hi macca,
I am using Tricom at the Gold Coast. Very happy with their service.
Not happy with the margin the SFE charge on the SPI. It is now $8000 so on a $10k account you can trade one lot!
Tricom's phone no is 1300 736 611.
Regards.
Rogue Trading
- Joined
- 16 June 2005
- Posts
- 4,281
- Reactions
- 6
- Joined
- 16 July 2007
- Posts
- 39
- Reactions
- 0
Caleb2003 and al others contemplating opening an IB account,
I had similar problems to caleb2003 and can understand his anxiety. However, as Steve states, it is imperative to list your IB account # when sending funds. I can also understand the problems it causes IB when this info is not listed.
It probably would be better if IB placed the money into a suspense account until it was claimed by the sender rather than just send it back to a bank. I had big problems finding my money but to Steve's credit, he came to the rescue and I had several people in IB working n it.
Caleb2003, I think you should have another go at it as I have found IB's platform awesome.
A big thank you to you, Steve, for your interest.
What IB pub relations fall down in, their platforms certainly compensates.
cheers.
oldpos
