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Interactive Brokers
- Thread starter MrMarcus
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Trembling Hand
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Well that throws a large spanner in the works. I don't think I can justify $40 a month for the amount of trading I will be doing.
Any other brokers that offer reasonable option fees and free market data? I'm not too concerned about a 20 minute delay.
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Please rhyslivs
,If you can't justify $40 a month to trade options on a professional quality platform and you can't understand why it's the broker of choice for many options traders, perhaps you need to do a little more research.
Trembling Hand
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Let me guess rhyslivs $40 a month is 2% of your capital? Seriously if $40 for the most basic information is too much to pay you don't need a cheaper option you need to not trade.
I use the word trade loosely. I want to buy and sell options without paying $45 for brokerage each way.
I have the capital to open an IB account.
I would be doing it on and off if I thought I saw a good opportunity i would make a trade. It is not my full time job.
Therefore I cannot justify paying $40 every month for data if i may not use it for a few months here and there.
cutz:
who said i didn't understand why it was the broker of choice.... I have every bit of respect for how awesome IB is. I have been watching there webinars and all their tutorial videos to understand how it all works.
But I have come to the conclusion that it probably isn't the right platform for me right now...
You guys are touchy about your IB aren't ya!
I have the capital to open an IB account.
I would be doing it on and off if I thought I saw a good opportunity i would make a trade. It is not my full time job.
Therefore I cannot justify paying $40 every month for data if i may not use it for a few months here and there.
cutz:
who said i didn't understand why it was the broker of choice.... I have every bit of respect for how awesome IB is. I have been watching there webinars and all their tutorial videos to understand how it all works.
But I have come to the conclusion that it probably isn't the right platform for me right now...
You guys are touchy about your IB aren't ya!
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I have been trading with Ib for nearly a year - options too
I just use quotetracker for live data and any other broker a/c for live option info [I have multiple screens set up]
I just use quotetracker for live data and any other broker a/c for live option info [I have multiple screens set up]
Re: Interactive Brokers and Dividends/Funds Withdrawal
Hi all,
I got questions regarding to the fund withdrawal from IB account.
1. I've done my research and found that the swift code for oz bank are:
Westpac - WPACAU2S - $10 fee
Commonwealth - CTBAAU2S - $22 fee
Nab - NATAAU33 - $22 fee
Am I correct with the fee, above? Any bank with no fee (internet online bank)?
2. In order to avoid $20 fee, the minimum account balance is $2000, isn't it? My question is $2000 cash balance OR $2000 total equity balance?
Thanks, and your info is much appreciated.
Hi all,
I got questions regarding to the fund withdrawal from IB account.
1. I've done my research and found that the swift code for oz bank are:
Westpac - WPACAU2S - $10 fee
Commonwealth - CTBAAU2S - $22 fee
Nab - NATAAU33 - $22 fee
Am I correct with the fee, above? Any bank with no fee (internet online bank)?
2. In order to avoid $20 fee, the minimum account balance is $2000, isn't it? My question is $2000 cash balance OR $2000 total equity balance?
Thanks, and your info is much appreciated.
Trembling Hand
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Re: Interactive Brokers and Dividends/Funds Withdrawal
Do we really need ANOTHER IB thread???? Mods??
The info on the $2000 is incorrect I think. Its $2000 USD min.
The inactivity fee is if you produce less than $10 USD in brokerage per month you get charged the fee $10 USD .
I don't get charged by ANZ or NAB.
Do we really need ANOTHER IB thread???? Mods??
The info on the $2000 is incorrect I think. Its $2000 USD min.
The inactivity fee is if you produce less than $10 USD in brokerage per month you get charged the fee $10 USD .
I don't get charged by ANZ or NAB.
Trembling Hand
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Attachments
at IB you have a forum to suggest changes.
one thing that has been bugging me for a while is that any new orders or order amends will be in the market well after 9 while the pre auction period is open from 7 `o clock.
you see a good opportunity and to your frustration everybody is piling in before your order goes live through IB.
if there is any interest I will start to suggest a change to 7 `o clock, but I will also need support for that change on IB`s website.
the more support there is, the higher the chance a change will be implemented.
vote now
one thing that has been bugging me for a while is that any new orders or order amends will be in the market well after 9 while the pre auction period is open from 7 `o clock.
you see a good opportunity and to your frustration everybody is piling in before your order goes live through IB.
if there is any interest I will start to suggest a change to 7 `o clock, but I will also need support for that change on IB`s website.
the more support there is, the higher the chance a change will be implemented.
vote now
Re: Interactive Brokers and Dividends/Funds Withdrawal
Thanks for the info...
Is this minimum of $2000 of
a. the Cash Balance (cash only), or
b. the total equity of the portfolio (including stock that we have)?
Thanks for the info...
Is this minimum of $2000 of
a. the Cash Balance (cash only), or
b. the total equity of the portfolio (including stock that we have)?
