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 Interactive Brokers (IBKR), IBKR users, welcome!

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TSmoosset
post Sep 28 2019, 09:11 PM, updated 2y ago

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Interactive Brokers (IBKR)
Updated: 25th Aug 2020.

To use IBKR, you have 3 options:
1. via IBKR main website;
2. via TradeStation Global, TSG (not to be confused with TradeStation International);
3. via Captrader, please refer to another thread.

via IBKR
Just google Interactive Brokers and register there.
There's a monthly activity / inactivity fee of $10 per month, but can be waived if your net liquidation (cash + equities + bonds etc) is above $100k.
If you can meet the min requirement, this would be better as their fees (and margin rates) are lower than TSG.

Fees - https://www1.interactivebrokers.com/en/index.php?f=1590


via TSG
No monthly inactivity fee if balance is above $2500.
After registration, you'll have access to two platforms:
1. You may use the IBKR platform known as Traders Work Station (TWS) on both Windows and MacOS.
2. You may also use the platform developed independently by TSG, only available on Windows.

Note: In order to link TSG with IBKR, you SHOULD open your IBKR via TSG website. You'll be redirected to an IBKR website (could be HK, Australia etc).
If you opened an IBKR yourself without going through TSG website, you may not be able to link these entities.

Fees - https://www.tradestation-international.com/...ng-commissions/


Money transfer
These methods have worked in the past:
1. InstaRem: transfer HKD, SGD, GBP to IBKR (EUR - worked for some, rejected for some (25th Aug 2020));
2. CIMB: transfer money (via CIMB transfer or InstaRem or Transferwise) to CIMB SG, from CIMB SG to IBKR in SGD;
» Click to show Spoiler - click again to hide... «
3. Transferwise: transfer SGD, AUD, GBP, EUR, HKD, CAD to IBKR (for Canadian dollars, it takes longer than usual. Beware!);
4. Bank Islam (over the counter);
5. Maybank Internet banking, about $25 for fees;
6. BigPay (to deposit SGD) but can't enter your own reference number.

Not proven yet:
1. deposit USD via InstaRem, Transferwise.


Notes:
1. Your IBKR base currency doesn't matter. You can deposit in any currency!!!
No automatic currency conversion. All currency conversion must be done manually on the platform. You want to buy SG stocks? You convert your money to SGD. You want to buy HK stocks? You convert your money to HKD. NO AUTOMATIC CONVERSION!!

2. For live market data, subscription fees may be required.
3. Whether it's account opening or trading or money transfer, it's really not that difficult. Just click, click, click.... and you'll find your way. Nothing is finalised until you click the final button CONFIRM etc etc. So, don't worry!

For more info:

https://forum.lowyat.net/topic/4744515
https://betterspider.com/funding-your-accou...ractivebrokers/


Special thanks to:
1. Ramjade
2. dwRK
3. Yggdrasil
4. powerlinkers
5. erizdagreat
6. Lakeambience
7. TOS


-----------------------------------------------------------------------

Updated 02 Jun 2020
For withdrawal, you can withdraw to your bank account in any developed country like Australia, UK, Singapore, HK etc.

Alternatively, you can also open an account with Transferwise and get a borderless account. It's possible to withdraw EUR from IBKR to TW Borderless account. I haven't tried other currencies yet but will keep this post updated as more info comes in from other users.

For more info: https://forum.lowyat.net/index.php?showtopi...post&p=96979697



-----------------------------------------------------------------------

more info, courtesy of polarzbearz

Step-by-step to getting started via TradeStation Global (Interactive Brokers)

This post has been edited by moosset: Jan 3 2021, 09:26 PM
collingwood
post Sep 28 2019, 10:54 PM

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I am using IBKR.

https://www.interactivebrokers.com/en/index.php?f=45196

They just launched IBKR Lite to compete with Robinhood in the US.

Zero commission for US ETF - an incredibly good deal especially now they dont require minimums.



