Interactive Brokers

IB12 · 26 October 2017

Anyone with IB currently experiencing non-responsiveness from client services / customer service?
Radio silence for me. No one is responding to any queries/questions.
Might have to switch brokers at this rate.

bellenuit · 26 October 2017

IB12 said:
Anyone with IB currently experiencing non-responsiveness from client services / customer service?
Radio silence for me. No one is responding to any queries/questions.
Might have to switch brokers at this rate.

I opened a ticket regarding the problem I mentioned here last week: unable to write a covered call. I think this was last Thursday. The status remained at "new" until I think Monday night, so I added the question if there was any progress re my issue. I did get a response to that the following day saying they are working on it and would let me know when it is resolved.

I'm kind of hoping that in my case the issue isn't so much an error with the system or with my set up, but is something to do with "margin" that will be resolved when they allow margin on individual accounts. As explained above in my previous post, the error message related to a margin issue, even though margin didn't really apply to my situation.

Is it possible that your question is related to margin and they are just waiting to make a general announcement on the issue, hopefully within a very short time?

bellenuit · 26 October 2017

Also, was your issue something that occurred after transferring to the Australian IB company?

cutz · 27 October 2017

minwa said:
Withdrawal problems with the new Aus company. Used to receive withdraws same working day if withdrawn before noon or overnight latest, without fail.

Hello,

Has this issue been resolved ?

blue0810 · 27 October 2017

cutz said:
Hello,

Has this issue been resolved ?

I didn't have any issue both deposit (4hrs) and withdraw ( overnight). Both requested in the morning ( ~ 8am)

minwa · 27 October 2017

Yeah, took 3 working nights. Hopefully this is because they used a new account. I think new bank transfers between accounts are longer. Will see next withdraw.

cutz · 28 October 2017

minwa said:
Yeah, took 3 working nights. Hopefully this is because they used a new account. I think new bank transfers between accounts are longer. Will see next withdraw.

Cool.

Keep up posted,

Its been a while but last time I did a withdrawal ( pre Aus account ) the cash turned up in my bank account same day.

barmix · 30 October 2017

With IB Aust do they have a new bank account number and BSB number for transferring funds?
thanks

cutz · 30 October 2017

barmix said:
With IB Aust do they have a new bank account number and BSB number for transferring funds?
thanks

Not sure.

A funds transfer instruction will give you the correct BSB/Account number.

bellenuit · 30 October 2017

Has anyone who trades on IB using a company been invited to transfer to the Australian IB yet? My individual account was invited about 4 weeks ago, but there has been no invite to my company yet.

Sharkman · 31 October 2017

bellenuit said:
Has anyone who trades on IB using a company been invited to transfer to the Australian IB yet? My individual account was invited about 4 weeks ago, but there has been no invite to my company yet.

my IB account is a company trust. haven't heard anything yet either. i actually logged onto their live support chat service (via account management) yesterday evening to ask about it, but their support guys who were on shift at that time weren't able to say, and could only suggest contacting them during HK hours, as the transfer is being handled by their HK office.

i'm unable to do that because i'm at work during those hours and i don't want to risk logging onto the IB live support line using company equipment. if you're able to do so, perhaps you could try asking them at that time and see what they say?

bellenuit · 31 October 2017

Sharkman said:
if you're able to do so, perhaps you could try asking them at that time and see what they say?

I used live chat a few minutes ago and was told that individual accounts would be first and companies later, but they had no ETA on when the process would start for companies.

skyQuake · 31 October 2017

bellenuit said:
Has anyone who trades on IB using a company been invited to transfer to the Australian IB yet? My individual account was invited about 4 weeks ago, but there has been no invite to my company yet.

Company account got the invite, but nothing (no forms, no welcome letter etc) when I log into acct management

bellenuit · 1 November 2017

bellenuit said:
Has anyone had trouble trading options since your account was transferred. I tried tonight to sell a US covered call from my iPad using the very latest of TWS mobile, which I had downloaded just minutes before. I am overseas, so I only have access to the mobile app. It is the first time I traded since I was converted (an individual account), so I am not sure whether the problem is due to the conversion or is some bug in the latest TWS Mobile.

In any case, it was just selling one call option at $0.34 and when I selected slide to transmit order it came up with a message saying my order wasn’t accepted because my equity with loan value of $xx.xx was insufficient to cover some other value that was a bit bigger than $xx.xx. This doesn’t make sense as it is not a margin account, it has a considerable equity and cash balance, and the order was a sell order.

This problem has now been resolved. IB said that they made changes to the credit payment system which now enables me to make these covered calls. I successfully wrote one last night.

Indoril · 8 November 2017

Just got an email from IB about CFDs being available for Australians. This could be the start of allowing other leveraged products!

freebird54 · 8 November 2017

Indoril said:
Just got an email from IB about CFDs being available for Australians. This could be the start of allowing other leveraged products!

Just got same - this could be great news - Do you think they will allow us to convert our current ASX top 20 holdings to CFD's? and reduce the amount of option trading we need to do?

bellenuit · 8 November 2017

freebird54 said:
Just got same - this could be great news - Do you think they will allow us to convert our current ASX top 20 holdings to CFD's? and reduce the amount of option trading we need to do?

I have never traded CFDs and know close to zilch about them. However, the letter I received, and assuming I didn't misinterpret it, seemed to suggest that you can use CFDs like margin. IBA's CFD offering permits a similar degree of leverage as IB's international affiliates offer for margin trading. I have heard that CFDs are high risk products and although margin can be too you can control the risk of margin trading by leveraging well below your margin call limit. But can CFDs really replace margin and provide mitigated risk if used conservatively, or have I misunderstood what IBA wrote.

Indoril · 8 November 2017

bellenuit said:
I have never traded CFDs and know close to zilch about them. However, the letter I received, and assuming I didn't misinterpret it, seemed to suggest that you can use CFDs like margin. IBA's CFD offering permits a similar degree of leverage as IB's international affiliates offer for margin trading. I have heard that CFDs are high risk products and although margin can be too you can control the risk of margin trading by leveraging well below your margin call limit. But can CFDs really replace margin and provide mitigated risk if used conservatively, or have I misunderstood what IBA wrote.

My opinion is that if you manage your risk appropriately then CFDs are no different to any leveraged product.

blue0810 · 8 November 2017

Indoril said:
if you manage your risk appropriately then CFDs are no different to any leveraged product.

Exactly.

IBA is asking for > 2 years experience trading CFD to activate this facility.
To trade CFD and futures you don't need margin loan . As long as you have enough cash available
to cover the initial and maintenance margin.

zac · 8 November 2017

I received the Email too re CFDs, will this then allow us to make option trades on margin,
It'd be nice to be able to enter some option spreads.

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