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Hi,
This page:
http://www.interactivebrokers.com/en/p.php?f=margin&p=o
says (after clicking the "Non-US and Non-Canadian Options" link) :
"For Australian single stock options, we apply US rule-based and Reg T margin requirements."
What about Aussie index options (AP)? I tried buying some (not writing) a while ago, but I got an error message I didn't understand saying that my margin requirements were not satisfied.
So if I can figure this out, I might trade some Aussie index options on IB.
Otherwise, maybe it's time I tried trading US index options like CBOE.SPX.
I noticed that Trembling Hand said that Futures are better than Options for directional trades:
https://www.aussiestockforums.com/f...ghlight=futures+directional+trades#post532435
But I think I need to get more experience with options before trying futures.
Cheers,
James
This page:
http://www.interactivebrokers.com/en/p.php?f=margin&p=o
says (after clicking the "Non-US and Non-Canadian Options" link) :
"For Australian single stock options, we apply US rule-based and Reg T margin requirements."
What about Aussie index options (AP)? I tried buying some (not writing) a while ago, but I got an error message I didn't understand saying that my margin requirements were not satisfied.
So if I can figure this out, I might trade some Aussie index options on IB.
Otherwise, maybe it's time I tried trading US index options like CBOE.SPX.
I noticed that Trembling Hand said that Futures are better than Options for directional trades:
https://www.aussiestockforums.com/f...ghlight=futures+directional+trades#post532435
But I think I need to get more experience with options before trying futures.
Cheers,
James
Trembling Hand
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I think you need to get more experience with everything. Futures are very simple. You have direction and 4 expiry's per year. That's it.
With options you have all sorts of alchemist games going on. Not to mention massive cost involved in directional trades due to the HUGE spreads and lack of liquidity.
Your statement above makes sense only if you reverse it.
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Hi James,
Tend to agree with TH on this one, especially if it's a pure directional, getting in and out on XJO's can be pretty costly especially on back months which is where you want to be if going long gamma.
BTW, long only XJO's don't require margin, cost is subtracted from cash account, please refer to IB website.
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Thanks TH and Cutz,
I was trying to go long on a put option on the XJO (I.B. symbol AP) when I got the error about margin. I definitely had enough money in my account to cover the premium. But it was a cash account. Maybe I need to upgrade to a Reg T Margin account? The I.B. webpage does say that Cash Accounts don't allow shorting. Now I'm wondering whether going long on a put option is counted as shorting?
OK, it sounds like I definitely should learn about futures, and get over my fear of being slammed against my stop loss at a hundred miles an hour by the high leverage.
I was trying to go long on a put option on the XJO (I.B. symbol AP) when I got the error about margin. I definitely had enough money in my account to cover the premium. But it was a cash account. Maybe I need to upgrade to a Reg T Margin account? The I.B. webpage does say that Cash Accounts don't allow shorting. Now I'm wondering whether going long on a put option is counted as shorting?
OK, it sounds like I definitely should learn about futures, and get over my fear of being slammed against my stop loss at a hundred miles an hour by the high leverage.
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Hi,
I changed my I.B. account from a "Cash" account to a "Reg T Margin" account. That seemed to fix the problem - now I can buy options without getting an error about margin.
I'm just hedging and trading very small parcels whilst getting familiar with I.B. for the moment. But I am interested in doing some leveraged directional trades in the near future which is why I was interested in TH's comments about futures vs options. In the past I have used NAB Online Trading which is crap for options. As far as I can tell, in NAB you can't place conditional orders on derivatives, so if you want to use a stop loss you either have to monitor the trade manually (not good for fast moving leveraged derivatives) or make sure you can afford to lose your entire premium. So I'm expecting I.B. to be better for setting stop losses, but obviously I still need to worry about slippage.
Cheers,
James
I changed my I.B. account from a "Cash" account to a "Reg T Margin" account. That seemed to fix the problem - now I can buy options without getting an error about margin.
I'm just hedging and trading very small parcels whilst getting familiar with I.B. for the moment. But I am interested in doing some leveraged directional trades in the near future which is why I was interested in TH's comments about futures vs options. In the past I have used NAB Online Trading which is crap for options. As far as I can tell, in NAB you can't place conditional orders on derivatives, so if you want to use a stop loss you either have to monitor the trade manually (not good for fast moving leveraged derivatives) or make sure you can afford to lose your entire premium. So I'm expecting I.B. to be better for setting stop losses, but obviously I still need to worry about slippage.
Cheers,
James
Hi,
I'm currently trading at ASX and SFE using IB. So all taxes (if any) I pay in Australia. I am going to start trading in USA (using IB). Could you say, should I bother about US taxes at all. I hope that not. However it is better to get an answer from experienced people. Thank you.
PS. I've looked through the forum but did not find the answer to my basic question.
I'm currently trading at ASX and SFE using IB. So all taxes (if any) I pay in Australia. I am going to start trading in USA (using IB). Could you say, should I bother about US taxes at all. I hope that not. However it is better to get an answer from experienced people. Thank you.
PS. I've looked through the forum but did not find the answer to my basic question.
