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 Interactive Brokers (IBKR), IBKR users, welcome!

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Ramjade
post Aug 19 2020, 11:07 PM

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QUOTE(Yggdrasil @ Aug 19 2020, 10:56 PM)
Can sign up online. Verify identity can go their kiosk or verify using the app.
I just registered yesterday night, and used the app to verify, and so far no reply from them yet.
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How to verify using app?

QUOTE(tadashi987 @ Aug 19 2020, 11:01 PM)
do noted that u need to add beneficiary which need to be verified again, i blasted them an email and got it verified the same day thou
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Sorry this is for?

This post has been edited by Ramjade: Aug 19 2020, 11:08 PM
Ramjade
post Aug 19 2020, 11:25 PM

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QUOTE(tadashi987 @ Aug 19 2020, 11:21 PM)
e.g. u want to trasnfer to your own SG bank

u need to add ur own SG bank as beneficiary
then submit for Sunway Money verification
only when it is verified, u can initiate transfer to this particular beneficiary
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I see thanks. I assumed you already have an account with them?

This post has been edited by Ramjade: Aug 19 2020, 11:25 PM
Ramjade
post Aug 19 2020, 11:48 PM

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QUOTE(tadashi987 @ Aug 19 2020, 11:33 PM)
ya right, but have not tried to transfer so far, because their transfer time is a bit slow

Up to T+2 business days* for transactions submitted before 4.00pm Malaysia time, and up to T+3 business days* for transactions submitted after 4.00pm.

*Business days exclude weekends and bank holidays in sender and recipient countries.

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Thanks. So it's slow like bigpay. I can live with slow as long as good rates.
Ramjade
post Aug 21 2020, 08:42 AM

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QUOTE(United Rulez @ Aug 21 2020, 06:15 AM)
Is there a minimum deposit before they let you trade?

They shoot me an email saying.
I've only send RM 1000 equivalent so far not knowing the minimum is USD1000 laugh.gif

Wonder if it will be counted if I just top up on top of the existing figure.

I've searched this thread and some say minimum is 10K?  hmm.gif  hmm.gif
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Only for first time and you need to maintain that minimum fall below. Which means you stocks or cash must be worth USD1k.

When I opened it was USD5k.

USD10k is for pure IB.

QUOTE(theberry @ Aug 21 2020, 08:25 AM)
So transferWise is the cheapest option?
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Not really. Depends on when you are transferring the money. You need to check at that time.
Ramjade
post Aug 21 2020, 09:56 AM

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QUOTE(theberry @ Aug 21 2020, 08:46 AM)
? Still not quite get.it
what I think is Because convert twice will incur higher cost some more bank rate usually more expensive than outside.
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I Meant was your question TW being the cheapest.
It depends on that time. Not necessarily TW is the cheapest cause bigpay/instarem/moneymatch/Sunway money maybe be cheaper.

If you are talking about 2x conversion maybe yes maybe no.
I don't keep track and I keep SGD until I need to convert.
My SGD is deposited into IB via local transfer and then transferred inside IB at spot rate.
Anything me between the 2nd conversion the currency I want may move down against the SGD hence I get more say USDfor every SGD I change.

I never use banks. What I know is even after 2x conversion (one time via bigpay/tw/money match/Sunway and 2nd time via IB) my rates are still cheaper than banks.

This post has been edited by Ramjade: Aug 21 2020, 10:13 AM
Ramjade
post Aug 21 2020, 01:26 PM

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QUOTE(Yggdrasil @ Aug 21 2020, 10:55 AM)
The multi currency is useless one.
In my experience with CIMB SG, can only transfer USD within CIMB SG accounts.
Means cannot send USD to IBKR unless they have CIMB account.
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QUOTE(dwRK @ Aug 21 2020, 11:21 AM)
yes some mc accounts chekai one...to send foreign currency must do over counter...and some like you say can only xfer within same bank
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Sg multicurrency account is a big joke.
Cannot do online transfer. A good multicurrency account is like the borderless account.
Ramjade
post Aug 21 2020, 11:46 PM

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QUOTE(Yggdrasil @ Aug 21 2020, 06:38 PM)
Btw, the TW borderless account still available for Malaysians?
That one has personal bank account number right?
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For me I still have it. Maybe because got use it before so they don't cancel it.
I heard like recently banned malaysian from having access to it. I am lucky I am still having it.
Ramjade
post Aug 22 2020, 12:09 AM

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QUOTE(Yggdrasil @ Aug 22 2020, 12:05 AM)
Dang. You're lucky. I'm helping a family member to send money to IBKR using Transferwise and IBKR is asking for statements now.
Since don't have Borderless account, how to generate statement? Can only generate receipt.  vmad.gif
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Show them the money flow (Malaysian banks > TW > IB)
Ramjade
post Aug 25 2020, 04:18 PM

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QUOTE(jas029 @ Aug 25 2020, 10:19 AM)
i missed out on another enquiry..

can we withdraw in usd from ibkr into our transferwise usd account?

(not necessary apply to usd only, can also be other currency.. eg. withdraw sgd ibkr to transferwise sgd account)
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Theoretically can if you have tw borderless account. Do you have tw birderles account.

QUOTE(jutamind @ Aug 25 2020, 10:32 AM)
can we use Transferwise that we open from Malaysia to transfer from SG account back to MY bank account?

