Interactive Brokers (IB)

[Shiny Things]

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?

Sure.

You want to choose "sweep to securities". Your securities account is covered by SIPC insurance for up to $250k of cash and $250k of securities if IB goes bust.

The value of this insurance is debatable (it's not entirely clear what's covered if at any time you trade futures), but it's better than nothing, which is what you'll get if you choose "Sweep to commodities".

If you pick "do nothing", then your cash will just sit around in either of the accounts, and IB will switch it back and forth as needed to pay for futures margin or stock purchases.

And yep, you can change it at any time.

Hope that helps!

 

[NAYRNAT]

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!

Hi,
check with you, did you open an USD banking acct with citi before you do the wire?

 

[Shiny Things]

Thanks for the insight, if i intend to trade options be it option on stock or option on futures, which shld i sweep to? If i sweep to securities, will it affect my margin requirement?

No, it won't; even if you select "sweep to securities", IB will keep enough cash in your futures account to cover your margin; it's only the excess cash that gets swept one way or the other.

 

[NAYRNAT]

No, it won't; even if you select "sweep to securities", IB will keep enough cash in your futures account to cover your margin; it's only the excess cash that gets swept one way or the other.

Hi,

Thank you for sharing, btw, do have have any recommend way to fund the acct? if by wiring which bank is recommended?

 

[Shiny Things]

Thank you for sharing, btw, do have have any recommend way to fund the acct? if by wiring which bank is recommended?

No idea. For what it's worth, I use DBS Treasures, and I always make sure to bring a tube of KY jelly with me whenever I go in to the branch to send a wire.

 

[dao]

Hi,
check with you, did you open an USD banking acct with citi before you do the wire?

I didn't. I transfer from my sgd acct.

 

[sAVaGEmP5]

DBS foreign currency current acct for me. But the rates suck though, get chop by 0.5 - 0.8 cents spread though comms by % so u can give as many instructions as possible.

 

[wahkao3]

another good threwad book mark

 

[dao]

I haved not tried IB with Metastock but have used IB with amibroker, ninjatrader, multicharts and sierracharts and it works well if you are looking at less than 10 or so charts but anything more it will just slow down as there is a data download limit. So far I still like IB with ninjatrader but multicharts is catching up in terms of functions and userbility. Amibroker is a bit complicated to use and is caterred to programmers.

I am currently using eSignal but with delayed data (by 10 mins). Suits me fine as I trade on weekly candles and do not need such timely data. eSignal also allows me to chart spreads properly and is a lot cheaper than CQG.

Need some advice on Ninjatrader or Multicharts.

Ninjatrader
- when i draw indicators (EMA, RSI, etc), the indicator is not drawn for current bar/candlestick. it is always 1 bar/candlestick behind. do you have this problem?
- I cannot find any place to create alert. Is this possible in Ninjatrader? Alert on price? Alert on indicator (say, RSI cross 30/70, price hit EMA20/50?)

Mulitcharts
- this is not free right? $1497 to purchase?

 

[dao]

Tried to do a cash withdrawal via wire. Got a problem with correspondent bank details. What do you guys put? Do you guys have problem withdrawing in the first place?

 

[Shiny Things]

Tried to do a cash withdrawal via wire. Got a problem with correspondent bank details. What do you guys put? Do you guys have problem withdrawing in the first place?

I've never tried withdrawing via wire, but you'll probably need to go to your bank to get their correspondent details. Tell 'em you're trying to wire USD to your account, and they should know what details to give you.

 

[dao]

Just update on my cash withdrawal issue. IB, from HK, actually called me up to tell me the transaction failed. He guided me over the phone to setup a new transaction.

The new transaction went through very fast. I think I receive the money on the same day or next day.

 

[civicguy]

u guys really know a lot ;-)

 

[sAVaGEmP5]

Just update on my cash withdrawal issue. IB, from HK, actually called me up to tell me the transaction failed. He guided me over the phone to setup a new transaction.

The new transaction went through very fast. I think I receive the money on the same day or next day.

