So_Cynical
The Contrarian Averager
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Thanks Rowan, good news i suppose..time will tell.
Interactive Brokers
- Thread starter MrMarcus
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My main concern is how this will change the protections we had under Interactive Brokers LLC: https://www.interactivebrokers.com/en/index.php?f=ibgStrength&p=acc
I suspect that our level of protection has been diminished as a result of this change and doubt whether the regulators here will be of help should IB flounder.
I suspect that our level of protection has been diminished as a result of this change and doubt whether the regulators here will be of help should IB flounder.
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Hopefully margin lending will be back on for IB's Australian retail customers.
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RowanC, was that sent to you? It indicates that the next time one logs in, you will be asked if you want to transfer. I logged in to both my individual and company accounts today and there was no such request.
Received email Saturday early morning , will probably be the first IBA account... just waiting.
I logged in earlier today (via Account Management on TWS) and was immediately presented with the option of transferring, leaving it to later or having the account closed.
I opted to transfer and was presented with several more screens that needed to be completed and digitally signed. From memory, it appeared that we will see the return of Forex trading (at least AUD/USD anyway). Margin was also covered (something I actually never lost) and I was also offered the option of becoming a wholesale client which I rejected.
It was a smooth process overall. Keen to see who they will be banking with over here and how our protections have changed.
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Nothing here yet either. Must be a progressive rollout.
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Correct,
You will receive an e-mail, then next time you log into your account you will be stepped through the process.
tech/a
No Ordinary Duck
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Did mine was seemless.
Son has an account and hasn't got an email yet.
Son has an account and hasn't got an email yet.
So_Cynical
The Contrarian Averager
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Do you get to create a new user name?
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a week or so ago i traded some options and got charged GST on the commission, which has never happened before so i assumed it was just part of the transition to an Aust domiciled entity (not that i really cared about it since i trade thru a company trust and can claim the GST back anyway).
a day or two after that i did some more option trades and did not get charged GST on those.
then earlier this week i noticed my cash balance in TWS didn't match up with what i expected it to be from my own trading spreadsheet. logged into account management and found that they'd credited the GST from last week's trades back into my account.
not sure what's going on there, i hope they're not confused about their GST obligations and wind up finding themselves on ASIC's bad side again!
a day or two after that i did some more option trades and did not get charged GST on those.
then earlier this week i noticed my cash balance in TWS didn't match up with what i expected it to be from my own trading spreadsheet. logged into account management and found that they'd credited the GST from last week's trades back into my account.
not sure what's going on there, i hope they're not confused about their GST obligations and wind up finding themselves on ASIC's bad side again!
Funny thing, couldn't remember what email I used for the closed individual account and could not email IB without it. Logged into the account and hit the re-open button.
Received an email so found out which email account. Used this to email them and ask about margin on individual accounts. They sent a reply about margin but have to view it within the individual account but I can't view it until the account is re-opened
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Funny thing, couldn't remember what email I used for the closed individual account and could not email IB without it. Logged into the account and hit the re-open button.
Received an email so found out which email account. Used this to email them and ask about margin on individual accounts. They sent a reply about margin but have to view it within the individual account but I can't view it until the account is re-opened
I saw a twitter link a few days ago from IB that brought you to a web page that explained how margin works. It was a general link from IB, not specific to me or Australia. As I scrolled through the few pages of explanation, at the bottom of one page they specified that margin was not available in Australia to individual accounts. That was within the last week, so I am not expecting any changes soon. Perhaps when everyone has been migrated over and the platform stabilised (I am still getting a few bugs on the Australian site), then they may start adding new features.
I still haven't got an invite to migrate for either of my accounts.
After a couple of days . Display is ok.
I subscribed to Idealpro today and to my surprise I’m getting AUD.USD quotes, which is something I haven’t been able to get for 2 years. I also tried EUR.AUD and EUR.USD, no problems.
I already had margin, so I’m not sure if that’s been added as well for those that lost it, but it may also be back seeing that we now have forex.
I already had margin, so I’m not sure if that’s been added as well for those that lost it, but it may also be back seeing that we now have forex.
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They are going to convert all of my FX balances to AUD or USD ? Why ??
This is ridiculous. They don't say why, or even which currency they will convert to. Or when .
This will trigger a capital gain event for me not to mention all my hedges for long term plays disappear. And who knows whether the Fx rate I get will be the normal tight spread.
They are blackmailing us saying the process will be harder if we don't use their transition process now.
Not sure how long we have or when the other FX pairs will be available.
This is ridiculous. They don't say why, or even which currency they will convert to. Or when .
This will trigger a capital gain event for me not to mention all my hedges for long term plays disappear. And who knows whether the Fx rate I get will be the normal tight spread.
They are blackmailing us saying the process will be harder if we don't use their transition process now.
Not sure how long we have or when the other FX pairs will be available.
