Interactive Brokers - SGD now available for funding

[codereverser]

Hi everyone,
Mostly I'm attracted by the low fees, partly attracted because the local banks I've looked at have made it rather difficult to set up accounts with them as I'm new (SCB, for example, won't accept me because I haven't the experience?). However, when I was on the IB site, it said that an account will be open subject to trading qualifications. Can anyone advise on what that might involve? Is it just a matter of ticking the yes box? (no proof required?)

I don't remember needing to provide any proof when I opened account back in 2008. Don't know if rules have changed now.

Lastly - should I go for the PROapplication or the FASTapplication as a small-time investor? I plan on investing in UK/US markets only, mostly ETFs.

If just ETF and want to start trading really soon, FAST otherwise PRO.
Compare here https://gdcdyn.interactivebrokers.com/Universal/servlet/formWelcome?p=100&atype=IT

I understand the risks involved - I've been reading up on investing over the last few years whilst I was in university. I just haven't set up a brokerage account in SG because I was studying overseas! To note: I'm not planning on doing anything fancy - no options, no futures, no contra etc etc. I just wanna buy and hold. A small sum monthly, to help grow my very tiny wealth.

If it matters: I'm under 25, so I'd be eligible to open an IB account with USD3K, I believe. Hope to glean some useful information from you guys. Thanks a bunch.

IB has minimum commission. For you since you are under 25 it will be Monthly minimum commission of USD 3. So I guess it's negligible for now. (Don't drink in Starbucks next time )

 

[crystalnox]

Mostly I'm attracted by the low fees, partly attracted because the local banks I've looked at have made it rather difficult to set up accounts with them as I'm new (SCB, for example, won't accept me because I haven't the experience?).

Yes they will, just tick 1-2 years experience in trading. It's enough to pass the CAR.

 

[Shiny Things]

Basically - I'm more or less looking to start investing part of my salary every month for the long-term. Having trawled through several forums/posts/internet sites, I think Interactive Brokers might be the place for me.

Mmm. I mean, as much as I like it, it'll take some time to get used to the Trader Workstation interface.

Can you let me know how you go with it? I might even start recommending it to newbies (which I don't normally do) if you have a good experience with it.

You should probably use the ProTrack application, though; I think the Fast application limits you to one market until you upgrade (UK or US, not both).

Good luck!

 

[archcherub]

For those who have done Futures, and Future options,
how do I get to Future Options?

I am using TWS Classic, and from the opening Trader Dashboard, to open OptionTraders. From Option Traders, I will enter the stock symbol at the top left corner, and the option chains will load up for me to buy and sell.
Have been doing that for a couple of months, and it works nicely for me in doing Stocks Options.

Futures on S&P, commodities, i decided to take a look.
But I tried ES, CL, GL, ZW, ZS, ZC, NG, ZN, it says no options available on this underlying.

I know there are options on futures, I tried asking the IB support, but the help is as useful as sending me their FAQ link. I searched through their FAQ and the "Future" index keeps bringing me to ComboTraders. No idea if their indexes are terrible, or I have a bad misunderstanding of ComboTraders....


Any help appreciated. My 1 day of messaging with their helpdesk is a joke. They replied with one-liner to answer the 1st part of my whole message and totally ignore everything. I thought Starhub had the worst CS in the world. Boy, am I sorry to have utter that....

 

[Shiny Things]

how do I get to Future Options?

Just type "ES" or "CL" or whatever into a new line in TWS and hit Enter; it'll pop up a submenu offering you the whole range of futures, options, CFDs, whatever.

Might be worth moving to Mosaic; it's a lot nicer.

 

[Wolong.]

lol, then all the crappy SG brokerages can close shop liao

Why you all cannot trade sgx stocks in IB?
I was able to apply trading stocks on sgx through the acc management and it got approved?

Paid for market subscription and able to trade 4 me leh

 

[Shiny Things]

Why you all cannot trade sgx stocks in IB?
I was able to apply trading stocks on sgx through the acc management and it got approved?