Yes i pretty much like the withdrawal from IB. its free for the 1st every month, but somehow I wired a huge sum and it minus a $1. Anyway hack.

Intend to put in a good sum there and set the automatic withdrawal every month for my retirement

 

[dao]

I got asked on the following questions. Thought I will post my view here (some other may have different views) and share.

>I read that IB has very poor customer service and their trading platform is not user-friendly at all? How true is this ?

I find among the US brokerages, IB has the best customer service. Firstly, there are available for chat during Asia hours, unlike TradeStation. My previous post also shared that they even called to inform me on my failed wire transfer and guide me through the phone step by step.

The platform is OK. The charting software is not so good, very basic. But again ok for me. I do day trading, but not scalping. So, still ok. For chart, I also use NinjaTrader to supplement it.


>Also, does IB provides streaming feeds for charts?

Yes, in a way, via API connection. So, you can use NinjaTrader or Multicharts to connect to IB realtime data feeds via API.

 

[klarklar]

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!

I also want to transfer funds to IB. I specially opened Citibank account just for this purpose. I will transfer funds in SGD. I am confused how to do so even after Googling.

Funds Transfers ? www.ipb.citibank.com.sg

Do I use Global transfer?
Citibank Global Transfers ? www.ipb.citibank.com.sg

Or do I fill in a wire transfer form?
http://www.ipb.citibank.com.sg/global_images/prod/fundstransfer/ftapplication.pdf

From what I read, it does not seem to be only SGD20. Under (B) Withdrawal from Transaction Account, it is 1/8% commission (minimum $20) plus 1/8% in-lieu-of exchange (minimum $10) and postage or cable cost (where applicable). Other charges include cable cost($30) and Tracers for investigation($30). Seems minimum is going to be close to $100.

Funds Transfers ? www.ipb.citibank.com.sg

Can the more experienced people help me out, please? Thank you very much.

 

[kEvinErd]

I also want to transfer funds to IB. I specially opened Citibank account just for this purpose. I will transfer funds in SGD. I am confused how to do so even after Googling.

Funds Transfers ? www.ipb.citibank.com.sg

Do I use Global transfer?
Citibank Global Transfers ? www.ipb.citibank.com.sg

Or do I fill in a wire transfer form?
http://www.ipb.citibank.com.sg/global_images/prod/fundstransfer/ftapplication.pdf

From what I read, it does not seem to be only SGD20. Under (B) Withdrawal from Transaction Account, it is 1/8% commission (minimum $20) plus 1/8% in-lieu-of exchange (minimum $10) and postage or cable cost (where applicable). Other charges include cable cost($30) and Tracers for investigation($30). Seems minimum is going to be close to $100.

Funds Transfers ? www.ipb.citibank.com.sg

Can the more experienced people help me out, please? Thank you very much.

Tracers you don'thave to consider. Its only incurred if you input iincorrect fund transfer details.

If Citibanking Global Transfer works, then it should be a plain fee. No commission no in-lieu-of-exchange charges.

 

[dao]

My last use, Global Transfer does not work. Just use internet banking to add Payee, chose TT/Wire. Fill in the details base on what IB give you. It will be just $20/$30 (Citigold/Citibank) per transfer.

Pricing guide : http://www.citibank.com.sg/global_docs/pdf/cg_research_insights/price_guide.pdf

 

[kEvinErd]

My last use, Global Transfer does not work. Just use internet banking to add Payee, chose TT/Wire. Fill in the details base on what IB give you. It will be just $20/$30 (Citigold/Citibank) per transfer.

Pricing guide : http://www.citibank.com.sg/global_docs/pdf/cg_research_insights/price_guide.pdf

If your RM is kind, you can get the Commission of 1/8% and In-lieu-of-exchange of 1/8% waived off. If your TT consists of a FX (E. G. Transfer SGD from your account to a USD account), there will not be any in-lieu-of-exchange cost. However, in all cases, there will be a cable cost of S$30 that cannot be waived because it's a cost to the bank.

 

[wahkao3]

good thread, worth reading