Opening An IB Account. Help Needed!

[Platinumstartvf]

Hi, I am looking forward to opening a new IB individual account very soon.

I went to IB website and it seems like TWS classic is still the same as the one that I used >10 years ago (closed about 8 yrs ago I think) so it's good at least some familarity here. Back then, I used to transferred USD directly to my IB account and the bank in Singapore will do the conversion. FX rate kinda suck though.

SGD now available for funding?

1) Does that mean I can transfer SGD directly into my new IB account and then change it to USD once the rate is favourable?

2) From my understanding, all stocks purchased using IB are kept at DTC. In the event if IB go bust, what happens (I never bother to think about that last time lol)?

3) If NAV is >USD100,000, I do not have to pay the USD10 per month right?

Thanks in advance

 

[Mecisteus]

1) Yes. Transfer usually settles in a few hours.

2) It will take some time for your shares to be transferred to another broker.

3) Yes. There won't be a minimum activity fee of $10.

 

[Platinumstartvf]

1) Yes. Transfer usually settles in a few hours.

2) It will take some time for your shares to be transferred to another broker.

3) Yes. There won't be a minimum activity fee of $10.

Thank you for your input. It helps

By the way, I presume (I could be wrong), the exchange rate offered by IB is pretty close to spot right? SG banks exchange rates are usually quite terrible which can cause quite a dent to the capital.

 

[reddevil0728]

Thank you for your input. It helps

By the way, I presume (I could be wrong), the exchange rate offered by IB is pretty close to spot right? SG banks exchange rates are usually quite terrible which can cause quite a dent to the capital.

can say that...

 

[Platinumstartvf]

can say that...

Back then about 10 years ago when I was using IB (no smartphone era yet), I have a blue physical token (like OTP) IB sent to me by DHL. It's kinda old fashion though... I suppose and hope they don't use it anymore right? Thanks for your input

 

[reddevil0728]

Back then about 10 years ago when I was using IB (no smartphone era yet), I have a blue physical token (like OTP) IB sent to me by DHL. It's kinda old fashion though... I suppose and hope they don't use it anymore right? Thanks for your input

Now is either via sms or smartphone app

 

[Platinumstartvf]

Now is either via sms or smartphone app

Will open a new IB account and transfer SGD then wait for exchange rate to be favorable before exchange it to USD to buy stocks with IB.

Thank you very much for your help. It really helps a lot in regards to my queries

 

[Kirakun83]

Is there a account management fee charge?

 

[reddevil0728]

Will open a new IB account and transfer SGD then wait for exchange rate to be favorable before exchange it to USD to buy stocks with IB.

Thank you very much for your help. It really helps a lot in regards to my queries

What’s a favourable exchange rate?

 

[reddevil0728]

Is there a account management fee charge?

$10 activity fee?