- Joined
- 10 July 2007
- Posts
- 132
- Reactions
- 0
It's held in our custodian, Fortis Clearing Sydney's, account. So you would transfer shares to Fortis Clearing Sydney, a/c Interactive Brokers, your account Uxxxx etc
Question for Steve-IB
I probably missed it elsewhere, but just how are transferred shares held, and traded shares, if not as Chess?
Thanks
also what kind of ID and documents do you need to open an account?
also somewhere on the site it states that you need to have done at least 100 trades. is this a condition or just a recommendation? will you need to see my trade records?
Hi SteveIB,
Thanks for all the helpful replies, should encourage more people to sign up as things become clearer about IB.
Re the US$5000 initial deposit to IB's citibank ac to open- does this minimum have to be maintained or can we withdraw funds straight away?
Commsec for example only requires an initial $5k to open a CDIA (cth direct investment ac for funds to be cleared into) and then no ongoing ac min, they only pay interest above 5k balances though.
I assume the citibank ac which is used for clearing funds does not have ac keeping fees or other fees?? Wonder what their interst rate is too, I will get back to you guys if I manage to do some research on this.
Eventhough brokerage may be lower with IB there maybe hidden costs- hence the questions.
You can open with $5k and then withdraw, we would only close the account if under $100 was in it. However, we do have activity minimums. If you had under $2,000 in your account, then the activity minimum is US$20 per month, above $2,000 in the account and the actitvity minimum is US$10 per month - i.e if you have $1,000 in your account, and generate $5 commissions in June, then we will charge you $15 at the end of the month.
Thanks very much Steve, I assume 'activity' refers to the fees generated.
1) Are the minimum amounts you refer to assessed at the end of each calendar month or does the fee become payable if I'm below it for even a day?
I don't plan to have tiny amounts in your ac but if I do move over it'll be little by little to test it out first so I don't want to get slugged unnecessarily.
2) If I have US$2000 in my account is the minimum monthly fee $10? If I have 'activity' to the value of $10 (ie $10 worth of brokerage for that calendar month) then I effectively pay nothing more than the cost of brokerage.
3) Commsec pays 4.30% interest for their CDIA on the whole balance for balances over $5k (http://www.comsec.com.au/LearningCentre/InterestRates.asp) with no minimum balance or ac keeping fees as mentioned before. How does IB/Citibank compare?
cant be that difficult to do your own research?
Evening Steve,
what happened this afternoon about 4:40pm Eastern Aust time? I was caught in a trade and couldn't close. Was it a problem with the HKFE or an IB problem?
Our problem with one of the hosts in HK between 4:38pm - 4:48pm. HKFE was the only exchange affected. It was fixed almost immediately, but it took time restarting some of the processes. (N.B. You can always call the desk and place trades via the phone if you run into issues such as these).
“It would be easier for potential customers to have a summary since commsec would be the main competitor. Service and product comparisons are useful to consumers hence the prevalence of brochures, the more aggressive campaigns take on rivals front on (eg Telstra and Optus).”
IB: Due to the rather unique breadth of products and client base that we have, we find that a competitor in one market is a often a client in another, so I’d rather avoid producing a comparison. I’m sure this forum, or some other place will soon come up with comparisons as we become more well-known in this market.
“Do the minimum amounts pertain to value of shares held on an account or cash in the brokerage account not invested.”
IB: Everything in the account is included.
“with pay anyone to fund accounts, do we just transfer funds to ib's (australian or international?) bank account with a referral like our username?”
IB: Yes, it’s important to put a referral. Account number, username, account name – all if possible, if not then put in that order of preference. If there’s no reference on a transfer then we are unable to apply the funds to the account and we will most likely return the funds back to the sending bank.
that was quick! thanks again...does IB have an australian bank account we transfer funds to or international?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?