Best Thread Interactive Brokers

[Interactive Brokers]

Dear Prospective Client

Thank you for your interest in Interactive Brokers.

Answers to your questions:

1. If you are going to trade US securities you should be aware of the Pattern Day Trading (PDT) rule i.e., http://www.interactivebrokers.com/en/p.php?f=margin

2. Correct.

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.

4. You can choose any of the base currencies we support to fund your account. Refer to the following link regarding our IB Universal Account benefits
http://individuals.interactivebrokers.com/en/accounts/universalAccount.php?ib_entity=llc

Sorry if my question sounds silly but I am trying to open an IB account here for US equity trading(PDT).

My requirements are :
1> Ability to execute my trading command for US equity(PDT) .
2> I need to short equity. So I presume I need an margin account from IB.
3> I don't need IB data feed & charting package(I presume they are not free?) as I am using 3rd party data feed & charting software.
4> I understand there is a $25000 requirement for PDT, but I am based in UK, so is it better to convert my GBP into US dollar and then put the deposit or I can simply put the equivalent of GPB when I open the IB account?

My question:
What sort of IB account(s) do I need to open to meet my requirements above?

Many Thanks
Steve

 

[TradePA]

Hi IB,
Thanks for you quick reply.

2. Correct.
But I have heard that IB margin account is for future and so even if I just open a Normal
IB stock trading account, I would still have 4 times leverage(buying power) to long or short certain stocks, is that correct ?

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.
SO say if I only need live data from NYSE and NASDAQ exchange, I just need to pay $10 per month even if I don't trade that particular month (say on holiday) ?
And the live data exchange fee for NYSE & NASQAQ will be waived if my execute over $ 30 brokerage fee?
Is that correct ?
And how do you charge the monthly fee in US dollar from my UK sterling bank account ? I presume via a vary standing order directly from my UK sterling account based on forex change rate of USD/GBP that month ? Please correct me otherwise.

I am still not sure which account I need to open after checking this IB account highlight page:
http://individuals.interactivebrokers.com/en/general/education/highlights_accounts.php

Could you please advise what account I need to open please based on my requirement I mentioned in my previous post?

BTW Is there a (free) IB inquiry UK landline I can call so I can get thing clear easily?

Regards,
Steve

Dear Prospective Client

Thank you for your interest in Interactive Brokers.

Answers to your questions:

1. If you are going to trade US securities you should be aware of the Pattern Day Trading (PDT) rule i.e., http://www.interactivebrokers.com/en/p.php?f=margin

2. Correct.

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.

4. You can choose any of the base currencies we support to fund your account. Refer to the following link regarding our IB Universal Account benefits
http://individuals.interactivebrokers.com/en/accounts/universalAccount.php?ib_entity=llc

 

[Interactive Brokers]

Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.

Hi IB,
Thanks for you quick reply.

2. Correct.
But I have heard that IB margin account is for future and so even if I just open a Normal
IB stock trading account, I would still have 4 times leverage(buying power) to long or short certain stocks, is that correct ?

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.
SO say if I only need live data from NYSE and NASDAQ exchange, I just need to pay $10 per month even if I don't trade that particular month (say on holiday) ?
And the live data exchange fee for NYSE & NASQAQ will be waived if my execute over $ 30 brokerage fee?
Is that correct ?
And how do you charge the monthly fee in US dollar from my UK sterling bank account ? I presume via a vary standing order directly from my UK sterling account based on forex change rate of USD/GBP that month ? Please correct me otherwise.

I am still not sure which account I need to open after checking this IB account highlight page:
http://individuals.interactivebrokers.com/en/general/education/highlights_accounts.php

Could you please advise what account I need to open please based on my requirement I mentioned in my previous post?

BTW Is there a (free) IB inquiry UK landline I can call so I can get thing clear easily?

Regards,
Steve

Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.

 

[TradePA]

Hi,

Is IB universal account a cash account or a margin account , or its a combination of those two?
And can you confirm I DON'T need a margin account to have the 4 time leverage(buying power) for stock trading ?
Regards,
Steve

Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.

Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.

 

[thelerner]

For you Mac users out there- Any add-ons that you use?
Are there add-ons for getting information into non excel spread sheets without personally programming through API?

Thanks

Michael

 

[jaspertrademaster]

I would be interested in a reply to this also.

 

[steve257]

I have recently subscribed to the following esignal RT data feeds at a cost of around $200 US that I input into my charting software (MTPredictor):

#1. US eMini Futures
S&P 500
NasDaq-100
Russell 2000
Dow Jones Industrials

#2. UK/European Futures Indices
UK FTSE 100
French CAC40
Dow Jones EuroStoxx50
German DAX

In order to actually trade these markets via Interactive Brokers do I need to sign up for a bunch of exchanges and pay additional costs? And if so someone please indicate which markets and likely cost. I have previously traded stocks via Interactive Brokers but not Index Futures.

