Interactive Brokers

[MS+Tradesim]

Re: Interative Brokers

Hi Rick,

IB spread their accounts among a number of banks and they're insured by Lloyds. Given that even govts can default on their 'promises', money held with IB is probably as safe as anywhere at the moment.

 

[Trembling Hand]

Just a word of warning. IB is the best thing since slice bread BUT its complex as all hell if you are a newbie, they don't have CHESS system and its in no way like using a Oz retail broker. Unless you are an active trader its probably not for you.

 

[cutz]

Yeah I use them,

Only because I’m active in the options game, bit uncomfortable at first, (i.e. no bank account / no chess) but you quickly get used to it as its miles ahead of anything I’ve previously used.

ATM I’ve got about 2/3rds of my holdings with commsec and the rest with IB, eventually it will be 50/50.

 

[jersey10]

If you are new to IB you should have a look at their webinars - they are useful for learning how to use the TWS and the range of features IB offer.

There are recorded webinars as well as live webinars you can do where you can ask questions of the presenter.

http://individuals.interactivebrokers.com/en/general/education/webinars.php

 

[wanky]

I started using IB today its good im a share noob with smaller parcels so the cheap brokerage is what i wanted. TWS is wayyy overkill for my needs im just trading asx shares but its simple to do that just like comsec really with an order ticket. i havent even subscribe to asx real time data 37.50 per month i just use comsec for that still plus i wrote program that scrapes etrade every few seconds into amibroker. im gonna keep long term stocks with comsec and use IB for trading.

 

[skc]

The starting balance is $10,000 US.

Cheers

What if I want to start an account now but am worrying about the US dollar falling? Does any IB users hedge their deposit to the Aussie?

 

[tech/a]

What if I want to start an account now but am worrying about the US dollar falling? Does any IB users hedge their deposit to the Aussie?

If your trading AUS stocks you will trade in our base currency so wont be affected.
If your trading any US stocks then that will be an issue.

I'm not sure about futures---which currency is used?

 

[elbee]

For futures the currency of the contract is used eg AUD for SPI, USD for US futures, Euro for DAX, yen for Nikkei.

 

[Trembling Hand]

For futures the currency of the contract is used eg AUD for SPI, USD for US futures, Euro for DAX, yen for Nikkei.

but obviously only the margin amount which is somewhere around 5 to 10 % of contract value so its not a huge consideration.

SKC if you are going to trade mostly ASX then it will not concern you. You just open an AUS dollar account.

 

[skc]

Thanks for all the responses. I gather that each instrument is trade in its "native" currency, but I was referring to the money on deposit with IB (i.e. when not being traded or used as margin).

But it sounds like that the deposit can be Aussie as well so no worries.

 

[Trembling Hand]

Thanks for all the responses. I gather that each instrument is trade in its "native" currency, but I was referring to the money on deposit with IB (i.e. when not being traded or used as margin).

But it sounds like that the deposit can be Aussie as well so no worries.

Yes when opening the account you nominate between about 10 diff currencies which one you want your account in. AUD being one of them.

 

[wanky]

is IB down for others? havent been able to login all day
webtrader gives "could not connect at this time"
TWS doesnt connect. log file has "Socket for connection gw1.ibllc.com.hk:4000 was closed by peer"

 

[Trembling Hand]

Nope, fine this end

 

[wanky]

well it just connected finally. i guess gw1.ibllc.com.hk server was down and your account uses another server?

 

[Trembling Hand]

well it just connected finally. i guess gw1.ibllc.com.hk server was down and your account uses another server?

Nope

 

[cutz]

is IB down for others? havent been able to login all day
webtrader gives "could not connect at this time"
TWS doesnt connect. log file has "Socket for connection gw1.ibllc.com.hk:4000 was closed by peer"

It's working at my end, has been since 0600hrs

 

[wanky]

strange one then

 

[tech/a]

If I palce a short order for a stock and IB are searching for it.
Once found am I notified ONLY if and when the stock revisits my entry criteria as its GTC.

In other words if its falling like a stone I'm not going to get filled as I wanted am I!

Hence the case for CFD's

 

[MS+Tradesim]

Anyone who knows....

Is it the case that IB don't let us participate in the ASX opening and closing auctions? And if they don't, is it something they have expressed intent to implement?

 

[Nick Radge]

Yes you can participate.