Best Thread Interactive Brokers

We offer two types of commission structures ie. bundled and unbundled.

Bundled includes brokerage, clearing, exchange, and regulatory fees.

Unbundled is a incremental sliding scale i.e., the more you trade per month the less you pay.
http://www.interactivebrokers.com/en/accounts/fees/futuresPricing2.php?ib_entity=uk

Please refer to the following link for a comparison between bundled and unbundled.

The IB Universal Account allows you to trade multiple products around the world from a single account. You can trade stocks, options, futures, Forex, bonds, and Exchange Traded Funds (ETFs) all from the same Trader Workstation screen, and your transaction history and positions are all reported on a single statement.

Trading around the world can be simple, because you are not required to open accounts in multiple currencies. Deposit a single currency in an account and when you want to trade a product denominated in another currency, a loan is created which is secured by your deposited currency. If you wish to eliminate the loan, you may do so at any time by trading currencies through our IB IDEAL network or depositing money in another currency. You will find that our currency exchange rates may be better than retail banks or exchange rates offered by the credit card companies.

For each account a single base currency designation must be made that determines an account's statement and margin requirement translation currency. However, deposits and withdrawals may be made in any non-base currency in AUD, CAD, CHF, EUR, GBP, HKD, JPY, or USD.

You pay the same commissions as all clients regardless if you a US or non US client.

The margin requirements for for the ECBOT YM MINI SIZED DOW JONES INDUSTRIAL AVERAGE $5 YM FUTURE:

USD
Intraday Initial 1219
Intraday Maintenance 975
Overnight Initial 2438
Overnight Maintenance 1950

If you require assistance to open an account our London office is tel: 020 7 776 7801
 
Thank you for the quick reply.
Does it mean that If I choose "bundled" without IB IDEAL all I pay for a round turn is a fixed amount specified in your help pages (which is 4-5$ depending on the symbol/exchange). And only the difference between position open price and position close price will be converted into my currency once when I close the position?

Interactive Brokers said:
We offer two types of commission structures ie. bundled and unbundled.

Bundled includes brokerage, clearing, exchange, and regulatory fees.

Unbundled is a incremental sliding scale i.e., the more you trade per month the less you pay.
http://www.interactivebrokers.com/en/accounts/fees/futuresPricing2.php?ib_entity=uk

Please refer to the following link for a comparison between bundled and unbundled.

The IB Universal Account allows you to trade multiple products around the world from a single account. You can trade stocks, options, futures, Forex, bonds, and Exchange Traded Funds (ETFs) all from the same Trader Workstation screen, and your transaction history and positions are all reported on a single statement.

Trading around the world can be simple, because you are not required to open accounts in multiple currencies. Deposit a single currency in an account and when you want to trade a product denominated in another currency, a loan is created which is secured by your deposited currency. If you wish to eliminate the loan, you may do so at any time by trading currencies through our IB IDEAL network or depositing money in another currency. You will find that our currency exchange rates may be better than retail banks or exchange rates offered by the credit card companies.

For each account a single base currency designation must be made that determines an account's statement and margin requirement translation currency. However, deposits and withdrawals may be made in any non-base currency in AUD, CAD, CHF, EUR, GBP, HKD, JPY, or USD.

You pay the same commissions as all clients regardless if you a US or non US client.
Click to expand...
 
idetkov said:
Actually, you will need to do the conversion of your P&L.
Click to expand...

Yes, that is right. I meant - only P&L conversion is applied once when I have closed the position - is that correct?
 
egro1egro said:
Thank you for the quick reply.
Does it mean that If I choose "bundled" without IB IDEAL all I pay for a round turn is a fixed amount specified in your help pages (which is 4-5$ depending on the symbol/exchange). And only the difference between position open price and position close price will be converted into my currency once when I close the position?
Click to expand...


If you choose bundled you pay a fixed fee per contract.

Contingent what is your base currency determines what happens to your account.

For example,

a) If your base currency is USD, and you trade USD then your P&L will be solely in USD.
b) If your base currency is GBP and you trade USD products, we will put on a margin loan in USD. Your account will reflect your P&L in USD and your base currency. When you want your money in GBP you can undo your USD loan.

NOTE: Another option is you can choose to deposit different types of currency into your account.
 
Interactive Brokers said:
If you choose bundled you pay a fixed fee per contract.

Contingent what is your base currency determines what happens to your account.

For example,

a) If your base currency is USD, and you trade USD then your P&L will be solely in USD.
b) If your base currency is GBP and you trade USD products, we will put on a margin loan in USD. Your account will reflect your P&L in USD and your base currency. When you want your money in GBP you can undo your USD loan.

NOTE: Another option is you can choose to deposit different types of currency into your account.
Click to expand...
1)
Say I only deposit USD.

One day, I traded GBP products (I have zero GBP).
I open and close GBP for many times on that day, say 30 round-trip.
All positions are closed within the day.

Do I need to pay interest in this case?