THANKS,
steve

 

[hampy]

Hi Steve,
Firstly sign up to the eSig/IB CME exchange fee waiver programme.
Details from eSig home page, left hand side click 'Trade', near the bottom of the next page click 'exchange fee waiver' link. Once you've taken a look here click the 'Interactive Brokers' link and follow instructions...bit time consuming but saves $75 per month and you also get YM which you didnt mention in your post.
In your eSig account maintence, add services tab, uncheck CME/CBOT eminis then check the exchange fee waiver box.

Login to your IB account management/Trading access/Market data subscriptions and check the first box under North America, free, and Intercontinental and New York Board of Trade, ( for Russell ) $1. Move down to Europe check Euronext Data Bundle Level 1, 5 euro, and Eurex Non Professional Level 1, 8 Euro.

Thats it done, all your IB data for $1 plus 13 Euro....Further down the same page you can add various Asia/Pacific futures very cheaply, but to chart them you will need to pay the esig fees, about $45 per exchange I believe.

Good Luck!!

 

[steve257]

HI hampy,

Thank you for the detailed response ... it is much appreciated. Do you know if the exchange fee waiver also applies if someone is using the esignals data only option (via data manager) rather than one of their charting/bundled options.

THANKS,
steve :smart:

 

[hampy]

Sorry I dont...I take eSig Premier so haven't investigated beyond that.
Cheers,

 

[samuelhogg]

I have just tried to buy some gold futures using IB for the first time but I get the following error message. I was using MKT as order type.

'For market orders and marketable limit orders, Interactive Brokers may set a cap (for a buy) or a floor (for a sell) to avoid an execution of your order at a price that would not be fair or consistent with an orderly market. This means that Interactive Brokers cannot guarantee fills for market or stop orders.'

Can anyone advise?

 

[hampy]

I have just tried to buy some gold futures using IB for the first time but I get the following error message. I was using MKT as order type.

'For market orders and marketable limit orders, Interactive Brokers may set a cap (for a buy) or a floor (for a sell) to avoid an execution of your order at a price that would not be fair or consistent with an orderly market. This means that Interactive Brokers cannot guarantee fills for market or stop orders.'

Can anyone advise?

Just their standard disclaimer,if its a mkt order as I' m sure you're aware, there is no guarantee that your filled price will be the same as the best bid/offer when you clicked the button.... i thought you could acknowledge the msg and trade anyway, and check a box so it doesn't show again? Apologies if I'm wrong on that.
If it does prevent you trading then a quick call the European helpline should sort it out, it seems to be answered pretty quickly these days.

 

[samuelhogg]

Cheers hampy will give it a go. Always have a problem with TWS on my desktop.

 

[Interactive Brokers]

Interactive Brokers UK Limited invites you to attend our FREE Webinar to describe our new SIPP services.

When: Monday 14th December at 16:30 GMT
Preregistration in mandatory (click the following link):

https://interactivebrokers.webex.co...iewID=565030785&siteurl=interactivebrokers&&&

 

[steve257]

Is anyone using trading forex via Interactive Brokers?
If so would you mind listing the adavantages/disadvantages over say a forex only broker (e.g., Alpari).

Thanks,
Steve

 

[wiseass]

is it possible to view market data on the iphone without the need for the security token?
its quite troublesome lookin up the codes everytime i want to get an update!! >:|

 

[RPEX]

Hi,

Question for anyone really. A customer service rep told me that IB doesn't deal with any EUREX or LIFFE open interest data, does anyone know whether it is possible to get that kind of data streamed, or is it only compiled at the end of the day? If so, then is the US options Open interest data (which IB shows in real time) not updated in real time?

cheers

PS, is there a site where IB updates which new markets are on offer, and when will we see a South American one there?

 

[rbagwell]

I would like to buy a couple of specific stocks on the Hong kong exchange. I've looked over the IB site and am not sure how to go about learning if I can do this. I am guessing that the Trader Workstation might answer that question but it seems I have to open an account and fund it to get access to that software.

Anyway can you tell me if I can buy HIHO [NASD] , Highway Holdings Ltd if I had an account.

Is there a way for me to determine what products IB has available for clients to purchase without opening an account ? This would help me a lot on deciding to have an account.

Thanks for any help or suggestions.

Ralph

 

[De Niro]

I am using Questrade as a demo right now. Anyone else have an issue with selling a limit order?
It seems that my limit orders are not being filled even though my target price is being hit, or worse it doesn't even get filled when it surpasses my limit price.

Thanks.

 

[RPEX]

I would like to buy a couple of specific stocks on the Hong kong exchange. I've looked over the IB site and am not sure how to go about learning if I can do this. I am guessing that the Trader Workstation might answer that question but it seems I have to open an account and fund it to get access to that software.

Anyway can you tell me if I can buy HIHO [NASD] , Highway Holdings Ltd if I had an account.

Is there a way for me to determine what products IB has available for clients to purchase without opening an account ? This would help me a lot on deciding to have an account.

Thanks for any help or suggestions.

Ralph

There's a big long list for each exchange on the website, if you go to the top menu and select product listings. HIHO is listed on NASDAQ, you cannot buy it on the Hong Kong Exchange. The company operates from there but the stock is listed in the US and priced in US Dollars.

yours