Australian (ASX) Stock Market Forum

Interactive Brokers Troubleshooting

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Trembling Hand said:
You are long BHP.

Enable OCO orders in the page layout columns.

Then create a sell Limit order at your target for BHP and name it "BHP bracket" in the OCO column then,

a Stop Sell Market order and name it "BHP bracket" in the OCO column.

Hit transmit on both orders.

You now have your bracket orders a limit order with a linked stop. Just test it first. You know DYOR stuff.
Click to expand...

TH - Thanks again, appreciate it. I will give them a try in my paper trading a/c.

I changed my order ticket view to comprehensive and it's all a bit different now. Lots to learn in TWS and I'm already starting to wonder if there is a front-end interface that's suitable for folks who trade multiple stocks.
 
Interactive Brokers - The Hidden Reality???

Hahaha, howdy folks

I am currently with thinkorswim as a broker ----excellent stuff, but being an aussie doing the night shift (US market trading)....i feel like trading in the Oz market again!!!

I dont intend to leave TOS or the evil empire, but was thinking about opening a IB account since it includes Oz and HK instruments to be traded so i can use both accounts.
Plus the cheap commissions look cool....but i seem to suspect a catch?

However....
I have heard some nightmare recounts along the lines of the following and would love some feedback and experiences....

1) Its bad for trading the Mini S&P and NASDAQ futures - sth to do with delayed executions via the TWS software....does anyone trade the futures via TWS or do they use different platforms?? I am not sure whether this applies to the HSI and SPI as well?

2) The sneaky little cancellation fees, when you cancel orders --- apparently this does not apply when you modify e.g. option spreads etc---i am not sure....can someone confirm?

3) If TWS software tanks on you and say you need to close out a losing position ---its not IB's fault that happens---its just bad luck???

4) Not paying any interest on your first $10k USD sitting in their broker account or equivalent $11,500 AUD

5) Bad phone service - on hold forever

6) TWS is inadequate - not good to use

BTW...i predominantly trade options and some futures on the side...so im definitely more interested in how IB services these 2 instruments

Hope I havent wasnt your time with this post

Thanks
Maz
 
Folks,

As it always happens, after you post, u see a whole heap of threads relating to IB and the pros and cons.

I will be reading through them...but any additional info with regards to my questions will be greatly appreciated!!!

Maz
 
mazzatelli never had a problem with slow Fut execution. Never been on hold with IB phone. TWS is more flexible than any retail interface I have seen.
 
Hi guys, I'm also looking at opening an account with IB in the near future and start with the SFE data feed with AmiBroker and if all goes well to get all my data from them.

From what I've seen so far they can backfill intraday for up to 5 days? What about EOD data, are you guys finding its data feeds adequate? I'm mainly after futures feed.

Also, when you choose a base currency, do they tell you in advance how much they would charge you...etc, or is it based on the current rate? For example, if I open an account in AUD and fund the 10K USD account opening balance of 11K AUD, is this the amount I will have in my account if I was to withdraw it, or would it be based on the rate at the time?

Hope this makes sense.

Thanks
 
NAsX said:
Also, when you choose a base currency, do they tell you in advance how much they would charge you...etc, or is it based on the current rate? For example, if I open an account in AUD and fund the 10K USD account opening balance of 11K AUD, is this the amount I will have in my account if I was to withdraw it, or would it be based on the rate at the time?

Hope this makes sense.
Click to expand...

No it doesn't really.
 
Trembling Hand said:
No it doesn't really.
Click to expand...

Sorry, thought it probably didn't :banghead:

Here we go again...

Guess what I'm trying to say is, if I have a AUD account, when I fund the account with 11K AUD for the 10K USD, then it should appear in my account as 11K AUD? and doesn't fluctuate with the FX rate at the time? So say if I was to withdraw it in 2 months, I would still have 11K to withdraw, instead of 10K AUD because the AUD has gone weaker against the USD? and I will be able to convert if I wish using their FX tool should I wish to trade in USD markets?

Hope this is make more sense...:eek:
 
Correct. If it is an AUD account it stays AUD. The only thing is when you trade an non AUD market, anything except SNFE & ASX, your P& L is left in the currency of that market which you then have to change back to AUD.

So if you trade the ES for example and make $100 dollars you now have $10,000 AUD + $100 USD. That $100 will fluctuate with the exchange rate untill converted back to AUD.
 
Great, thanks TH, that's what I needed.

So say I was to trade the ES then the margin requirements would be required in USD which I would convert myself before I would be able to trade?