Ramjade
post Sep 29 2019, 09:07 AM

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QUOTE(moosset @ Sep 28 2019, 09:11 PM)
I'm not sure how many of you are using IBKR and I was surprised that there's no thread dedicated to IBKR.

Any users here?

My account was approved a while ago but I haven't started funding it. Is it cheaper to trade US / SG stocks using IBKR than say MY brokers or SG brokers?

If you're using IBKR, what is your base currency?
*
You did not search hard enough
https://forum.lowyat.net/topic/3396549

I am a user

Of course is cheaper using IB to buy stocks from SG/US.
Reason is no quarterly platform fees. No dividend fees. No markup exchange rate With IB you get spot rate (real time rates used by banks to trade among themswlves).

Not to mentioned IB have fantastic rates. Way cheaper than any brokerage.

This post has been edited by Ramjade: Sep 29 2019, 09:09 AM
Cubalagi
post Sep 29 2019, 11:57 AM

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Wah.. Going big time trading foreign stocks..
acid_head
post Sep 29 2019, 01:19 PM

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Anyone trade Option using IB?
TSmoosset
post Sep 29 2019, 09:09 PM

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QUOTE(collingwood @ Sep 28 2019, 10:54 PM)
I am using IBKR.

https://www.interactivebrokers.com/en/index.php?f=45196

They just launched IBKR Lite to compete with Robinhood in the US.

Zero commission for US ETF - an incredibly good deal especially now they dont require minimums.
*
any major differences between IBKR Lite and PRO, other than Lite only for US stocks and ETF?
dwRK
post Sep 29 2019, 10:16 PM

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QUOTE(moosset @ Sep 29 2019, 09:09 PM)
any major differences between IBKR Lite and PRO, other than Lite only for US stocks and ETF?
*
They put up a comparison you didn't see?
adele123
post Sep 30 2019, 12:10 AM

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QUOTE(moosset @ Sep 28 2019, 09:11 PM)
I'm not sure how many of you are using IBKR and I was surprised that there's no thread dedicated to IBKR.

Any users here?

My account was approved a while ago but I haven't started funding it. Is it cheaper to trade US / SG stocks using IBKR than say MY brokers or SG brokers?

If you're using IBKR, what is your base currency?
*
After your post, did a quick research.

We notice IB charging lower minimum commission compared to maybank kim eng singapore in buying sgx stocks.

Am also finding this IB very very cheap.
arowana33
post Sep 30 2019, 12:12 AM

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Can make good money here? Or donate money...
Ramjade
post Sep 30 2019, 12:47 AM

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QUOTE(adele123 @ Sep 30 2019, 12:10 AM)
After your post, did a quick research.

We notice IB charging lower minimum commission compared to maybank kim eng singapore in buying sgx stocks.

Am also finding this IB very very cheap.
*
SG brokers are light years behind IB
TSmoosset
post Oct 1 2019, 05:18 PM

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QUOTE(collingwood @ Sep 28 2019, 10:54 PM)
I am using IBKR.

https://www.interactivebrokers.com/en/index.php?f=45196

They just launched IBKR Lite to compete with Robinhood in the US.

Zero commission for US ETF - an incredibly good deal especially now they dont require minimums.
*
are you using the Lite or Pro?
Ramjade
post Oct 1 2019, 06:43 PM

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QUOTE(moosset @ Oct 1 2019, 05:18 PM)
are you using the Lite or Pro?
*
Pro baru launch. Majority of us will be on full version of IB.
TSmoosset
post Oct 1 2019, 06:52 PM

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QUOTE(Ramjade @ Oct 1 2019, 06:43 PM)
Pro baru launch. Majority of us will be on full version of IB.
*
how much is your monthly transaction fee? more than 10 USD??

if less than 10USD, they charge until 10 USD right? unless you've more than 100k USD with them.
Ramjade
post Oct 1 2019, 06:54 PM

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QUOTE(moosset @ Oct 1 2019, 06:52 PM)
how much is your monthly transaction fee? more than 10 USD??

if less than 10USD, they charge until 10 USD right? unless you've more than 100k USD with them.
*
I use whitelabels of IB hence avoid paying the USD10/month charge. tongue.gif

Trade off is I pay higher commision than pure IB but the commision I paid is still at least 50% discount to what SG brokers will charged me + no pesky dividend tax/quarterly platform fee. I get full version of IB minus the pesky USD10/month fees.

