Interactive Brokers

freebird54 · 26 February 2019

Anyone having problems last few days -TWS Mobile, webtrader on PC, logins and account management especially? -If IPhone only you cannot access a/c mangmt.
You must have a PC.
iPad problems too

freebird54 · 26 February 2019

I had margin in the USA at good rates with a pty ltd company - still trying to find out what happens here but not in a rush as am cashed up with my BHP and RIO sales

bellenuit · 26 February 2019

freebird54 said:
Anyone having problems last few days -TWS Mobile, webtrader on PC, logins and account management especially? -If IPhone only you cannot access a/c mangmt.
You must have a PC.
iPad problems too

I couldn't access Webtrader from my Mac last night. It only showed the Userid and Password prompts (which I filled in) but never came up with the Digital Security Card (which I have) prompt. It had no prompt to continue. Eventually came good when I reselected IB and started over.

Although their trading is excellent, I am dumbfounded at how bad the whole administration side is. As slow as a wet week and like using dial-up lines from 2000.

freebird54 · 26 February 2019

This week I phoned and I could hardly hear or understand the lady - I kept asking her to speak Louder and then she could not understand the problem.
Is anyone using an iphone or pad for trading using fingerprint ID?
I stopped using the security card hoping 2 factor would be better - not, it works when it feels like. so you try to authenticate manually but you cannot as it disconnects.
I do have multiple accounts so that may be the problem?

blue0810 · 26 February 2019

freebird54 said:
Is anyone using an iphone or pad for trading using fingerprint ID?

I use a Samsung Galaxy phone. I never had a problem to trade or access the a/c management. Also fingerprint ID works fine .

$20shoes · 8 March 2019

This morning, all of my Sell Limit orders have the actual limit set to 0.00. The stops still there but even if I modify the order the Limit will revert back to 0.00
This is in Trader Workstation by the way. Ive logged a ticket with IB but anyone else having this issue this morning?

freebird54 · 8 March 2019

Is it correct that IB now have Chess and a Hin?

bellenuit · 8 March 2019

freebird54 said:
Is it correct that IB now have Chess and a Hin?

I haven't heard of that advancement. However, I no longer have Australian equities in my IB accounts, so perhaps only those effected have been informed.

cutz · 9 March 2019

freebird54 said:
Is it correct that IB now have Chess and a Hin?

No.

dryath · 12 March 2019

bellenuit said:
I haven't heard of that advancement. However, I no longer have Australian equities in my IB accounts, so perhaps only those effected have been informed.

Where did you decide to move to bellenuit? I'm still deliberating if I want to move and where to (most likely just the Aus portion also).
Cheers
David

bellenuit · 12 March 2019

dryath said:
Where did you decide to move to bellenuit? I'm still deliberating if I want to move and where to (most likely just the Aus portion also).
Cheers
David

I already had an account with some shares in it with Nabtrade. I only moved my Australian shares to Nabtrade rom IB. Although IB's pricing is better, I wanted to spread risk as I am already above the amount that is protected if IB were to collapse. Also, not having Chess with IB was a factor from both a security point of view and administering my portfolio of shares. I don't really trade my Australian shares so the cost difference is neither here not there. My trading is US shares and US options which are all with IB.

I never had problems with Nabtrade so moving to them was a no brainer as I already had the account set up and also had the other ancillary accounts set up like their High Interest account which is useful for parking cash. I didn't really compare Nabtrade against other Chess brokers before moving, as a few bucks here and there makes no difference to me as they are not traded.

freebird54 · 19 March 2019

cutz said:
No.

I refer to this...................

"We hold all assets under a custodial structure which are registered under IB's name at one omnibus account with our custodian, BNP Australia. Hence, stock is held on CHESS under the one HIN but underlying clients do not have a unique HIN for themselves. "

HelloU · 19 March 2019

freebird54 said:
I refer to this...................

"We hold all assets under a custodial structure which are registered under IB's name at one omnibus account with our custodian, BNP Australia. Hence, stock is held on CHESS under the one HIN but underlying clients do not have a unique HIN for themselves. "

hey
quick answer is still "no".

long answer is BNP are the legal owners - and I would be very very surprised if IB clients are secured creditors of BNP - and if u r not a secured creditor then the waiting line is so long that ur real world claim is basically nothing (as I think u already know).

Same for IG and Citicorp arrangement (citicorp own IG shares). This is the flipside of $6 or $8 trades .....

freebird54 · 20 March 2019

HelloU said:
hey
quick answer is still "no".

long answer is BNP are the legal owners - and I would be very very surprised if IB clients are secured creditors of BNP - and if u r not a secured creditor then the waiting line is so long that ur real world claim is basically nothing (as I think u already know).

Same for IG and Citicorp arrangement (citicorp own IG shares). This is the flipside of $6 or $8 trades .....

Thank you for that

It seems then that IB are still a worry - my funds were sitting in their account on the BBY liquidation and still nothing heard

It now seems there is a problem with IB and another broker - from SMH 13/3 Sarah danckhert

"As a result, the funds invested by MT4 and MT5 investors may have been used to ‘top up’ the accounts of IB investors (and vice-versa). In simple terms, the monies of other investors may have been used to credit the IB platform.

Newt · 31 March 2019

bellenuit said:
Although IB's pricing is better, I wanted to spread risk as I am already above the amount that is protected if IB were to collapse. Also, not having Chess with IB was a factor from both a security point of view and administering my portfolio of shares. I don't really trade my Australian shares so the cost difference is neither here not there. My trading is US shares and US options which are all with IB.

