Interactive Brokers

[freebird54]

I have some funds in the UK that it is not worth bringing here due to exchange rates [was 2.45 now 1.8]

It seems u can deposit into your IB a/c citibank UK and get the higher rate of interest and the currency remains in pounds.

Thus u can buy UK shares [or RIO/BHP or dual listed stuff] there and bring profit? back when exchange rate improves.

Anyone see any problems here?

 

[skc]

It seems all banks charge as it is a "wire" transfer even if u r at the same citibank branch in Sydney!!! - costs me $10/time- commsec cca and other banks will not even accept deposits from them as it is termed an overseas transaction!!!

you also have to have the swift/routing/bacs codes of your bank

I wire money from IB to Westpac and it costs me nothing.

It really shouldn't be an overseas transaction as Citibank Australia is for all intent and purpose an Australian bank

 

[chowur]

Hello,
I hope someone can help:
I am enquiring about the $6 per trade with IB.
Does this $6 rate depend on the number of trades that you make in any one month?
And if you make less then you pay $10 per month charge?
If so, what is the minimum number of trades required to get the $6 commission fee?

regards chowur

I am currently using IB for US shares but through Kinetic Securities and I am paying $15 per trade

 

[cutz]

Hello,
I hope someone can help:
I am enquiring about the $6 per trade with IB.
Does this $6 rate depend on the number of trades that you make in any one month?
And if you make less then you pay $10 per month charge?
If so, what is the minimum number of trades required to get the $6 commission fee?

regards chowur

I am currently using IB for US shares but through Kinetic Securities and I am paying $15 per trade

Hi chowur,

Suggest checking the IB website under commissions, you're enquiring about the $6 min on ASX stocks but it appears you're trading US stocks which have a different fee schedule.

 

[wanky]

It seems all banks charge as it is a "wire" transfer even if u r at the same citibank branch in Sydney!!! - costs me $10/time- commsec cca and other banks will not even accept deposits from them as it is termed an overseas transaction!!!

you also have to have the swift/routing/bacs codes of your bank

fyi IB to comsec cash account works fine for me and no charge.. i use CBA swift code. i dont trade overseas markets tho so maybe its not an international transfer

 

[chowur]

Hi chowur,

Suggest checking the IB website under commissions, you're enquiring about the $6 min on ASX stocks but it appears you're trading US stocks which have a different fee schedule.

Thanks Cutz, I find it a bit difficult to understand IB-evien when im soba.
regards chowur

 

[hawamahal]

I posted this in the other thread on new broker selection. I am posting it here as i think it is more appropriate here. Below is my question:


Just a quick question to people who are using IB.

1. To open an account i need to deposit 10000 USD, is this the minimum balance you have to maintain, or i can withdraw a part of it once the account is opened. Do they pay any interest on the money i keep with them.
2. Also if the money stays in AUD or they convert to USD.
3. How difficult the trading platform is say as compared to CMC.
4. What are the other pros and cons of using IB as compared to Commsec/Westpac for shares and cmc for CFD's

Thanks.

 

[cutz]

I posted this in the other thread on new broker selection. I am posting it here as i think it is more appropriate here. Below is my question:


Just a quick question to people who are using IB.

1. To open an account i need to deposit 10000 USD, is this the minimum balance you have to maintain, or i can withdraw a part of it once the account is opened. Do they pay any interest on the money i keep with them.
2. Also if the money stays in AUD or they convert to USD.
3. How difficult the trading platform is say as compared to CMC.
4. What are the other pros and cons of using IB as compared to Commsec/Westpac for shares and cmc for CFD's

Thanks.

1. Yes, but as far as I know you can then draw down to a certain amount. Interest is paid for balances >15K AUD, Check Fees>>Interest & Financing>>Interest Paid on the website.

2. Stays in AUD.

3. Real easy.

4. I'll let someone else answer that, I only trade options and as far as I'm concerned, for a multitude of reasons IB are the only proper options broker available here.

 

[Market Sniper]

Anyone else having issues logging into IB this morning?

 

[cutz]

Anyone else having issues logging into IB this morning?

No, all is well.

Suggest checking your internet connection, perhaps a system restart.

 

[wayneL]

...perhaps a system restart.

I find this almost always works when I can't log-in.

 

[Market Sniper]

Thanks for the quick reply's fellas, i did try a re-start but ill have another crack.

Cheers.

 

[cutz]

Thanks for the quick reply's fellas, i did try a re-start but ill have another crack.

Cheers.

How did you go Michael ?

Unless you tried logging on over a US server reset another thing you can try is clearing the java cache to allow the downloading of a fresh TWS plus system restart.

I must say on my end its been trouble free, the only real issues that have occurred were exchange problems and cable broadband problems.

Funnily enough my cable provider sorted out their issues after I setup a backup ISP.

 

[Market Sniper]

hey cutz

yeah got it going eventually......it was really weird, i was actually logged on and then for some reason when it does the reset at 932 AEST, it kept lopping and wouldnt stop. The only way I could close TWS down was to do it through the task manager. Tried several times re-starting omputer but that did not help. So then every time i went to log in i would enter my details and it would pretty much do nothing from then on. So i logged in thru my laptop which is a mac and i think when that got thru and then i logged off and it auto saved it, when I logged in thru my PC again it seemed to work. i also tried to down load newer version of IB on pc but lready had the latest so dont think that helped. Anyway, took about 20 mins to sort it in the end. I guess its a good example that you should always have a back up plan. ALWAYS!!!!!!

Have a good new year everyone!!!!!!

 

[Sir Burr]

Help!
How do you do a cash withdrawal from IB?

I've set it as "Wire" and it comes up with adding the "Bank ABA Number or SWIFT BIC Code". I have two Aussie bank accounts and can't find these codes on either (one is UBank).

I've tried the IB search for my two banks but it can't find them and when it goes back to "free form" to fill in the instructions it asks for the ABA Number or SWIFT BIC Code again.

I seem to remember filling out my bank details when I joined IB and would have thought I could withdraw automatically to that bank.

Any ideas please.

Thanks, SB.

 

[nomore4s]

Help!
How do you do a cash withdrawal from IB?

I've set it as "Wire" and it comes up with adding the "Bank ABA Number or SWIFT BIC Code". I have two Aussie bank accounts and can't find these codes on either (one is UBank).

I've tried the IB search for my two banks but it can't find them and when it goes back to "free form" to fill in the instructions it asks for the ABA Number or SWIFT BIC Code again.

I seem to remember filling out my bank details when I joined IB and would have thought I could withdraw automatically to that bank.

Any ideas please.

Thanks, SB.

Need to contact your bank to get the SWIFT codes, teller might not have heard of it depending how experienced they are.

 

[Sir Burr]

OK thanks nomore4s.

Cheers!

 

[Sir Burr]

Need to contact your bank to get the SWIFT codes, teller might not have heard of it depending how experienced they are.

Hmmmm UBank is off the list:

Unfortunately it is not possible to either send or receive funds from overseas banks with a USaver. I apologise for any inconvenience.

The other account I have is a Credit Union so fingers are tightly crossed.

I'm thinking I might have to open another account just to withdraw money from IB. Didn't even think of this when I simply did a transfer to IB's Sydney CitiBank account.

Damn!

Cheers SB.

 

[Hyperion]

When one opens an account with IB, they ask for information such as your income and assets as well as your position, employer name, employer address and employer phone number.

Does anyone know whether they will actually call your employer to confirm your salary?

Hyperion

 

[Sir Burr]

will actually call your employer to confirm your salary?

Not 100% sure but as far as I know they did not call my employer. I think by agreeing to their terms it's your responsibility the amount you put down as your salary.