2)
If not, when do you determine the cut-off time in a day (so if the cut-off time is over, I need to pay interests even if I loan a few mins before the cut-off time)?

3)
How do you pay the profits or deduct the losses to me?
In terms of GBP or USD (my base currency)?

Thank you!
 
Trader_Herry said:
1)
Say I only deposit USD.

One day, I traded GBP products (I have zero GBP).
I open and close GBP for many times on that day, say 30 round-trip.
All positions are closed within the day.

Do I need to pay interest in this case?

2)
If not, when do you determine the cut-off time in a day (so if the cut-off time is over, I need to pay interests even if I loan a few mins before the cut-off time)?

3)
How do you pay the profits or deduct the losses to me?
In terms of GBP or USD (my base currency)?

Thank you!
Click to expand...


If you borrow GBP from us, yes, the position will be financed. Alternatively you can deposit another currency (GBP) aside from your base currency (USD) and we will use your GBP first when you trade GBP positions.

We denote all of your +/- profits/losses accrued in your account in different currencies. Afterwards, you can undo the currency loan in your account.

The objective of our Universal Account is to give our clients a more flexible way to manage and trade multi asset accounts from a single account and currency. In addition, by financing your trades you minimize the FX risk or have the choice to choose what option is best for you.
 
Interactive Brokers said:
If you borrow GBP from us, yes, the position will be financed. Alternatively you can deposit another currency (GBP) aside from your base currency (USD) and we will use your GBP first when you trade GBP positions.
Click to expand...
Since I have no GBP, I am equal to borrowing money from you.
But will I charge interests if I open and close positions intradaily (no overnights)?
In what conditions will you charge interests on borrowed money?

We denote all of your +/- profits/losses accrued in your account in different currencies. Afterwards, you can undo the currency loan in your account.
Click to expand...
So if it is profits, I will have positive GBP deposit, NOT getting USD equivalent. Right?
How about if I incur loss, I am leaving GBP deficit. Right?
 
Trader_Herry said:
Since I have no GBP, I am equal to borrowing money from you.
But will I charge interests if I open and close positions intradaily (no overnights)?
In what conditions will you charge interests on borrowed money?


So if it is profits, I will have positive GBP deposit, NOT getting USD equivalent. Right?
How about if I incur loss, I am leaving GBP deficit. Right?
Click to expand...


If we have to finance a position we ask interest (i.e., both intra and overnight).

Our interest rates earned and charged are denoted in the following link http://www.interactivebrokers.com/en/accounts/fees/interest.php?ib_entity=uk#interest

Will will denote your profits and losses in your account in each currency when you want to undo your loan we can convert into your base currency.

Again, I suggest you contact our Hong Kong office.
 
Interactive Brokers said:
If we have to finance a position we ask interest (i.e., both intra and overnight).

Our interest rates earned and charged are denoted in the following link http://www.interactivebrokers.com/en/accounts/fees/interest.php?ib_entity=uk#interest

Will will denote your profits and losses in your account in each currency when you want to undo your loan we can convert into your base currency.

Again, I suggest you contact our Hong Kong office.
Click to expand...
Contacted already, pal! :cheesy:

Some of their answers are different from you, confusing! :confused:

They say no interest will be charged if you just borrow and return within the same day. That means borrowed intraday money is free of interest.
You appears to say interest is charged once I have borrowed your money, no matter how short the time is.
 
Last edited:
idetkov said:
The first phrase from http://www.interactivebrokers.com/en/accounts/fees/interest.php?ib_entity=uk#interest

IB calculates interest on credit and debit cash balances using daily rates applied to end-of-day settled cash balances.

It is as clear as it could be.
Click to expand...
Thanks a lot, although I have read this statement before my questions.
OK, so from this statement, the person Interactive Brokers (the ID name here) is wrong, or I misled his answers.
Interests are charged only at the end of the day, NOT once borrowed!
Thus I can trade borrowed money interest-free when I daytrade.

By the way, you may ask why I still ask such questions if I have read the statement.
It is because you have to ask for sure sometimes.
Eg 1:
==============================
* Applied based on monthly cumulative trade volume summed across all stock and ETF shares at the time of the trade.
==============================
Although it should be interpret "all stock and ETF shares in all countries", it intends to mean US only.
The statement is NOT clear enough!!!
If you just take it by yourself, you may be misled.

Eg 2:
==============================
*Applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade.
==============================
Should we interpret all options contracts in the US in this case?
However one IB staff replied me that it is meant ALL options in ALL countries (but except index options) this time.
Again the statement is NOT clear enough!!!
If you just take it by yourself, you may be misled.

I don't know why IB doesn't specify these details clearly on their website.

What's more, different staff sometimes give different answers. :(
What they say sometimes go against what the website says. :confused:
So who should I trust?

This makes me harder to get the right answer!!
 
Last edited:
Trader_Herry said:
Thanks a lot, although I have read this statement before my questions.
OK, so from this statement, the person Interactive Brokers (the ID name here) is wrong, or I misled his answers.
Interests are charged only at the end of the day, NOT once borrowed!
Thus I can trade borrowed money interest-free when I daytrade.