This post has been edited by Ramjade: Oct 1 2019, 06:57 PM
TSmoosset
post Oct 1 2019, 10:07 PM

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QUOTE(Ramjade @ Oct 1 2019, 06:54 PM)
I use whitelabels of IB hence avoid paying the USD10/month charge. tongue.gif

Trade off is I pay higher commision than pure IB but the commision I paid is still at least 50% discount to what SG brokers will charged me + no pesky dividend tax/quarterly platform fee. I get full version of IB minus the pesky USD10/month fees.
*
sorry, what does whitelabels of IB mean?
Ramjade
post Oct 1 2019, 10:11 PM

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QUOTE(moosset @ Oct 1 2019, 10:07 PM)
sorry, what does whitelabels of IB mean?
*
Rebranded version of IB. Companies rent IB platform and market it as their own.

All info is found in the link I provided above. All you need to do is open and read it if you rajin. I did.

This post has been edited by Ramjade: Oct 1 2019, 10:14 PM
TSmoosset
post Oct 1 2019, 10:16 PM

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QUOTE(Ramjade @ Oct 1 2019, 10:11 PM)
Rebranded version of IB. Companies rent IB platform and market it as their own.

All info is found in the link I provided above. All you need to do is open and read it if you rajin. I did.
*
I see, thanks. I'll have a look.

I thought about using the normal Pro version but not sure if I can reach 10usd per month in commission.
Ramjade
post Oct 1 2019, 10:39 PM

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QUOTE(moosset @ Oct 1 2019, 10:16 PM)
I see, thanks. I'll have a look.

I thought about using the normal Pro version but not sure if I can reach 10usd per month in commission.
*
Just go with Whitelabels. Lite is only limited to US markets. You think I can hit USD10/month commision? No. That's why I opted to go with Whitelabels. Allow me the peace of mind of buying whenever I want and not forced buying.

Another thread on whitelabels
https://forum.lowyat.net/topic/4744515
The first thread is the original one with more info.

This post has been edited by Ramjade: Oct 1 2019, 10:41 PM
TSmoosset
post Oct 2 2019, 09:59 AM

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Ramjade

transferwise now allows transfer from MYR. Wouldn't it be cheaper to transfer straight from MYR to IBKR using transferwise, instead of MYR > CIMB MY > CIMB SG > IBKR? Although I'm not sure how to do it yet....
Ramjade
post Oct 2 2019, 10:11 AM

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QUOTE(moosset @ Oct 2 2019, 09:59 AM)
Ramjade

transferwise now allows transfer from MYR. Wouldn't it be cheaper to transfer straight from MYR to IBKR using transferwise, instead of MYR > CIMB MY > CIMB SG > IBKR? Although I'm not sure how to do it yet....
*
That's if IBKR accept third part transfer. So far I know they don't accept transferwise. They don't accept third part transfer for USD but they accept for EUR. It's a hit and miss. I rather not have my money stuck in limbo and take like 90 days to get it back. You are welcome to test and see if they accept 3rd party transfer.

After all IB exchange rates are super cheap. Is spot rate. Real time market forex rate which changes every 2nd. Commission only cost USD2/conversion.

Avoid going Cimb MY -> Cimb SG. Get robs by banks only. Used fintech to transfer your money. Avoid using banks in Malaysia at all cost to transfer your money. Last time no choice. Now we have quite a lot of choice.

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