Interactive Brokers - SGD now available for funding

[tangent314]

Hi tangent314, could you explain the ask+100%?
For eg the current bidding price for buying USD with SGD is 1.36465 and asking price is 1.3647.
Thanks!

Although for FX it may make sense to simply set MKT

 

[ChinoGirl]

Thanks! Maybe this ask+100% button is not in the IB app version.

Do you usually exchange and keep extra USD available?or exchange as and when you want to buy the stocks/bonds/ETFs?

 

[kehyi4]

... Note that it may still take a couple of working days to be able to use the USD to purchase IWDA.

??

I find that I can deploy the USD immediately one leh

 

[hwckhs]

For FX I normally set Ask+100%, it will usually take less than a minute to complete. Note that it may still take a couple of working days to be able to use the USD to purchase IWDA.

You should be able to exchange SGD to USD, and buy IWDA on the same day, unless there is a market holiday in SG/US (for FX) or UK (for LSE) on that day or the coming 2 days.

Trade settlement for FX is T+2, and for stocks on LSE is also T+2. After you exchanged SGD into USD, the USD amount should show in your portfolio even though it is not settled. IBKR will allow you to buy IWDA as it will settle 2 days later too.

I asked about this topic some time up thread (post #5789), and there were some discussions on this.

 

[ChinoGirl]

How does the waiver work for the first three full calendar months from initial funding of the account?
If my trading is Usd15 for the first month, is the entire sum waived?

 

[swordsly]

How does the waiver work for the first three full calendar months from initial funding of the account?
If my trading is Usd15 for the first month, is the entire sum waived?

No. You will be charged as much as you use for those 3 months.

The account fee is a minimum you will need to pay (if it applies to you).

 

[justwakeup]

The commission for both buy/ sell is always $1.91 whenever transacting IWDA-LSE using tier pricing. Is this expected for net amount less than USD 2k for each transaction?

IBKR website indicate min commission is USD 1.70 for tier pricing for LSE USD-denominated products.

What is the difference of $0.21 due to?

Anyone can explain this?

Although in the end it doesn’t really affect me as i m still within that usd 10

 

[ChinoGirl]

Is it a must to use IB trader workstation on desktop for FX? Or IB app will do fine?

 

[ChinoGirl]

For the time-in-force for FX (SGD to USD), if day is selected, does this mean that the order will be cancelled if the order is not filled according to LSE trading hours?

 

[ChinoGirl]

I haven't submitted my order to buy IWDA as I am not sure what this message is about, "the following order buy xx IWDA LSEETF@59.000 price exceeds the percentage constraint of 3%. Are you sure you want to submit this order?"

I have enough USD in my IB account.

 

[swordsly]

I haven't submitted my order to buy IWDA as I am not sure what this message is about, "the following order buy xx IWDA LSEETF@59.000 price exceeds the percentage constraint of 3%. Are you sure you want to submit this order?"

I have enough USD in my IB account.

https://forums.hardwarezone.com.sg/110275813-post3086.html

See if you try to google around, you'll actually be able to find most of the answers you need, often repeated umpteen times.

 

[ChinoGirl]

Thanks, sword sly. Will make a mental note to do a search before posting a question

“It's poorly worded, but all it means is that you're trying to set an order more than 3% away from spot, and it assumes you've typoed the price. Just hit "yes" once you've checked that the order is what you meant to put in.”

I apologise but I don’t understand he explanation. Please bear with me.
Does this mean that my bid price is 3% lesser than the spot and the system is informing me in advance that it is unlikely to get filled?

 

[swordsly]

Thanks, sword sly. Will make a mental note to do a search before posting a question

“It's poorly worded, but all it means is that you're trying to set an order more than 3% away from spot, and it assumes you've typoed the price. Just hit "yes" once you've checked that the order is what you meant to put in.”

