Interactive Brokers (IB)

[7days7nights]

I'm trying to learn how to transfer my foreign equities from my current brokerage (SCB) to Interactive Brokers. Has anyone done this before? Please do share your experience. Thanks!

 

[ph7]

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.

Have you use the IB's SiMSCI data feed on NinjaTrader and AmiBroker? I heard we could not use NinjaTrader for SiMSCI due to the currency setting, correct me if I am wrong? If you have used Amibroker, could you please let me know what is the ticker symbol that I should use for both the T and T+1 session? Thank you very much.

 

[SpinTop]

How much does it cost to use Ninja charting software to trade futures using Interactive Broker ? I do find IB chart software not very user friendly. thanks

 

[Shiny Things]

I'm trying to learn how to transfer my foreign equities from my current brokerage (SCB) to Interactive Brokers. Has anyone done this before? Please do share your experience. Thanks!

OK, not specifically with SCB, but I had to do the transfer from Saxo to IBKR at one point.

You'll need to fill out a form at SCB to initiate an "FOP" (Free-Of-Payment) transfer, and then notify IBKR of an incoming FOP deposit so they know to watch out for the shares. Then wait a week or so, send a few messages to Stanchart to get them to hurry the hell up, and you should be good to go.

You might also be able to do this as an ACATS transfer, which is automated and usually quicker, but Stanchart may not be set up to do ACATS transfers.

 

[dao]

Have you use the IB's SiMSCI data feed on NinjaTrader and AmiBroker? I heard we could not use NinjaTrader for SiMSCI due to the currency setting, correct me if I am wrong? If you have used Amibroker, could you please let me know what is the ticker symbol that I should use for both the T and T+1 session? Thank you very much.

right, you cannot use NinjaTrader for SiMSCI via IB data feed.

 

[dao]

How much does it cost to use Ninja charting software to trade futures using Interactive Broker ? I do find IB chart software not very user friendly. thanks

Ninja charting software is free. You just pay for whatever datafeed you subscribed in IB.

 

[peterchan75]

http://ibkb.interactivebrokers.com/article/1978
Let's trade. Preserve capital and profit is a bonus.

 

[chienwei]

Read the website about the minimum fees, not very sure about the details.

There is a 10 USD monthly market data activity fee (is it optional?) and an monthly activity fee. Are they the same thing?
Furthermore, there is the special connections (internet gateway client for CTCI), is this also a compulsory connection I have to subscribe if I were to trade online?

 

[Shiny Things]

There is a 10 USD monthly market data activity fee (is it optional?) and an monthly activity fee. Are they the same thing?

Yep. The $10/month pays for basic market data; if you do more than $30/mo in brokerage, they waive the activity fee for that month.

Furthermore, there is the special connections (internet gateway client for CTCI), is this also a compulsory connection I have to subscribe if I were to trade online?

Oh god no. FIX CTCI is a protocol that algorithmic traders use to interface their own applications with IB's execution. You don't need to pay for it unless you're writing your own custom apps (and maybe not even then - IB has a perfectly good API that comes for free).

 

[chienwei]

Yep. The $10/month pays for basic market data; if you do more than $30/mo in brokerage, they waive the activity fee for that month.


Oh god no. FIX CTCI is a protocol that algorithmic traders use to interface their own applications with IB's execution. You don't need to pay for it unless you're writing your own custom apps (and maybe not even then - IB has a perfectly good API that comes for free).

Thanks for clarifying this one.

 

[Mancunian2]

any reviews/experiences to share for Interactive Brokers?

after some research, Interactive Brokers appear to be the most cost-effective solution, I'll be looking to open an account with initial US$25-30k

• how is the acct opening process like?
• from reviews, there are some grouses about the interface, is the platform difficult to use?
• besides inheritance tax, any other taxes to take note of?
• is the monthly minimum activity US$10 or US$30?
• is it difficult to manage orders using MS Excel or NinjaTrader?
• do they allow shorting individual stocks and selling of options?

thanks for any input and sharing

 

[Mancunian2]

Anybody can share? Thanks

 

[Shiny Things]

after some research, Interactive Brokers appear to be the most cost-effective solution, I'll be looking to open an account with initial US$25-30k

thanks for any input and sharing

Well, you already know what I think about IBKR. I love 'em and wouldn't use anything else.

The account opening process is easy, and it's completely online. The platform's hard to get used to, but once you're used to it it feels totally natural.

You need to keep an eye on dividend withholding taxes, same as you would with any other American stock.

The monthly minimum is $10 to avoid the pro-rated $10 inactivity fee, and $30 to get free market data for that month.

They do allow option selling and shorting of single stocks - they've got pretty much the biggest stock loan inventory of any retail broker.

I've never tried managing orders using anything other than the usual IBKR interface, so I can't speak to that side of it.

Basically they're a bit hard to use at first, and the customer service is a bit perfunctory, but if you know what you're doing they're absolutely brilliant.

 

[zawoo86]

Well, you already know what I think about IBKR. I love 'em and wouldn't use anything else.

The account opening process is easy, and it's completely online. The platform's hard to get used to, but once you're used to it it feels totally natural.

You need to keep an eye on dividend withholding taxes, same as you would with any other American stock.

The monthly minimum is $10 to avoid the pro-rated $10 inactivity fee, and $30 to get free market data for that month.

They do allow option selling and shorting of single stocks - they've got pretty much the biggest stock loan inventory of any retail broker.

I've never tried managing orders using anything other than the usual IBKR interface, so I can't speak to that side of it.

Basically they're a bit hard to use at first, and the customer service is a bit perfunctory, but if you know what you're doing they're absolutely brilliant.

Hi there.

I am planning to use IBKR sometimes soon to trade US stocks. However I did read up about being troublesome to wire money over to the account as simple bank transfer won't do.

For someone who is residing in Singapore, what are the various methods that I could transfer money into my IBKR account.

TIA

 

[Mecisteus]

there is already an IB thread answering most of the questions.

overall, platform experience with TWS is superb.

funds transfer is FAST.

 

[Shiny Things]

I am planning to use IBKR sometimes soon to trade US stocks. However I did read up about being troublesome to wire money over to the account as simple bank transfer won't do.

For someone who is residing in Singapore, what are the various methods that I could transfer money into my IBKR account.

Nope, bank transfer works fine. They have a bank account at Citi Singapore; you can just use a FAST interbank transfer to send the money from your account to theirs, and it'll pop up in minutes.

You need to set up a deposit notification in the IBKR Account Management page before you send the money, but that takes like five minutes.

 

[Mancunian2]

I have AUD$20k FD maturing with OCBC soon,
Can I transfer it straight into my Interactive brokers account?

 

[Shiny Things]

I have AUD$20k FD maturing with OCBC soon,
Can I transfer it straight into my Interactive brokers account?

If you've got an AUD current account at OCBC, you can wire it from there to IBKR's AUD account (which I think is at Citi Sydney; can't remember off the top of my head). I don't think you can withdraw straight from the term deposit into the IBKR account, but it doesn't hurt to ask.

 

[sophie.wee.weng]

So as long as my account value is more than US$100k, I would not be charged any fees (I can reject the price feed, right)? What if I use all the money to buy an asset and its value halved?

 

[Mancunian2]

So as long as my account value is more than US$100k, I would not be charged any fees (I can reject the price feed, right)? What if I use all the money to buy an asset and its value halved?

then you need to attend some classes on the benefits of diversification