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IB Set Up

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wtji

Joined
11 June 2008
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Hi Guys. I m trying to set up an Interactive Brokers account and I have ran into some difficulties.

On one of the pages, I was asked to tick boxes that would verify my status within the US-Australia income tax treaty/benefits framework. I had a look through the government tax treaties/documents but I wasn't really sure that I understood some of the treatments.
And customer service didnt seem to explain it that well either.

I m currently a full time university student so I was wondering which of the boxes I should tick.

If anyone could offer some help on explaining the procedure, I would really appreciate it.

cheers
 
You need to fill out and sign Form W-8BEN.

in part II 9a tick box and put in Australia.



(of course when the FEDS come after you I will insert this DYOR:D)
 
Hi TH,

Do you know if you can use the TWS paper trading account "free" as in without putting in the $10,000 which is required to open an account?

The only problem I have with depositing the 10k is that I may be testing for several months before I even start trading real money with them...
 
Nizar,

You can log into the demo version of TWS with the username & password 'edemo', but I don't think you can backfill data or track your balance.

Otherwise, just open the account & deposit the money, then withdraw most of it until you're ready to start trading.
 

Thanks Julius.
I think I will do as per your suggestion.
 
Can someone with experience with the demo system for IB tell me how similar it is to the real thing. I have had a bit of a play with the demo and can see US stocks but can't get any ASX stocks to display.
 
Does anyone know if you can (and how to) transfer portfolios over from aussie brokers to IB?
 
jersey10 said:
Can someone with experience with the demo system for IB tell me how similar it is to the real thing. I have had a bit of a play with the demo and can see US stocks but can't get any ASX stocks to display.
Click to expand...
Have you subscribed to Oz data?
nizar said:
Does anyone know if you can (and how to) transfer portfolios over from aussie brokers to IB?
Click to expand...

From experiences of people that have tried I wouldn't.
 
nizar said:
Why not exactly?
You can PM me if you want.
Thanks
Click to expand...

It seems to take forever and a lot of stuffing around, from other peoples experience. Sometime a month with the stocks in limbo. Not sure if now is the right time not to have quick access to your holdings.

check the other IB threads to ask members experiences
 
jersey10 said:
No not through IB. So they provide free US data for the demo but not free Oz data?? Is this correct?
Click to expand...


yep. and i think that US data is only free if you place a couple of trades, I think.
 
jersey10 said:
Can someone with experience with the demo system for IB tell me how similar it is to the real thing. I have had a bit of a play with the demo and can see US stocks but can't get any ASX stocks to display.
Click to expand...

Pretty much no difference between the simulator and the real thing, as for stocks you should see all the exchanges you selected.

I did not select IB data for the US or ASX (I don't need it)and receive none on the simulator as a result....maybe you are paying?
 
^^^

Actually, I believe on the demo the data you can get is already pre-determined and lagging (I think).

I personally, only used it briefly (before signing up, this is where you pick your data Ifocus, you are talking about the paper trading simulator, wheras Jersey is talking about the actual demo) and only accessed US equity data.

Cheers
 
Can you still trade ASX stocks even if you don't subscribe to real-time streaming data for $49.50/month?
 
nizar said:
Can you still trade ASX stocks even if you don't subscribe to real-time streaming data for $49.50/month?
Click to expand...

Yep the prices turn up blank, and I've managed to send limit orders through.

Now I can see my P&L for the share, and my average price paid - just not the current price!
 
jurn said:
Yep the prices turn up blank, and I've managed to send limit orders through.

Now I can see my P&L for the share, and my average price paid - just not the current price!
Click to expand...

LOL i think i'll just pay for it then, to avoid these hassles.
I need to know the current price to work out my position size.

Now can anybody answer this question for me. If i transfer my shares from my aussie broker into my IB account, does this trigger a CGT event?

Thanks.
 
I dont have IB's feed as I have esignal on Real Time Software.

Nizar you wont have a CGT issue as you havent liquidated your holdings.
Sell them first and yes you will.
 
Hi,

Does anyone know if you can adjust the margin requirement in IB for forex trades?

For the currencies I want to trade, IB offer 50:1 margin (2%), but if I'm not willing to use that much margin, is there a setting somewhere so that I can change it to, say, 5:1 (20%) margin?

Thanks.
 
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