Australian (ASX) Stock Market Forum

Interactive Brokers

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Has anyone opened an IB account with "Friends and Family Groups" account structure?

My wife is happy for me to manage trades on her account so I think that could be the way to do it? Or is it easier to link accounts and can she would give permissions to do that?

Is anyone doing this with IB?

Any pointers would be appreciated!
 
Switch said:
Has IB sorted out their license requirements for Australian's who want to open a margin account yet?

They seem to have an Australian website up and running now (was there one before, I don't remember it..) and it makes no mention of the margin restrictions.

https://www.interactivebrokers.com.au/en/index.php?f=4945
Click to expand...

They have always had a .AU website, but I never checked to see if it detailed the particular margin restrictions applicable to Australia. If it did and it is now removed, that would be positive for their plans.

What I have noticed changed over the last few weeks (I have just returned from overseas) is that I am getting the following message when I access any of the sub-options under Costs / Interest and Financing:

Forbidden

You don't have permission to access /en/index.php on this server.

Additionally, a 403 Forbidden error was encountered while trying to use an ErrorDocument to handle the request.

Previously sub-option info was displayed.
 
bellenuit said:
They have always had a .AU website, but I never checked to see if it detailed the particular margin restrictions applicable to Australia. If it did and it is now removed, that would be positive for their plans.

What I have noticed changed over the last few weeks (I have just returned from overseas) is that I am getting the following message when I access any of the sub-options under Costs / Interest and Financing:

Forbidden

You don't have permission to access /en/index.php on this server.

Additionally, a 403 Forbidden error was encountered while trying to use an ErrorDocument to handle the request.

Previously sub-option info was displayed.
Click to expand...

I'm really struggling without interactive brokers.

I've been using IG markets instead however I've had it with their platform. Anyone have any other good brokers/CFD providers they could recommend? I only trade ASX stocks.
 
sammy84 said:
I'm really struggling without interactive brokers.

I've been using IG markets instead however I've had it with their platform. Anyone have any other good brokers/CFD providers they could recommend? I only trade ASX stocks.
Click to expand...

I use IG markets for trading and also have a commsec account..what IG can't give me CommSec does a decent job.

I have been meaning to open a IB account in an attempt to reduce brokerage (0.08% v 0.10%), however after reading this thread it appears I should be in no rush to do so :(
 
sammy84 said:
I'm really struggling without interactive brokers.

I've been using IG markets instead however I've had it with their platform. Anyone have any other good brokers/CFD providers they could recommend? I only trade ASX stocks.
Click to expand...

Ask IG about their L2 platform if you haven't tried that. It's still not great but I found it runs smoother than the browser based one. Mind you that was almost 2 years ago that I used it.

Having said that, when I used the L2 I coupled that with either WebIress (FP market has that) or Spark Iguana 2. I used these as information platform only and place orders separately with IG. So it's a bit slower and clunkier.

Otherwise have a look at Paritech Pulse which looks pretty decent.
https://www.aussiestockforums.com/f...=27040&p=785455&highlight=platform#post785455
 
skc said:
Ask IG about their L2 platform if you haven't tried that. It's still not great but I found it runs smoother than the browser based one. Mind you that was almost 2 years ago that I used it.

Having said that, when I used the L2 I coupled that with either WebIress (FP market has that) or Spark Iguana 2. I used these as information platform only and place orders separately with IG. So it's a bit slower and clunkier.

Otherwise have a look at Paritech Pulse which looks pretty decent.
https://www.aussiestockforums.com/f...=27040&p=785455&highlight=platform#post785455
Click to expand...

Thanks SKC!

I've downloaded the L2 platform. Hopefully that will keep me going until IB is back. Still amazes me how inferior all other broke platforms are.
 
Interactive Brokers and Phillip Futures involved in law suits against Asian clients...

RBC Joins Goldman in Suing Clients After Singapore Crash

Coutts & Co. and Interactive Brokers LLC sued Neo for a total of S$46.4 million ($37.1 million). Phillip Securities Pte, Singapore’s biggest brokerage by clients, sued on Feb. 24 after he refused to pay S$1.42 million.
Click to expand...
 
