Interactive Brokers

[atuc]

Hey Guys,

I'm looking to open an account with a quality broker like Interactive Brokers but am wondering what software you use to view/analyse charts?

My goal would be to use it for stocks, EFTs, and possibly some futures trading.

My main trading is done via MT4 and the Interactive Demo platform seemed very awkward to me and charts were not working.

Thanks
Arnz

 

[murphy11]

Do Interactive Brokers let you fund your account from overseas bank accounts? If I already have some pounds in a UK bank, can I transfer that to IB without converting it to AUD and use it to buy UK shares?

 

[IB12]

Hey Guys,

I'm looking to open an account with a quality broker like Interactive Brokers but am wondering what software you use to view/analyse charts?

My goal would be to use it for stocks, EFTs, and possibly some futures trading.

My main trading is done via MT4 and the Interactive Demo platform seemed very awkward to me and charts were not working.

Thanks
Arnz

If you're comfortable with MT4, and you're finding IB difficult to get used to at first glance, then I would say yes ... it will take some time to get used to.
It's quite complicated especially compared to MT4.
But once you get past the learning curve it's great, and fact of the matter is, a good trader requires that complexity and detail, but maybe not if you're just an investor or position trader.

 

[IB12]

Do Interactive Brokers let you fund your account from overseas bank accounts? If I already have some pounds in a UK bank, can I transfer that to IB without converting it to AUD and use it to buy UK shares?

I believe they do. All you have to do is specify your base currency as GBP.
This is not a problem with IB, it's more a problem of your international bank; do they do international wire transfers (I'm sure they do). Alternatively your bank could convert that GBP into USD or AUD if you want and use that as your base currency.
All Aussies who transferred their funds from an Aussie bank basically were 'international banks' b/c IB's custodians are not based in Australia (if I recall correctly).
I didn't even wire my funds via a bank when i did it first time, I did it via an broker to broker transfer.

So I don't see why your case can't be solved.

 

[titl4]

Hey Guys,

I'm looking to open an account with a quality broker like Interactive Brokers but am wondering what software you use to view/analyse charts?
...............
Arnz

I find IB very good as a trading platform - once I took the time to learn enough about it. There are some very good 'webinars' to help initially.

IMO though the IB charting available is about the same standard as most brokers provide. ie not adequate for my needs as a (mainly) technical trader. I use AmiBroker and buy data from 'Premium Data'. An alternative which IMO is ok is Incredible Charts - either the free or paid option depending on need.

Cheers ...... Alan

 

[noie]

I believe they do. All you have to do is specify your base currency as GBP.
This is not a problem with IB, it's more a problem of your international bank; do they do international wire transfers (I'm sure they do). Alternatively your bank could convert that GBP into USD or AUD if you want and use that as your base currency.
All Aussies who transferred their funds from an Aussie bank basically were 'international banks' b/c IB's custodians are not based in Australia (if I recall correctly).
I didn't even wire my funds via a bank when i did it first time, I did it via an broker to broker transfer.

So I don't see why your case can't be solved.

Yes they do, on the IB webpage (acc mgmt) if you initiate a wire transfer from the overseas bank (plug in all the details) then you will get instructions for the local Citibank to your bank..
i used a Guernsey int bank and they gave me London Citibank, did not even need to pay int fees, local same day transfer

 

[robtrade]

I'm trying to setup accounts with IB. I've setup a USD base currency account for trading in the US. I now want to setup a linked account in AUD base currency to trade in Australia. I want to keep US and Australia trades separate.
Is this a common way that people do it or is there a better way?
(in the linked account online application i never got asked to specify base currency and now it's asking me to fund the account. I think it will end up being USD base and then i have to change later).
When i do wire transfer to fund the AUD account is it going to a US bank? (hence i can send in USD).
Has anyone used Ozforex to send the money and was it quick and no fees?
Is there a charge to withdraw funds from IB to an Australian bank?
Cheers.

 

[murphy11]

Thanks noie and IB12 for the replies.

If I understand correctly IB would hold the title to any shares that I purchase. Is this correct and how much should I be worried about this, especially if I am investing for the long term (not day trading). Is there a more suitable broker to invest my GBP funds through?

I'm not necessarily after the cheapest rate I guess, but need access to UK markets funded through a UK account.

 

[Market Sniper]

Hi

Can someone please tell me the post to start reading from or just explain the details needed in regards to dividends with IB and how these should be handled?

Thanks in advance

 

[noie]

Thanks noie and IB12 for the replies.

If I understand correctly IB would hold the title to any shares that I purchase. Is this correct and how much should I be worried about this, especially if I am investing for the long term (not day trading). Is there a more suitable broker to invest my GBP funds through?

I'm not necessarily after the cheapest rate I guess, but need access to UK markets funded through a UK account.

I have an e-trade account, and use this for my AUS funds
I use my IB to move money home, and to trade virtually everything (except not Japan for a poor reason IMO)

On its website, IB states that it has consolidated equity capital of over US $4.8 billion, and also states that IB and its affiliates exceed 1,000,000 trades per day and trade 14.1% of the global equity options volume

A LOT of people trust them + their insurance, and they have been around for 33 years, also their paper trading and java workstation is rather powerful.

(I use IB, after trying others, i dont work there)

 

[crown]

After becoming aware that IB charges me for the privelige of trading various markets in the way of interest for borrowing they currencies. Would I be mistaken in assuming that I need to hold the required currencies traded, as to negate the interest fee`s from IB for borrowing they currencies?