I apologise but I don’t understand he explanation. Please bear with me.
Does this mean that my bid price is 3% lesser than the spot and the system is informing me in advance that it is unlikely to get filled?******************

I don't know what price you set but I'm looking at it now and it is 58.77. 3% above and below would be 57 and 60.5 respectively, which is straying too far from the current spot and is unlikely to get filled. Thus the warning.

As ST said -- it's only a warning and if you are confident with the bid price, go ahead and submit the order.

One more thing you should know -- the market data you see on your IB is delayed by 15mins (I think) unless you subscribe to real-time data (which you don't really need). If you want a more updated price, just google for IWDA and Google will return you a less-delayed price (~5mins delayed).

 

[limster]

One more thing you should know -- the market data you see on your IB is delayed by 15mins (I think) unless you subscribe to real-time data (which you don't really need). If you want a more updated price, just google for IWDA and Google will return you a less-delayed price (~5mins delayed).

Just pay $0.03 to find out the current bid-offer price.

 

[ChinoGirl]

I got my buy order 25 lots filled at 58.7. I realised that I had forgotten to change the commission setting when I saw the USD5. Went to account settings and clicked on the grey wheel thingy. The default seems to be tiered? I have not touched this button before.

Thanks for the tip on Google Finance. Had googled before I placed my first bid too

I don't know what price you set but I'm looking at it now and it is 58.77. 3% above and below would be 57 and 60.5 respectively, which is straying too far from the current spot and is unlikely to get filled. Thus the warning.

As ST said -- it's only a warning and if you are confident with the bid price, go ahead and submit the order.

One more thing you should know -- the market data you see on your IB is delayed by 15mins (I think) unless you subscribe to real-time data (which you don't really need). If you want a more updated price, just google for IWDA and Google will return you a less-delayed price (~5mins delayed).

 

[littleredboy]

Hmm i bought IWDA 7 shares, then realize comms is $1.91?

 

[stu4rt86]

Hi peeps,

May i know why i cannot see the forex option in the IBKR app?

I tried following keykeytravels blogspot screenshot but our platform seems different and when i click on open ticket and search USD.SGD i only see stocks and options... help

 

[stu4rt86]

USD.SGD United States dollar
1.36793 +0.00053 0.04%
500K x 1.36794

1M x 1.36792

Realtime Price
Buy 3200 USD.SGD
Order Type Limit
Limit Price 1.36
Time-In-Force DAY


Amount 4,352 SGD
Commission (est.) 2.73 ... 3.42 SGD
TOTAL NA


Margin Impact Current Change Post-Trade*
Equity w/Loan 4,501 0 4,501
Initial Margin 0 0 0
Maint. Margin 0 0 0
*This is a current projection and is subject to change.




Sorry i dont know how to post a pic... is this the right way to do things? I transferred in 4.5k and i want to convert as much SGD into USD as possible.. what should i put my limit as? sorry noob newbie here.. i am using desktop

 

[stu4rt86]

USD.SGD United States dollar
1.36793 +0.00053 0.04%
500K x 1.36794

1M x 1.36792

Realtime Price
Buy 3200 USD.SGD
Order Type Limit
Limit Price 1.36
Time-In-Force DAY


Amount 4,352 SGD
Commission (est.) 2.73 ... 3.42 SGD
TOTAL NA


Margin Impact Current Change Post-Trade*
Equity w/Loan 4,501 0 4,501
Initial Margin 0 0 0
Maint. Margin 0 0 0
*This is a current projection and is subject to change.




Sorry i dont know how to post a pic... is this the right way to do things? I transferred in 4.5k and i want to convert as much SGD into USD as possible.. what should i put my limit as? sorry noob newbie here.. i am using desktop

Ok now i managed to convert SGD to USD. i tried to buy IWDA but they say i do not have trading permissions and ask me to go and configure in account management.. so what am i supposed to do?

 

[CWL84]

You need to go to client portal, menu on your top left > settings > account settings > trading experience and permission. Enable United Kingdom for stocks. The London stock exchange opens at 3pm sg time.