Interactive Brokers (IB)

[Wolfnet]

Well what a coincidence Im with Oanda for FX operations. what USD 25 fee ? Their comms. fee is already included in the spread, so I don't hv to calculate the fees, just use the current spread. And the money transfer is totally free, and more secure IMO.

Awesome! I was tampering with the calculator and it listed a 25 USD fee in addition to the conversion rate in the summary calculation which was why I assumed that there was a 25 USD fee.

If there is no 25USD fee then all the more worth it .

 

[iCuteCube]

Awesome! I was tampering with the calculator and it listed a 25 USD fee in addition to the conversion rate in the summary calculation which was why I assumed that there was a 25 USD fee.

If there is no 25USD fee then all the more worth it .

Oanda SG is really good, didn't encounter so far after trading 1year++ with them, but guess i must change my trading style, i realized most of my gains are eaten up by spread.

No transfer fee, and no min iirc.... I started playing minis and the platform is friendly, for charting wise i strongly suggest you use another program to assist your TA needs If not Oanda also got their own Mt4, but i never used it before

 

[sAVaGEmP5]

The transfer to Oanda SG is in SGD to SGD, no USD involve. They earn from you thru their spreads and daily interest.

Not sure how I can benefit frm carry trade cos im only hedging my USD positions, but probably can trade Long AUD Short USD to hedge it back, not sure if it works hehe. Also some exotic pair like usd/sgd, leverage max is only 20:1.

Taking out money wise also not sure the rates, so good and bad.

 

[Wolfnet]

Oanda SG is really good, didn't encounter so far after trading 1year++ with them, but guess i must change my trading style, i realized most of my gains are eaten up by spread.

No transfer fee, and no min iirc.... I started playing minis and the platform is friendly, for charting wise i strongly suggest you use another program to assist your TA needs If not Oanda also got their own Mt4, but i never used it before

The transfer to Oanda SG is in SGD to SGD, no USD involve. They earn from you thru their spreads and daily interest.

Not sure how I can benefit frm carry trade cos im only hedging my USD positions, but probably can trade Long AUD Short USD to hedge it back, not sure if it works hehe. Also some exotic pair like usd/sgd, leverage max is only 20:1.

Taking out money wise also not sure the rates, so good and bad.

Thanks for the info guys. Appreciate it a lot .

 

[Wolfnet]

Hey Guys,

Just called Oanda and found out that the FXGlobalTransfer is not available to Singapore Residents .

Back to the drawing board.....

 

[iCuteCube]

go to Oanda.sg

and register an account there, i don't see any problem why are you encountering any problems

 

[Wolfnet]

go to Oanda.sg

and register an account there, i don't see any problem why are you encountering any problems

The Oanda sales person told me that I can use Oanda.sg to trade fx but I cannot use it to transfer physical FX overseas to my account in the USA. I think I will call Oanda again.

 

[Wolfnet]

Just called them again. Oanda.sg does not have the fxglobaltransfer facility. I will need to open an account with Oanda.com but sadly the sales representative told me that all Singapore residents have to open with Oanda.sg. Oanda is trying to make the fxglobaltransfer feature available to Asia Pacific but there is no timeline as when it will be available yet.

 

[sAVaGEmP5]

y use the US when u r in SG ?

 

[Wolfnet]

Want to transfer money to my IB account. Been trying to find ways to reduce TT fees and exchange rate if possible as the sum I intend to transfer is quite substantial.

 

[sAVaGEmP5]

got 1 mil or not ? I wish can use the current market FX rate to exchange the SGD to USD then withdraw the USD and pump to an acct in US bank.

How about using that to change to HKD, TWD, Euro or any other currencies, when u go for oversea holidays. Then no need to go to little india those retail FX shop and get chopped by them lol

Reality is that will never happen else BAC will cost $0.005 per share on pink sheet.

 

[Wolfnet]

got 1 mil or not ? I wish can use the current market FX rate to exchange the SGD to USD then withdraw the USD and pump to an acct in US bank.

How about using that to change to HKD, TWD, Euro or any other currencies, when u go for oversea holidays. Then no need to go to little india those retail FX shop and get chopped by them lol

Reality is that will never happen else BAC will cost $0.005 per share on pink sheet.

Haha. I am working towards 1 mil but far from it .

IB does allow you to deposit in most major currencies. I can deposit AUD for free into their Aussie bank account in aus and can transact and withdraw USD but I dun use USD sadly.

My friend's dad who is a day trader uses IB to convert all his USD profits into AUD for his daughter's education in Aus.

 

[dao]

You can't do sg stocks with IB unless you are a foreigner.

Can I do SG Futures with IB?

 

[dao]

Flat Rate vs Cost Plus

Do you guys use Flat Rate or Cost Plus with IB?

 

[dao]

Just completed the online application with IB. Was surprised that it is very user friendly, easy to follow. Easier than Tradestation.

Now, need to think of a cost effective way to transfer money in.

 

[dao]

Please note Citibank global does not applies to institutional account and IB USD Citibank is institutional, so you still have to TT.

Somehow, now, there is an option Add a payee to pay an individual/organization with Citibank Global Transfer.

Just to add IB got error "Information is not recognised". Maybe i key in wrong format. Getting help from Citibank.

 

[dao]

Want to transfer money to my IB account. Been trying to find ways to reduce TT fees and exchange rate if possible as the sum I intend to transfer is quite substantial.

Just did a wire transfer using Citibank internet banking. TT fees is only
$20. I did about 5+pm. Just before 9pm, the fund is available in my account. Super fast! This is faster than interbank GIRO!

 

[dao]

Can I do SG Futures with IB?

Placed a trade today. Order rejected. Basically, Singaporean cannot trade SGD denominated products.

I cannot trade MSCI Singapore Future but I can trade MSCI Taiwan Future, both from SGX.

 

[Shiny Things]

Do you guys use Flat Rate or Cost Plus with IB?

Dammit - I had a whole long post lined up with links and everything and a little digression about inverse maker-taker pricing... and then I closed the window.

Anyhow, short answer, I use flat-rate; cost-plus isn't notably cheaper unless you're doing somewhere north of about 50k shares a month on US exchanges.

 

[NAYRNAT]

You want to sweep into the securities account so you get the SIPC insurance on your spare cash - that's the point of the sweep option. IB will always keep enough cash in your commodities account (the futures account) to cover margin calls, and the rest will have insurance coverage.


It should be, but when I asked about this, they started talking about having to manually bank the dividend cheques and that was when I said "stuff it I'll keep them at IB thanks all the same". If it turns out you can hold US stocks at DBS and still get automatic dividend crediting, then let me know, because I'd be interested in that.

The actual transfer isn't too much of a hassle - it's just filling in forms. But since all my holdings pay dividends (some of them monthly), I don't want to have to stuff around manually banking cheques and paying extortionate overseas cheque fees.

Hi,

You mention about the sweep option, mind to explain more? cause i am confuse about the option on which to choose, sweep to securities or commodities and don't sweep. if i choose not to sweep what will happen to my spare cash and isit possible to change it in the future?