Brokerage/platforms terrible in Oz

[juw177]

Temjin, you dont need to subscribe to data feed to trade. You wont get any of the prices / depth etc when you place an order or look at the market, but once the stock is in your portfolio, you will see the price.

 

[Temjin]

That's perfectly fine, thanks alot guys.

 

[yada]

Just a question on the W8-BEN section of the application (to whoever might remember). Does the IRS with-hold or tax any portion of your proceeds or dividends?
Does trading the US (or other) stock market have additional tax complications?

ALSO,
When trading without market data, does one just submit their buy offer and periodically check the portfolio to see if it was successful.
I'm guessing there's no list of buyers or sellers when you submit a trade if you don't buy data.

 

[juw177]

One problem with IB: you cannot short any stocks after around noon. The number of shortable stocks reduce to 0 and orders do not get onto the market even though the status is "submitted". But the shortable stocks come back during the evening. Is IB looking into this problem?

 

[Steve-IB]

Has anyone successfully logged on using SSL? I have tried many times, and it keeps attempting numerous times, but never connects. I don't really want to send this sort of data unsecured. Any tips on how to get SSL working?
IB: SSL only works if you are on the US server. It's not supported on the Asian server. I'm not sure what data you are worried about sending though, as no financial info or account info is sent. If you are worried about security you can sign up for the STP device from Account Management or contact customer service for one (large accounts are automatically enrolled).

More than 50% of my trades still go through my old broker because of the volume limit of 500,000 shares. Wouldnt mind getting it up to 5 mil or higher or have no limit at all.
IB: This should have been raised. Will check.

Is subscription to market data compulsory? How does it affect the trading permission?
IB: You can trade without market data.

Do this AUD base currency account have access to ALL international stocks/futures/FX market and not limited to the Australian stock market only? My understanding of the trade permission on the IB website tell me otherwise, but I would like to get a confirmation from you.
IB: If you have a AUD base currency margin account, you can trade global products. If you requested for a cash account then you are restricted to the products in your base currency. You can easily upgrade to a margin account via account management.

When trading without market data, does one just submit their buy offer and periodically check the portfolio to see if it was successful.
IB: You can check the pending window, the account window, or the executions window - all of which update in real-time. Account Window is probably the best.

One problem with IB: you cannot short any stocks after around noon. The number of shortable stocks reduce to 0 and orders do not get onto the market even though the status is "submitted". But the shortable stocks come back during the evening. Is IB looking into this problem?
IB: No, I wasn't aware of it. But will look into it.

 

[sails]

If you're still there, Steve, just wondering if there is any update yet on Aus option combos?

 

[chops_a_must]

I'm definitely looking at starting an account in the short term. I just want to get a few things clarified from anyone here that can help answer my questions:

1. About the interest charged on the account. I understand that interest is only paid if the account is over 13k in value, inclusive of stocks. Does this mean, say for example the portfolio in the account is worth 10k, and 5k in cash totalling 15k all up, that interest is paid on the 2k in cash over 13k, the entire 15k, or the 5k in cash?

2. Are there any transaction fees for deposits and withdrawls to and from the trading account?

3. Are there any cancellation fees for orders on stocks and or futures?

4. Regarding the pattern trading rule in the US, if in the future I make 4 day trades in 5 days, with an account less than US 25k, can my account be frozen even if my base currency is in AUD and that I live here?

5. Am I able to start an account by transferring stocks rather than cash?

Any response from anyone with any knowledge would be much appreciated.

Cheers,
Chops.

 

[Steve-IB]

I'm definitely looking at starting an account in the short term. I just want to get a few things clarified from anyone here that can help answer my questions:

1. About the interest charged on the account. I understand that interest is only paid if the account is over 13k in value, inclusive of stocks. Does this mean, say for example the portfolio in the account is worth 10k, and 5k in cash totalling 15k all up, that interest is paid on the 2k in cash over 13k, the entire 15k, or the 5k in cash?

2. Are there any transaction fees for deposits and withdrawls to and from the trading account?

3. Are there any cancellation fees for orders on stocks and or futures?

4. Regarding the pattern trading rule in the US, if in the future I make 4 day trades in 5 days, with an account less than US 25k, can my account be frozen even if my base currency is in AUD and that I live here?

5. Am I able to start an account by transferring stocks rather than cash?

Any response from anyone with any knowledge would be much appreciated.

Cheers,
Chops.