Are you able to share some thoughts on the data questions too please?

Thanks
 
You don't have to do anything to trade non AUD markets other than the original trading agreement. IB take the margin out automatically.

their data is fine. Its cheap & reliable enough. they miss some ticks but unless you are running high frequency trading algorithms its not going to matter.
 
Not so much a troubleshooting question, more of a general query, I somehow just noticed that I can punch up the 3 & 10 yr treasury bond and 90 day bills for the SNFE on TWS.

There is no mention of this on IB's site at all, and I can't retrieve any margin information on these via TWS so gather I couldn't place an order if I tried:confused:

What's the go with this Steve??
 
Hi guys, from the market data page, I quote the following,

'All customers initially receive 100 concurrent lines of real-time market data (which can be displayed in TWS or via the API). After the first month of trading, the quantity of market data is allocated based on the following calculation:'

Source: http://individuals.interactivebrokers.com/en/accounts/fees/marketData.php?ib_entity=llc

I'm a bit confused by what this means, can someone shed some light? Is this referring to the 100 concurrent live streaming you can get in AmiBroker for instance? So even if I subscribe to data feeds worth more than 100 symbols, but generated less than 100 from their calculations, I can only still have 100 symbols with live streaming at the one time?

Thanks
 
NAsX said:
Hi guys, from the market data page, I quote the following,

'All customers initially receive 100 concurrent lines of real-time market data (which can be displayed in TWS or via the API). After the first month of trading, the quantity of market data is allocated based on the following calculation:'

Source: http://individuals.interactivebrokers.com/en/accounts/fees/marketData.php?ib_entity=llc

I'm a bit confused by what this means, can someone shed some light? Is this referring to the 100 concurrent live streaming you can get in AmiBroker for instance? So even if I subscribe to data feeds worth more than 100 symbols, but generated less than 100 from their calculations, I can only still have 100 symbols with live streaming at the one time?

Thanks
Click to expand...

After the first month of trading, the quantity of market data is allocated based on the following calculation:

The greater value of: (100) or (USD Monthly Commissions/8) or (USD Equity * 100 / $1,000,000, truncated to an integer).

So if you want to have 200 lines of concurrent live streaming quotes then you would needed to have generated US$1,600 in commission last month, or have an account size of US$2m
 
professor_frink said:
Not so much a troubleshooting question, more of a general query, I somehow just noticed that I can punch up the 3 & 10 yr treasury bond and 90 day bills for the SNFE on TWS.

There is no mention of this on IB's site at all, and I can't retrieve any margin information on these via TWS so gather I couldn't place an order if I tried:confused:

What's the go with this Steve??
Click to expand...

You get the data in the SFE subscription, but we don't offer trading in these products due to the fact that it has a variable tick size - which is unique to these products and we haven't programmed for
 
Steve

I am a new customer. Some quick ones. Apologies if covered elsewhere, I have looked.

1. Are dividends banked to my Australian bank account or to the IB account?
2. Do I get dividend tax statements in my own name?
3. I understand I can particpate in rights issues, by contacting IB. Can I also participate in other offerings (eg share purchase plans, dividend reinvestment plans).
4. Will renouncable rights be trades on IB platform (where the underlying is also traded, eg BHP)?
5. Can you add other listed instruments traded on CHESS (eg preference shares - examples DYNPA, BEPPA etc)? Objective here is for me to have one integrated platform for trading, rather than use multiple brokers.
6. Can I transfer stock out to another broker (with a HIN)? I believe I can transferstock in now (but have not dones so yet).
7. Are you intending to offer ASX stocks for shorting in the immediate future? When I last checked, there were none available.

thanks, Ed
 
sgoni said:
Steve

I am a new customer. Some quick ones. Apologies if covered elsewhere, I have looked.

1. Are dividends banked to my Australian bank account or to the IB account?
2. Do I get dividend tax statements in my own name?
3. I understand I can particpate in rights issues, by contacting IB. Can I also participate in other offerings (eg share purchase plans, dividend reinvestment plans).
4. Will renouncable rights be trades on IB platform (where the underlying is also traded, eg BHP)?
5. Can you add other listed instruments traded on CHESS (eg preference shares - examples DYNPA, BEPPA etc)? Objective here is for me to have one integrated platform for trading, rather than use multiple brokers.
6. Can I transfer stock out to another broker (with a HIN)? I believe I can transferstock in now (but have not dones so yet).
7. Are you intending to offer ASX stocks for shorting in the immediate future? When I last checked, there were none available.

thanks, Ed
Click to expand...