Example; Trade HSI. Individual, required to hold HKD within account to cover trades. Verses, trade HSI and "borrow IB funds to buy and sell HSI", then be charged interest or margin on the transaction till a pairs trade is completed.

EG; trade within US. Required to hold USD.
Trade within HK. Required to hold HKD.

Transverse to hold required currency or pay fee/interest for multiple markets traded is to put on a pairs trade between base currency and traded market to negate IB fee.
Could someone please comment on the simplest method.
If pairs trade simplest. Is this performed daily/weekly/monthly?

Apologise for any newbyness in question as am none-the-wiser after consulting a very helpful IB customer service rep.

Cheers

 

[titl4]

After becoming aware that IB charges me for the privelige of trading various markets in the way of interest for borrowing they currencies. Would I be mistaken in assuming that I need to hold the required currencies traded, as to negate the interest fee`s from IB for borrowing they currencies?

Example; Trade HSI. Individual, required to hold HKD within account to cover trades. Verses, trade HSI and "borrow IB funds to buy and sell HSI", then be charged interest or margin on the transaction till a pairs trade is completed.
.................
Transverse to hold required currency or pay fee/interest for multiple markets traded is to put on a pairs trade between base currency and traded market to negate IB fee.
Could someone please comment on the simplest method.
If pairs trade simplest. Is this performed daily/weekly/monthly?............

IMO its whatever method suits your circumstances.

In my case my base currency is AUD and I use the account to trade USA shares. The interest paid on my AUD is far higher than that charged for the USD I 'borrow' to buy US shares. However at the moment I am also 'buying' some USD as a hedge against FX risk due to the historic exchange rates.

If the 'borrowing' interest rate exceeded the rate being paid on the base currency I would need to review what suits me best.

Cheers .......... Alan

 

[freebird54]

Citi charged me $10 my super fund bank was nil
I think it varies

 

[freebird54]

Hi

Can someone please tell me the post to start reading from or just explain the details needed in regards to dividends with IB and how these should be handled?

Thanks in advance

What specifically? - the div goes to your a/c no paperwork needed

use this site http://www.sharedividends.com.au/index.php

As I trade in a company name the imputed credits are no
good to me

IB has a div statement u can print/email

 

[Superboot]

Hi all,

Just learning the ropes of IB. Looking to create a portfolio to provide:

1. individual share profit/loss in $ and % based on original purchase price
2. total profit/loss in $ and % for all shares in portfolio
3. ability to add/remove IB purchased and non IB purchase shares

Can this be done?

I have looked at this in account management, however there are no totals and only considers IB based purchases.

I have also looked at portfolio analyst, however I am still trying to get me head around this one. Could this meet my need? Or do I need a separate portfolio application?

I can achieve this with my other broker (Netweath), but would like to do this in IB

Cheers

 

[Superboot]

Hi all,

Another question - how long does it take once a share has been sold to then gain access to the cash again? I sold lunchtime friday and it doesn't seem I can use that cash yet?? IB Account Manager provides a 'Market Value' cash value but does not display that amount 'Available for Trading' - does IB wait for it to settle? This is usually a few days...

A new IB user learning the ropes...
Cheers

 

[RogueTrader273]

I find IB very good as a trading platform - once I took the time to learn enough about it. There are some very good 'webinars' to help initially.

IMO though the IB charting available is about the same standard as most brokers provide. ie not adequate for my needs as a (mainly) technical trader. I use AmiBroker and buy data from 'Premium Data'. An alternative which IMO is ok is Incredible Charts - either the free or paid option depending on need.

Cheers ...... Alan

How much do you pay for your data? Did you know that if you use a service with WebIress (such as Etrade or Comsec) you can copy and paste data for all stocks into Excel, then run a program (I've written one) to update all your chart anytime you want? (I use MetaStock.) Thus you can view all your charts intraday anytime you want, only takes seconds to update.

 

[freebird54]

May I suggest you use their ticket system for you questions - it works well

ANYWAY ANSWERS IN CAPS

I have also looked at portfolio analyst, however I am still trying to get me head around this one. I AGREE

I have looked at this in account management, however there are no totals and only considers IB based purchases. OF COURSE

1. individual share profit/loss in $ and % based on original purchase price YES IN $
2. total profit/loss in $ and % for all shares in portfolio YES AS ABOVE
3. ability to add/remove IB purchased and non IB purchase shares - NO UNLESS TRANSFERRED OVER

 

[titl4]

How much do you pay for your data? Did you know that if you use a service with WebIress (such as Etrade or Comsec) you can copy and paste data for all stocks into Excel, then run a program (I've written one) to update all your chart anytime you want? (I use MetaStock.) Thus you can view all your charts intraday anytime you want, only takes seconds to update.

I pay $33 p/m for Aust data and $38.5 for USA (both EOD). As I want all stocks from both countries its easier to have it done for me. I also much prefer to have 'historically corrected' data and I imagine webiress and the like would have no need for other than raw exchange data. (I also used Metastock for a long time but changed to Amibroker a few years back.)

That said, your idea would be a good one for me if I were day trading the ASX.

 

[RogueTrader273]

I've seen in a couple of places that there are restrictions on some capital raisings if you use IB instead of an Australian broker - can anyone confirm if this is the case please?