Yes, I had the same problem. Had access before the market opened but then lost connection from market open to 10.06.
Interactive Brokers
- Thread starter MrMarcus
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Yes, I had the same problem. Had access before the market opened but then lost connection from market open to 10.06.
Thanks Elbee - it's good to be able to tell them that it was not just specific to me
R u refering to the futures contract?
GST is for sales of most goods and services in Australia. You are not doing that, so the answer is no.
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Those of you that have an IB account i have a question...
I deposit money into my ib account Aud when i try to buy US shares it doesnt let me.
I called help desk they advised me to convert aud to usd using forex and then trading, but when i do this i risk currency movement? How do you get around this?
I use saxocapital to trade US CFDS but i do it in AUD why or how can this be done with IB?
I deposit money into my ib account Aud when i try to buy US shares it doesnt let me.
I called help desk they advised me to convert aud to usd using forex and then trading, but when i do this i risk currency movement? How do you get around this?
I use saxocapital to trade US CFDS but i do it in AUD why or how can this be done with IB?
I suspect you have misunderstood the impact on currency movement risk of the transactions described.
Note also that you will not be able to trade CFDs (other than ASX exchange traded CFDs) through your IB account.
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Yes you need to sell AUD.USD to convert your AUD cash to USD cash for purchasing USD denominated securities. IB does not do forex for you implicitly.
IMO in this case you mentioned there is higher risk, you are effectively forced to exchange right at the time of the trade/settlement.
With IB, you have a choice of when to exchange currency. It's a separate event from the trade hence you have greater control.
CanOz
Home runs feel good, but base hits pay bills!
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I only heard that it would be coming back, the margin trading.....did you get a notice?
It does not look like anything has changed on the margin trading front for IB customers
http://ibkb.interactivebrokers.com/article/2101
Still remains the same i.e. not allowed for Individual clients.
http://ibkb.interactivebrokers.com/article/2101
Still remains the same i.e. not allowed for Individual clients.
Instead of buying international shares on margin with IB, I've switched to buying international long dated call options. As long as you keep a net cash balance it isn't margin lending.
For my trading/investing style it's working out really well and I'm beginning to be glad I was forced into the new strategy.
For my trading/investing style it's working out really well and I'm beginning to be glad I was forced into the new strategy.
Instead of buying international shares on margin with IB, I've switched to buying international long dated call options. As long as you keep a net cash balance it isn't margin lending.
For my trading/investing style it's working out really well and I'm beginning to be glad I was forced into the new strategy.
Don't they want cash in your account if you are buying call options.
You have to cover the cost of the options with cash. But you're getting leverage from the options instead of borrowing on the margin loan.
I understand the cost of the option and the leverage. I thought that you have to cover the cost of the stock as well. Say you bought 1, Jan 15 2016 GM $ 37 call option for $ 5.05, do you need $505 cash in your account or $3700 + $ 505 in your account.
From what i understand from your response that I will need only $505 in my account rather than the whole amount i.e. the cost of the underlying instrument + the cost of the option. I thought I needed the total, I was wrong.
For buying call options it's just the cost of the option. You can keep the cash in your base currency as long as you are in net positive cash. The policy has been copied earlier in the thread.
Are there any alternative to IB for margin-esque trading besides going the CFD route?
Since you're buying an option not an obligation to buy the stock your minimum liability in the case that you choose not to exercise the option is just what you paid for the option itself.
Since you're buying an option not an obligation to buy the stock your minimum liability in the case that you choose not to exercise the option is just what you paid for the option itself.
I have a quick question in relation to settlement of shares.
Example
Having only $10k in the account, I purchase $10k worth of shares and sell these shares at a 10% profit on the same day. Will I have to wait T+3 for the funds to clear until I can make another trade? What if I were to purchase on Monday and sell on Tuesday?
I am currently with Comsec and under the above scenario's they allow the trades to offset, therefore only the profit is deposited into my account on T+3.
If the above is not possible and I do infact have to wait T+3 days, what is the margin lending situation at current for Australian citizens? My account was set up as a cash account.
I planned on taking multiple positions per day and executing lots of trades...this will make it impossible.
Thanks
Example
Having only $10k in the account, I purchase $10k worth of shares and sell these shares at a 10% profit on the same day. Will I have to wait T+3 for the funds to clear until I can make another trade? What if I were to purchase on Monday and sell on Tuesday?
I am currently with Comsec and under the above scenario's they allow the trades to offset, therefore only the profit is deposited into my account on T+3.
If the above is not possible and I do infact have to wait T+3 days, what is the margin lending situation at current for Australian citizens? My account was set up as a cash account.
I planned on taking multiple positions per day and executing lots of trades...this will make it impossible.
Thanks