1. Your IB account.
2. No. You would get a statement in your own name, showing the dividend only. (at the moment);
3. Drips - no. Most others yes.
4. Yes
5. No
6. Yes
7. Available now. Usually we have around 130 stocks available for shorting.
 
Hi All,
I've been trying to open an account with IB but am having no success.

Here's a list of the steps i've taken and the frustrations i've met.

1] 3 weeks ago i posted my id and address docs to ib, on sat 31/5 ib state they still have not received my docs.

2] i then fax my docs to ib, they email me saying my fax is too dark and they wont accept it. at the same time they also send me a list of questions, one asking if i had had any criminal convictions. * forgive me for drawing a correlation b/w the dark fax and ib's subsequent questioning.

3] i then email my docs, which i should have done from the start, but didnt because i dont have a scanner - these were received by ib on the 31st may.

4] ib assured me it takes just 1 to 2 days to activate an account once all docs are received.

5] on wed i phone to determine the status of my account and am told the account now takes 1 to 5 days to open.

6] by this time i'm feeling quite frustrated, i phone ib in chicago this morning and am told my docs arrived just yesterday and it will take 5 days to activate my account.

7] feeling as though i have entered a parallel universe, dazed and confused, i ask to speak to a supervisor who informs me compliance has my application, but i cant speak to them and it could be an indefinite period before they activate my account, but am told this would be unusual.

** well arent i caught b/w a rock and a hard place, my account has been funded - silly me!! - and ib are giving me the run-around.
how long does it take to activate an account any way???,
no more than 10mins i suspect.

** for 3 weeks i've had no data feed for the software i purchased.
i'm frustrated with ib due to their very slow customer service and the fact that i get no definitive answers only indefinite periods re my account activation.

those who have an account with ib seem to be happy, but getting an account has been fraught with frustration and seemingly unnecessary delay for me.

James :(
 
those who have an account with ib seem to be happy, but getting an account has been fraught with frustration and seemingly unnecessary delay for me
Click to expand...

Yep. :banghead:
I'd say they'd lose a tonne of potential clients because of this process.

But once your through its the best. ;)
 
Steve-IB said:
You get the data in the SFE subscription, but we don't offer trading in these products due to the fact that it has a variable tick size - which is unique to these products and we haven't programmed for
Click to expand...

Thanks for the answer Steve:)

James Austin said:
Hi All,
I've been trying to open an account with IB but am having no success.

Here's a list of the steps i've taken and the frustrations i've met.

1] 3 weeks ago i posted my id and address docs to ib, on sat 31/5 ib state they still have not received my docs.

2] i then fax my docs to ib, they email me saying my fax is too dark and they wont accept it. at the same time they also send me a list of questions, one asking if i had had any criminal convictions. * forgive me for drawing a correlation b/w the dark fax and ib's subsequent questioning.

3] i then email my docs, which i should have done from the start, but didnt because i dont have a scanner - these were received by ib on the 31st may.

4] ib assured me it takes just 1 to 2 days to activate an account once all docs are received.

5] on wed i phone to determine the status of my account and am told the account now takes 1 to 5 days to open.

6] by this time i'm feeling quite frustrated, i phone ib in chicago this morning and am told my docs arrived just yesterday and it will take 5 days to activate my account.

7] feeling as though i have entered a parallel universe, dazed and confused, i ask to speak to a supervisor who informs me compliance has my application, but i cant speak to them and it could be an indefinite period before they activate my account, but am told this would be unusual.

** well arent i caught b/w a rock and a hard place, my account has been funded - silly me!! - and ib are giving me the run-around.
how long does it take to activate an account any way???,
no more than 10mins i suspect.

** for 3 weeks i've had no data feed for the software i purchased.
i'm frustrated with ib due to their very slow customer service and the fact that i get no definitive answers only indefinite periods re my account activation.

those who have an account with ib seem to be happy, but getting an account has been fraught with frustration and seemingly unnecessary delay for me.

James :(
Click to expand...

Hi James,

I just went back over my records and found the first email I received from IB in regards to opening an account with them was about 2 weeks before my account opening was complete, and 3 weeks before I placed my first trade(this was due to a delay in me transferring my money over).

If you emailed them your ID on the 31st, you probably won't be too far away from having the account open(if my experience was anything to go by)

Sorry to hear it's been a bit frustrating for you. Hope it all works out:)
 
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