Paid for market subscription and able to trade 4 me leh

So the deal is that if you're a Singapore resident, you can't trade Singaporean stocks through IBKR (there's some MAS thingy or other, I've never had a good explanation why).

Is your address in Singapore? If it's not, then that's the reason; if it is, then I reckon you'll get a "regulatory rejection" message as soon as you try to place a trade.

 

[archcherub]

Just type "ES" or "CL" or whatever into a new line in TWS and hit Enter; it'll pop up a submenu offering you the whole range of futures, options, CFDs, whatever.

Might be worth moving to Mosaic; it's a lot nicer.

hmmm i did follow ur advice and did found it in TWS Mosaic.

but options trading in moisac seems a bit more hassle. The classic mode of Option Traders is easier.. ok may i am just used to it.. haha.
Its just tab-browsing style for classic option traders.. i like it

guess i have to move to mosaic for futures options then.
thanks shiny thing!

 

[Yxy]

I can get all of the above, but it will just reject your order when you actually try.

Why you all cannot trade sgx stocks in IB?
I was able to apply trading stocks on sgx through the acc management and it got approved?

Paid for market subscription and able to trade 4 me leh

 

[Shiny Things]

hmmm i did follow ur advice and did found it in TWS Mosaic.

but options trading in moisac seems a bit more hassle. The classic mode of Option Traders is easier.. ok may i am just used to it.. haha.
Its just tab-browsing style for classic option traders.. i like it

guess i have to move to mosaic for futures options then.
thanks shiny thing!

Nah, it'll work in Classic mode as well - I just tried it and it works fine. You just need to enter the underlying code (CL, ES, whatever) in a line in Classic Mode; it'll give you the same selector you get in Mosaic mode. (It doesn't give you OptionTrader, true, but OptionTrader's only for equity options in the first place.)

 

[civicguy]

Why you all cannot trade sgx stocks in IB?
I was able to apply trading stocks on sgx through the acc management and it got approved?

Paid for market subscription and able to trade 4 me leh

My trade was rejected. How u do it

 

[stocklah]

My trade was rejected. How u do it

if you live in SG, you cannot trade singapore stocks thru IB. This is the rule.

 

[codereverser]

if you live in SG, you cannot trade singapore stocks thru IB. This is the rule.

Is it for Singaporeans or people in Singapore?

I am not Singaporean but I have been in Singapore for almost 8 years now and I have IB account with SGX enabled for past 6 years! Opened it when I started living in Singapore.

 

[Yxy]

wah, so you are able to trade SGX with cheap comms ?

Is it for Singaporeans or people in Singapore?

I am not Singaporean but I have been in Singapore for almost 8 years now and I have IB account with SGX enabled for past 6 years! Opened it when I started living in Singapore.

 

[Shiny Things]

Is it for Singaporeans or people in Singapore?

I am not Singaporean but I have been in Singapore for almost 8 years now and I have IB account with SGX enabled for past 6 years! Opened it when I started living in Singapore.

I'm pretty sure it's for people living in Singapore. Did you use a non-Singaporean address when you opened the account?

 

[Shiny Things]

My trade was rejected. How u do it

Because I know this is going to come up again and again if it's not clarified:

If you've listed an address in Singapore, you can get approved to trade Singapore stocks; you can sign up for Singapore market data; but when you try to place an order, IBKR will reject it (with a "regulatory rejection" error message).

The only way to get around this is to not have a Singaporean address.

 

[bluegt]

Won't changing your address result in IB applying tax treatment that corresponds with your new address? E.g., change to a US address and IB will stop withholding dividend taxes on US equities - meaning you then need to file a US tax return?

 

[Shiny Things]

Won't changing your address result in IB applying tax treatment that corresponds with your new address? E.g., change to a US address and IB will stop withholding dividend taxes on US equities - meaning you then need to file a US tax return?

Absolutely correct.

 

[putehwhitecat]

Absolutely correct.

or unless you can use an address with the same withholding tax agreement

 

[Izumi8]

you can contact my broker if you need assistance:

You probably have millions with IB and SO you got an institutional personal manager?