By the way, you may ask why I still ask such questions if I have read the statement.
It is because you have to ask for sure sometimes.
Eg 1:
==============================
* Applied based on monthly cumulative trade volume summed across all stock and ETF shares at the time of the trade.
==============================
Although it should be interpret "all stock and ETF shares in all countries", it intends to mean US only.
The statement is NOT clear enough!!!
If you just take it by yourself, you may be misled.

Eg 2:
==============================
*Applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade.
==============================
Should we interpret all options contracts in the US in this case?
However one IB staff replied me that it is meant ALL options in ALL countries (but except index options) this time.
Again the statement is NOT clear enough!!!
If you just take it by yourself, you may be misled.

I don't know why IB doesn't specify these details clearly on their website.

What's more, different staff sometimes give different answers. :(
What they say sometimes go against what the website says. :confused:
So who should I trust?

This makes me harder to get the right answer!!
Click to expand...



Trader_Herry;

Respectfully, we will review your comments and see if other clients interpet them the same way. If so, we will see how we can amend our text. to clarify our answers. As for my answers I provided to you earlier I apologise for any confusion but I answered them as I understood them from your questions.

First I assumed you had read our websight and its particulars (e.g., as another user had stated we charge for overnight positions and its stated in our website); Further I assumed that you were speaking about day trading and about establishing a loss. Considering you would be carrying a loss, overnight we would have to fiance the position. Again if I was wrong assuming your trade example, my apologies. But that is another reason why I referred you to our Hong Kong office to ensure you spoke to our representative there locally to clarify any miscommunication. Regardless we are happy that your questions have been clarified.

Thank you for your patience and we wish you good luck trading.
 
Thanks for your reply, Interactive Brokers!
So things are clear now.
Only end-of-day debits will be charged, including unsettled losses.
However if I manually settle the losses with my base currency (in my case, USD), no interest is charged! Right? :)

Hopefully you will rewrite the statements about "ALL stocks" and "ALL options".
It's worth to specify what country or what type of stocks/options you are talking about.

Yes, it is good to ask some questions by phone.
However it's also good to ask some questions online.
Sometimes I can think better before I ask a question. This is also good as I can keep a record of the question (so if I forget later, I can read back). When a question becomes complex, the person on the phone may not be able to answer offhand. Thus it's time to ask online.

By the way, if I have technical questions (eg about TWS, API etc.), who should I contact?
How to contact technicans?
 
Last edited:
VisionTrader

For Interactive Brokers' users, new version of VisionTrader posted today with updates from our beta testers. VisionTrader is a front end trading platforms designed for active traders.

VisionTrader is completely FREE. There will be 2 versions, one integrated into eSignal, the other a stand alone version supported by the new Quote.com web site coming soon.

Currently works on Interactive Brokers and Patsystems data feeds with 10 more coming soon.

Check it out here:

http://pmd.esignal.com/visiontrader/

Give us your feedback here:

http://forum.esignalcentral.com/forumdisplay.php?s=&forumid=63

Chuck
@eSignal
 
Chuck_T said:
For Interactive Brokers' users, new version of VisionTrader posted today with updates from our beta testers. VisionTrader is a front end trading platforms designed for active traders.

VisionTrader is completely FREE. There will be 2 versions, one integrated into eSignal, the other a stand alone version supported by the new Quote.com web site coming soon.

Currently works on Interactive Brokers and Patsystems data feeds with 10 more coming soon.

Check it out here:

http://pmd.esignal.com/visiontrader/

Give us your feedback here:

http://forum.esignalcentral.com/forumdisplay.php?s=&forumid=63

Chuck
@eSignal
Click to expand...
I really don't mean to be offensive, but why is this not under the eSignal site, if it is supported by and related to eSignal. The whole crude appearance of that website sets alarm bells ringing, sorry, but if you turn up looking like Arthur Daley then what else can one think.
 
VisionTrader

roguetrader ,

Because it runs on Interative Brokers TWS datafeed and we are looking for IB users to test and provide feedback. We are also a long time sponsor of T2W.

Plus VisionTrader is FREE, no selling going on.

http://pmd.esignal.com/visiontrader/

Chuck
 
Chuck_T said:
roguetrader ,

Because it runs on Interative Brokers TWS datafeed and we are looking for IB users to test and provide feedback. We are also a long time sponsor of T2W.

Plus VisionTrader is FREE, no selling going on.

http://pmd.esignal.com/visiontrader/

Chuck
Click to expand...
Hi Chuck, think maybe you misunderstood, wasn't querying why you were posting here, hey why not, just found it odd that the actual website does not come under the eSignal site, since the product appears to come from eSignal, and will no doubt be marketed by them. Seemed odd that was all.
 
VisionTrader

roguetrader ,

Ok, Not a problem. VT is in Beta mode still that is why we are looking for IB testers and their feedback.

Chuck
 
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