1. 2k
2. Deposits - No (unless your bank charges you)
Withdrawals - you get one free withdrawal per month, after that it's A$15 each
3. Not for Australian products (there are cancel fees for Eurex products and US options only)
4. PDT rules only affect US stocks. They apply to everyone, regardless of currency or residency.
5. Yes. Open the account on-line, and ask the CS desk for an asset transfer form. You complete this, send it to us, and instruct your broker to deliver the shares. Takes about 2 days.

 

[Steve-IB]

In response to a couple of requests earlier:

Stock Order Size
- We will increase the number of shares per order maximum size to 2m

Short Stock Availability
- We have made a change so that the stock availability will be throughout the trading day.

Please note that it may take a day or two for these to go into effect, so let me know if next week there are any problems.

Option Spread Combo Availability
- Hopefully by Monday

 

[nikkothescorpio]

Steve,

Just a very quick and basic query on the interest paid to cash holdings within ones trading account - I've seen the link to the benchmark rates - thank you for this.

But can you confirm is the interest calculated daily & paid monthly? If not over which periods is this done?

Thanks in advance,

Nikko

 

[Steve-IB]

Steve,

Just a very quick and basic query on the interest paid to cash holdings within ones trading account - I've seen the link to the benchmark rates - thank you for this.

But can you confirm is the interest calculated daily & paid monthly? If not over which periods is this done?

Thanks in advance,

Nikko

Yes, it accrues daily and is paid monthly.

 

[chops_a_must]

1. 2k
2. Deposits - No (unless your bank charges you)
Withdrawals - you get one free withdrawal per month, after that it's A$15 each
3. Not for Australian products (there are cancel fees for Eurex products and US options only)
4. PDT rules only affect US stocks. They apply to everyone, regardless of currency or residency.
5. Yes. Open the account on-line, and ask the CS desk for an asset transfer form. You complete this, send it to us, and instruct your broker to deliver the shares. Takes about 2 days.

4. But not futures? Only stocks?

But thanks very much... it has been incredibly helpful and is much appreciated.

Cheers.

 

[yonnie]

hi Steve,

thanks for all your help in getting "Australia" off the ground.

 

[CanOz]

It would be interesting to know how many have switched to IB, someone thats got a little time could start a pole...or i could start one tonite.

Cheers,

 

[Steve-IB]

It would be interesting to know how many have switched to IB, someone thats got a little time could start a pole...or i could start one tonite.

Cheers,

not enough. .. please spread the word

 

[CanOz]

not enough. .. please spread the word

Actually Steve, why don't you advertise more on ASF?

 

[Spar]

Has anyone successfully logged on using SSL? I have tried many times, and it keeps attempting numerous times, but never connects. I don't really want to send this sort of data unsecured. Any tips on how to get SSL working?
IB: SSL only works if you are on the US server. It's not supported on the Asian server. I'm not sure what data you are worried about sending though, as no financial info or account info is sent. If you are worried about security you can sign up for the STP device from Account Management or contact customer service for one (large accounts are automatically enrolled).

Steve, Getting back on to the SSL question. Isn't security a big deal to IB? It sure is a big deal to all the major banks and online retailers! They are spending millions trying to secure their online sites. Account username and password is sent unencrypted across the net. That means anyone snooping can easy get into gain access to account info and then mess up all the trades. Why would the US have it and not the HK server? I'm sure everyone here would want someone else come in and buy/sell whatever.

 

[Steve-IB]

Steve, Getting back on to the SSL question. Isn't security a big deal to IB? It sure is a big deal to all the major banks and online retailers! They are spending millions trying to secure their online sites. Account username and password is sent unencrypted across the net. That means anyone snooping can easy get into gain access to account info and then mess up all the trades. Why would the US have it and not the HK server? I'm sure everyone here would want someone else come in and buy/sell whatever.

Like I said, the items you are concerned about are not sent anywhere unencrypted. I'm not going to post details of our security here.

Also, we have a token device which makes the account more secure so even with your username and password an alien could not acces the account.

(An intrusion is more likely on your PC level, and if someone access to your PC then SSL is the least of your worries - similarly if you decide to logon from an internet cafe or hotel, etc)

 

[Steve-IB]

You should now be able to display and trade option spreads. Make sure you understand the colour code of the quotes though. We will display the "implied" price if there is no native order, i.e. if there is no order at the exchange for that particular spread, then the price displayed is generated from the prices of the underlying.

 

[sails]

You should now be able to display and trade option spreads. Make sure you understand the colour code of the quotes though. We will display the "implied" price if there is no native order, i.e. if there is no order at the exchange for that particular spread, then the price displayed is generated from the prices of the underlying.

Thanks for the update, Steve. I just logged back into TWS to check it out, but still getting the same error message as illustrated in post #270. No problem, will see what happens Monday