How much are Aussie share investors covered for in IB out of interest? I have a lot of trouble wading through docs finding this info. Agree with inconvenience of no Chess. Not that much saving in costs versus CMC nowadays either.

bellenuit · 1 April 2019

Newt said:
How much are Aussie share investors covered for in IB out of interest?

I've received this last year when one of my accounts was migrated to IB and I asked a similar question. I cannot remember the details of the NGF, but that should be available online.

As an AFSL holder, Market Particpant and Clearing Participant Interactive Brokers Australia requires to maintain one or more Trust/segregated client money accounts (Client Money Accounts held in Trust) with a bank, for the holding of monies it receives on behalf of clients. This means it is protected in the case of insolvency from IBA's creditors. Client money is segregated from house money and IBA only uses client money as directed by Clients or as allowed under the Corporations Act 2001.

In addition, IB Australia is a participant of ASX. For securities traded on ASX, clients may be able to access the National Guarantee Fund (NGF) if you suffer losses in certain circumstances (but not due for instance to market losses). However, claiming from NGF would be subject to their guideline. For further details, you should read the material or contact NGF directly.

The financial services offered by IBA are covered by a professional indemnity insurance policy which satisfies the requirements for compensations arrangements set out under section 912B of the Corporations Act. The IB Australia Financial Services Guide can be found here: https://www.interactivebrokers.com.au/en/index.php?f=legalDocs&p=disclosures
You will need to scroll down to access it.

Please note IB AU is a part of Interactive Brokers Group which has an equity capital of more than US$6 billion, is risk adverse and has reported solid earnings in the past 20 consecutive years. We believe IB's conservative approach to margin, strong capital and solid history of earnings along with the strict client money rules in all markets in which we are regulated should provide confidence to our clients.

$20shoes · 17 April 2019

I just logged in tonight to IB's Mosaic Platform and all of my stops had reverted back to what they were a couple of weeks ago. So they are way lower than price action for some like FMG and MGX which should have fired today. So annoyed! Has anyone esle experienced this? I'll be taking this up with IB but its more a confidence thing - cant have this happening.

freebird54 · 27 April 2019

I have started pulling my funds out of IB - 60000 already indicators - share price, internet advertising and negative comments, annual reports not liked by Australian accountants. Basic things gone awry since moving accounts to oz -I have 2 , one a company 1 personal.
After learning the way they do things (been with them for years and put many clients with them) for the 17/18 reports I am trying to do in a hurry they now don't list franking credits plus the personal a/c are now done totally differently.

How do you get your accountant to understand this! I pay mine 1400 and he has a big practice and he avoids IB clients?

Also lately they have stuffed up on buy backs and failed to execute sell trades even though price well above my sell figure.

And lots more to one out when the liquidators finish with 2 brokers that were using IB and of course as no chess we are all unable to claim

freebird54 · 27 April 2019

bellenuit said:
I've received this last year when one of my accounts was migrated to IB and I asked a similar question. I cannot remember the details of the NGF, but that should be available online.

As an AFSL holder, Market Particpant and Clearing Participant Interactive Brokers Australia requires to maintain one or more Trust/segregated client money accounts (Client Money Accounts held in Trust) with a bank, for the holding of monies it receives on behalf of clients. This means it is protected in the case of insolvency from IBA's creditors. Client money is segregated from house money and IBA only uses client money as directed by Clients or as allowed under the Corporations Act 2001.

In addition, IB Australia is a participant of ASX. For securities traded on ASX, clients may be able to access the National Guarantee Fund (NGF) if you suffer losses in certain circumstances (but not due for instance to market losses). However, claiming from NGF would be subject to their guideline. For further details, you should read the material or contact NGF directly.

The financial services offered by IBA are covered by a professional indemnity insurance policy which satisfies the requirements for compensations arrangements set out under section 912B of the Corporations Act. The IB Australia Financial Services Guide can be found here: https://www.interactivebrokers.com.au/en/index.php?f=legalDocs&p=disclosures
You will need to scroll down to access it.

Please note IB AU is a part of Interactive Brokers Group which has an equity capital of more than US$6 billion, is risk adverse and has reported solid earnings in the past 20 consecutive years. We believe IB's conservative approach to margin, strong capital and solid history of earnings along with the strict client money rules in all markets in which we are regulated should provide confidence to our clients.

Note the "may" be covered by the NGF - who told me definitely not.

bellenuit · 27 April 2019

freebird54 said:
After learning the way they do things (been with them for years and put many clients with them) for the 17/18 reports I am trying to do in a hurry they now don't list franking credits plus the personal a/c are now done totally differently.

How do you get your accountant to understand this! I pay mine 1400 and he has a big practice and he avoids IB clients?

I do all my accounts on my own spreadsheets and gave them to an accountant when I used one a few years back. I now do my accounts for my company and my personal tax myself. I print and store online the annual statements from IB and keep them as proof of my trading for the year, should I ever be audited. I find it easy to maintain the spreadsheet so long as I do it at the end of each day I trade. That way I can see my accounts are correct by comparing with the relevant IB balance.

I agree, it would be pretty hard for an accountant to make sense of their reports if he/she was not used to them. The transactions they create for stock offers, share buybacks etc are almost incomprehensible.

You can get a report on franking credits but not until after the end of the tax year. It is available under the tax reports section about mid-July. I usually find a couple of errors in it though.

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