so what is bank's % spread? example bank could be selling USD at 4.28 but they buy back their USD at 4.27 same time IBKR could be selling at 4.27 (you thought it's cheap) but end up they are buying them back at $4.25 so in this example IBKR spread is much bigger......(numbers is just example not actual)

so have you taken that into account? just explaning & in case you never thought of that

so question again is when you say bank is cheaper is it the % of spread or price the sell is cheaper?

This post has been edited by livina2011: Jun 6 2020, 11:32 AM

you should know ramjade is anti bank wire transfer ah...

if fx is stable...ie moving within expected range then transfer using fintech gets you a bit more

if fx is moving strongly one direction, you can end up more with banks especially if you need to exchange again at ibkr

but if looking at spread only...ibkr is always smallest because it's spot trading rates by the milliseconds...banks always biggest because they fixed it for the day and only revise on big changes... they manage the small fluctuations with a bigger spread

This post has been edited by dwRK: Jun 6 2020, 12:46 PM

OH.....seriously NO i don't know.....i seldom come here only read once in awhile....but now i know

frankly shopping for fees waste alot of time. You only pay half of 0.xxx% fee when you convert to USD first time then you trade in and out after that without any exchange fee. After (let say) 2 to 5 years when you decide you no longer want to invest in US or you think rate is good then you convert back to MYR (and pay the other half of 0.xxx% fee) why bother about that tiny 0.xxx% of fee compare to your 100 tor 200 or 300% of your profit, RIGHT??

the best thing about investing is US market is that their market not like ours in terms of upper limit and lower limit. In Malaysia $1.00 & below stocks can go only go up/down max 30 sen/day. For above $1.00 stocks is 30% up/down........in US market there's no limit it can go up/down over 100%. It's not controlled by the exchange (i call it FREE market)

i'm not making up stories. i recently bought a US listed biotech company and it went up over 100% the minute market open. Last year my HK stock also same up over 100% in one day. Our market would take over 3 days to reach that level (very rare cos 3rd day already stuck at 60% cannot go up anymore) by the 3rd day everything already cool down how to go up further??

Our exchange said "THEY" are protecting investor but in reality they are protecting the Malaysia economy and public listed company bosses. IMO most foreign investor play short term hit & run not sure if you notice but recently foreign investors are selling almost everyday in 100's of million and our local uncle & auntie investor continue to chase glove & medical supply stocks sky high like no end.

If you think Malaysia have future by all means invest here. So it depends on your perceptions. I don't force any of my opinion on others.

This post has been edited by livina2011: Jun 6 2020, 01:59 PM

depends how much money you move ah... if can save a few k using fintech... why not

us market got limit up n down also ah... I dunno at what % gets triggered ... example last month US futures keep hitting limit down and trading halted...

as for profits vs fees... this is separate topic ah...

save few k's is ok i guess....yes US market got limit up & down for some stock maybe you talking about ETF or some other derivative i'm not sure (actually i'm not expert in US exchanges regulation just happen that 2 of my stock up over 100% in one day and did not trigger anything suspension) Our market sometimes very subjective everthing up to exchange.....some can go up 30% many days no UMA and some up 30% one day only straight kena UMA and crashing down the next day. All at their discredition.

yes profit vs fee is seperate topic agreed.......maybe because i really HATE overly calculative person so I always make sure I don't be same as them. I can be frugal or thrifty but I always make sure others make reasonable profit and not lose money because they also have family to feed. I'll stop here since this is IBKR thread not debating about profit vs fees or Malaysia market......hahaha

if let say RM100,000 how much can save?

I save few hundred each time. Hey free money why want to give to the banks

Dear all sifus,

Need help pls...

I got my account for white label approved from tradestation.
They send my a new user and password. It makes me weird..as I got my own password and user id...

I read few thread post here, and we should just ignore and use our own password instead.

I have find my account too

Transfer using instrem in SGD to my trading account. Now my trading account is in SGD. But I want to buy US stock.. does it means I have to change my based currency to USD for my trading account? Now I was setting it base currency SGD.

Without changing to USD, I can't execute my stock trade...

why you deposit so frequently? i deposit once then trade or hold for several years and when rate is good then only i convert gain back to MYR for personal use.....the starting capital will always be there. exchanging in and out will.cost you money

you save few hundred out of how much you deposit?? if i deposit RM100K how much I save then??

Cause I collect RM until reach RM12-16k then transfer over to SG. So with RM12-16k already save like RM100-200 Vs using banks why bother using banks. My money is one way. I will never bring back RM. Whatever money I transferred overseas will be kept overseas. So I don't "keep exchanging in and out". I don't really care about best time to exchange currency as price of stocks matter more to me. If I wait for currency to be favourable I will never get those stocks on the cheap.

That you need to test yourself. I compared Maybank, CIMB, Hong Leong, UOB, SCB all rates sucks Vs fintech. No banks/moneychanger/fintech can offer you spot rate. So you want the best rate go with IB.

Hello sifus,

I am a newbie and just opened my IBKR account. Can you tell me the max amount that can be transferred in a single transfer via your preferred fintech e.g.Instarem? I'm asking because Maybank has a limit on how much can be wired overseas per day (RM50K if remember correctly).

Thank you everyone 😊

that's about 1% or less....yes thats alot of money saved.

How much is brokerage for buying US stocks via IBKR?? any fixed minimum brokerage?

currently our local bank rate is 0.40% or minimum usd25.00 per order.....means if you buy (let say) usd3K worth of stocks (by right) brokerage is 0.40% × usd3K = usd12.00 but bank will still charge usd25.00 (that's minimum brokerage) so technically to get more out of your money every order preferable must be over usd6K or else you will end up paying more than you should have (in my example that will be extra usd13.00)

This post has been edited by livina2011: Jun 7 2020, 01:00 PM

D pends which brokerage are you using. If you are using pure IB, cost could be as low as minimum USD0.35/transaction (if you use tiered pricing)

If you are using tradestation global it's about USD1.50.

It all depends on how much you trade.

This post has been edited by Ramjade: Jun 7 2020, 06:21 PM

max rm30k

can't send more than rm30k

transferwise & instarem websites shows comparisons vs banks... you can check savings there

same. hard earned money don't simply give away...for a little extra work like open a webpage and fill in a few line so worth it...

Did tradestation give and 2FA login?

you make your own 2FA with IBKR mobile.

I thought you have started investing a long time already? Still setting up? Market already recovered now....

This post has been edited by moosset: Jun 7 2020, 11:05 PM

using my earlier example.....if i buy from local broker a usd6K worth of US stocks will cost usd25.00 brokerage......how much will IBKR brokerage be? (take the highest).

i suspect the more you trade on IBKR will be more expensive compare to local broker (not sure just a guess)

if that's the case high net worth individual will have big problem. imagine if they want to deposit Rm300K they need to do 10 times Rm600K do 20 times? correct me if i'm wrong (maybe due to capital control?? am guessing)