Transferring Money In

It appears that now there is an option to BPay in our account rather than direct transfer which used to be previously.
 
Has anyone seen anything from IB that would indicate that they have changed their commission structure on US Share trades. I have found that instead of a flat rate of $0.005 per share it seems to be less (still $1 minimum).

Their flat rate currently shows on the website as USD0.005 per share (minimum $1) with an SEC tax (on sales only) of USD0.0000221*Value of Aggregate Sales

I just sold 4000 shares with an aggregate sales value of $88,960.00. This should have a total commission including sales tax of ($20 + $1.97 SEC Tax). Their total commission (they don't show the breakdown) was $19.97. They fact that they show the same cents figure (97 cents) would suggest that the SEC fee is being calculated correctly as $1.97 (USD0.0000221*Value of Aggregate Sales), but that their commission excluding sales tax for 4000 shares is just $18 (0.0045 per share).

A sale of 3000 with an aggregate value of $63,300 had a total commission including sales tax of $15.10. With an SEC fee of $1.40, this would suggest a commission excluding sales tax of $13.70 instead of $15. $13.70 works out at $0.0045666 per share.

A purchase of 313 shares (which doesn't attract an SEC sales tax) had a commission of $1.36 instead of $1.565. A sale of 313 came in at $5.43. Take out the $4.07 SEC sales tax and one is also left at $1.36. $1.36 suggests a flat rate of $0.004345 per share.

Up until a few weeks ago my spreadsheet formula for calculating commission and sales tax always came up with the correct result.

Some other good news is that they are dropping their minimum USD10.00 fee per month as a minimum when commissions come in less than that. This only applies to accounts over a certain asset value. Unfortunately I didn't note the value when I read the email (it may have been $0.25M) or the date it comes into effect.
 
hawamahal said:
It appears that now there is an option to BPay in our account rather than direct transfer which used to be previously.
Click to expand...

That's the good thing, but limited by your daily maximum account transaction. So might have to do multiple transaction over a few days.


hawamahal said:
Another thing i noted was that IB does not allow Australian residents to trade CFD's.

Any reasons for that.
Click to expand...


I don't trade CFDs, but it is listed.
https://www.interactivebrokers.com.au/en/?f=/en/trading/cfds.php?cc=AU&ib_entity=llc

On one of their online trading forms (under account management) you have to acknowledge that you want to do CFD Trading. Please check this out.
 
bellenuit said:
Has anyone seen anything from IB that would indicate that they have changed their commission structure on US Share trades. I have found that instead of a flat rate of $0.005 per share it seems to be less (still $1 minimum).
Click to expand...

I also put this question to IB support and received the following answer, which may be of interest to others....

Any orders that are executed at a dark pool receive a credit of 0.001 per share. Of your 313 shares of ****, 200 shares executed at CITADEL, a dark pool. This reduced your commission by 200*0.001, or USD 0.20.
 
sammy84 said:
I've been using IG markets instead however I've had it with their platform. Anyone have any other good brokers/CFD providers they could recommend? I only trade ASX stocks.
Click to expand...

Me too, its pissing me off that they don't have a buy-at-open order option.

Does anyone know if you can open margin accounts as Australians with IB yet?
 
PinguPingu said:
Does anyone know if you can open margin accounts as Australians with IB yet?
Click to expand...

The answer is not yet, it is still full (overnight) margin per contract. I wish they would get this sorted as I really miss using IB, or more importantly the 'ZerolineTrader' DOM interface. However I refuse to have to coff up over 7k per contract, crazy.
 
LinRegSlope said:
The answer is not yet, it is still full (overnight) margin per contract. I wish they would get this sorted as I really miss using IB, or more importantly the 'ZerolineTrader' DOM interface. However I refuse to have to coff up over 7k per contract, crazy.
Click to expand...

Referring to the SPI.
 

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