Interactive Brokers - SGD now available for funding - Part 2

[tiertime]

I believe I can clarify.

The minimum foreign currency exchange commission is US$2 (plus GST if you're an Interactive Brokers Singapore Pte. Ltd. customer), and this is also the maximum charge if your order is executed as a single trade and the amount isn't "huge." Let's assume for a moment you have a cash (non-margin) account. Here are two scenarios:

1. You have set your account's base currency to U.S. dollars. In this case you'll be charged the exact U.S. dollar commission. If you don't have enough U.S. dollars in your account to cover the commission then Interactive Brokers will grab the commission from available cash in another currency (such as Singapore dollars) at the current spot conversion rate.

2. You have your account's base currency in Singapore dollars. In this case Interactive Brokers will use the current spot rate to determine the commission in Singapore dollars, then grab the commission from your Singapore dollars. If you don't have enough Singapore dollars Interactive Brokers will grab the commission from another available cash currency, such as U.S. dollars.

Obviously you cannot convert currencies to the exact penny, or at least it's very difficult. That's OK. As long as the residual amount is less than US$5, Interactive Brokers will eventually (within a couple days usually) automatically convert residual non-base currency cash into your base currency, at spot rate and without a commission.

If you have a margin account then you should watch out for negative cash positions, although these aren't expensive in today's low margin interest rate environment.

the IBKR/IBSG currency conversion can be up till maximum wat amount for the the US$2 exchange commission ?

 

[crystalnox]

the IBKR/IBSG currency conversion can be up till maximum wat amount for the the US$2 exchange commission ?

https://www.interactivebrokers.com/en/index.php?f=1590&p=fx0.002% ~$100k

 

[tiertime]

https://www.interactivebrokers.com/en/index.php?f=1590&p=fx0.002% ~$100k

It states:
USD <= 1,000,000,000..... USD 2.00

Ihis one got 9 Zeros
Is It up to 1 billion, the commission is USD 2.00 ?

 

[highsulphur]

It states:
USD <= 1,000,000,000..... USD 2.00

Ihis one got 9 Zeros
Is It up to 1 billion, the commission is USD 2.00 ?

min is $2. You will see higher than $2 when you change higher than USD 100k

 

[BBCWatcher]

the IBKR/IBSG currency conversion can be up till maximum wat amount for the the US$2 exchange commission ?

US$100K (or other currency equivalent), I believe.

 

[mousepad_88]

Anyone transfer holdings from saxo to ib before? Given i have multiple positions for one securities , just wondering how will it be displayed in IB post the transfer.

 

[reddevil0728]

Anyone transfer holdings from saxo to ib before? Given i have multiple positions for one securities , just wondering how will it be displayed in IB post the transfer.

Saxo displayed by different transactions?
Likely that ibkr will lump it altogether

 

[mousepad_88]

Saxo displayed by different transactions?
Likely that ibkr will lump it altogether

Yeah saxo shows different position excuted under diff transactions with diff price, date and gains etc.. like that i move over to IB i will lose all that historical data. Anyhow i have drop a ticket to IB for their further confirmation.

 

[reddevil0728]

Yeah saxo shows different position excuted under diff transactions with diff price, date and gains etc.. like that i move over to IB i will lose all that historical data. Anyhow i have drop a ticket to IB for their further confirmation.

Shouldn’t you be more concern about weighted average?

in any case not sure if price data gets transferred also

 

[kram62]

Yeah saxo shows different position excuted under diff transactions with diff price, date and gains etc.. like that i move over to IB i will lose all that historical data. Anyhow i have drop a ticket to IB for their further confirmation.

Shouldn’t you be more concern about weighted average?

in any case not sure if price data gets transferred also

I did transfer from saxo previously. Only the positions aggregate was transferred if I remember correctly. I inputted the cost basis manually in TWS after the transfer was completed.

 

[c1steady]

Hi , I just did a HKD to USD conversion via interactive brokers . But the commission is USD 15. Why so expensive. I also did another GBP to USD conversion and the commission is only USD 2. Wonder why HKD to USD charges is so high ? Appreciate if anyone can explain . Thanks

 

[reddevil0728]

Hi , I just did a HKD to USD conversion via interactive brokers . But the commission is USD 15. Why so expensive. I also did another GBP to USD conversion and the commission is only USD 2. Wonder why HKD to USD charges is so high ? Appreciate if anyone can explain . Thanks

How much did you change?

and that’s what’s stated in the trade report?

 

[kram62]

Hi , I just did a HKD to USD conversion via interactive brokers . But the commission is USD 15. Why so expensive. I also did another GBP to USD conversion and the commission is only USD 2. Wonder why HKD to USD charges is so high ? Appreciate if anyone can explain . Thanks

USD2 is about HKD15.

That's a known bad UI design, the commission in this case is expressed in HKD (even if the UI doesn't actually show the unit).

On the screen the commission is expressed in the quote currency (right part of a currency pair).for USDHKD it's HKD, for GBPUSD it's USD.

I did post an example screenshot a long time ago on this forum, can't find it now I'm on the phone sorry.

 

[eyz]

I just tried using ibkr after registering am account.

I find it so difficult to use and it's so laggy, as compared to Tiger.

what the reasons you guys are still using it??

 

[dappermen]

so laggy, as compared to Tiger.

Oh laggy! Tks for sharing….

i felt it usedup/take up a lot of memory on my laptop too, in order to function!

fair n neutral sharing- i dont hear/ see it here by mbrs who been using all these while, only recently those who signedup reflected many truthful issues, yes highly confusing!!!

IBKR Cons
-The app is slow and laggy
-App is confusing, ui also
-no live market data(need to subscribe)


Trick- use tiger for data and updates instead

https://seedly.sg/questions/those-u...-the-monthly-activity-fee?utm_source=facebook

 

[BBCWatcher]

Which user interface are you using? Interactive Brokers offers about 4 of them.

 

[reddevil0728]

I just tried using ibkr after registering am account.

I find it so difficult to use and it's so laggy, as compared to Tiger.

what the reasons you guys are still using it??

Cost? Access to more markets?

it’s always about getting used to

 

[highsulphur]

Which user interface are you using? Interactive Brokers offers about 4 of them.

I didn't know that. Have been using phone app most of the time

 

[louisw]

I use phone app and website. For me, it is ok. Because I only use some basic features.

I also tried to use TWS. But I think I need a bigger monitor.

 

[eyz]

Cost? Access to more markets?

it’s always about getting used to

probably. I started with tiger mobile, but wanted to use ibkr for option trading. but it's not really responsive when getting around the apps.

I'm using Android btw.