I remembered someone saying to transfer money from SG to MY using Instarem, we need to open account with Instarem SG instead of using Instarem MY account.
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Yes can. Iu cannot use instarem sg as there's no way you can open.
Option to withdraw
1. Tw
2. CIMB
3. Direct transfer from IB but it's the most expensive way.
Ramjade
post Aug 25 2020, 09:52 PM

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QUOTE(Yggdrasil @ Aug 25 2020, 08:00 PM)
Looks like can only send MYR for now.
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The only international one which we have access to is TW. Wait for revolut to set up shop in Malaysia.
Ramjade
post Sep 2 2020, 06:36 PM

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QUOTE(lamode @ Sep 2 2020, 01:12 PM)
sometimes i really wonder if worth saving the $10 / mth for all the hassle.
for me, peace of mind and single of point contact worth much more than that.
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I don't know why people having trouble opening account.
It's super easy. Just follow step by step as requir d by the website.
Fund your account upon registration and you are good to go.
I waited only like 2-3 days for them to approve me.

For me worth it.
USD120 /year is equals so some of my dividend for one stock.
Ramjade
post Sep 2 2020, 10:53 PM

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QUOTE(jutamind @ Sep 2 2020, 09:07 PM)
For those using IBKR, do you trade using mobile apps/web/client apps? From the screen shot, the client apps seems complicated to use
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I use all.
Yes the program you install on computer is the worse.
Ramjade
post Sep 2 2020, 11:24 PM

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QUOTE(tadashi987 @ Sep 2 2020, 11:22 PM)
hardly open the windows application anymore after the last try on FX conversion done on web portal which doesn't create a virtual position
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The client portal? Or via phone?
Ramjade
post Sep 4 2020, 03:51 PM

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QUOTE(jutamind @ Sep 4 2020, 02:55 PM)
this was what i see after submitting the application. no button to upload docs but just the email section....see screen shot below

user posted image
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Fund it. See what they write there. We will review funded account first. That's how my account was approved so fast. Cause I fund it straight.
Ramjade
post Sep 5 2020, 12:28 AM

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QUOTE(jutamind @ Sep 5 2020, 12:15 AM)
Thanks for your help.

Since we'll be creating deposit instructions in IBKR and deposit from my SG bank account to IBKR SG account, anything I have to do in TSG web site? Apart from 1 email from TSG, didn't receive anything else from TSG like login ID etc
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After opening account via TSG, you don't need to do anything.
All stuff subsequently involve IBKR only.
Login, deposit money, converting money, buy and sell, withdrawing money.

This post has been edited by Ramjade: Sep 5 2020, 12:29 AM
Ramjade
post Sep 5 2020, 02:25 PM

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QUOTE(VincentCS @ Sep 5 2020, 03:48 AM)
How to open borderlands account now? It shows Malaysian can now only send money but not receive it
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Don't know. Mine was openned before they banned Malaysians.

QUOTE(LostAndFound @ Sep 5 2020, 05:51 AM)
Just to confirm, SG account (MBB or CIMB) is only necessary for easy withdrawal right? Any cons to opening IBKR/TSG first and only doing the SG account later on?

Also, some confirmation on the fees for TSG, it's only the amount which is shown on the link provided in OP (currently 0.007 USD per share), no further hidden charge? Or is that fee in addition to the IBKR fee (different tiers in the OP link, I'm still trying to read and understand)?

Also, I guess no harm when opening TSG account to take advantage of promo like https://www.tradestation.com/promo/cash-reward/ ? (Deposit X amount to get Y additional, where Y is <1% of your deposited amount)

EDIT: Hmmm... going through IBKR opening, when they ask 'net worth' how to calculate that for a married family (we hold funds jointly managed by me, both also income earners, even though most of our bank accounts/investment is theoretically one person's name). Is it very important what figure I put there?
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Yes and no. It can also be used as place to park money cause IB doesn't give you interest on money inside account). Last time they give but since intereest so low, no more interest. And they give also if money is huge (about 6 figures)

For pricing, see this
https://www.tradestation-international.com/...ng-commissions/
https://www.tradestation-international.com/...ng-commissions/

You want tradestation global (https://www.tradestation-international.com/global/) not tradestation.

Just agak2.

QUOTE(TOS @ Sep 5 2020, 08:51 AM)
Good news!

Received an email from TSG. They say they are still waiting for IBKR to fix this issue.
There is hope now. I don't think their CS is so bad. At least they still manage to reply me. biggrin.gif
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TSG CS actually quite good vs IB's

QUOTE(jas029 @ Sep 5 2020, 09:06 AM)
allow myself to add in a bit regarding net worth..

u're not allow to trade stocks ya if u input ur net worth as below USD29,999.. or something around that figure.. i couldnt recall the exact range.. probably u wont even be allow to proceed with the application if u input ur net worth range as too low.. so u may want to overestimate for this part
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Wow didn't know that. Thanks for head up but I have been honest. So far no problem.
Ramjade
post Sep 6 2020, 07:59 PM

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QUOTE(chickenessence @ Sep 6 2020, 04:23 PM)
hi guys,

have u guys been receiving email or in IBKR webpage that..
"FYI: Changes in Analyst Ratings

Stock Symbol: Xxx  Buy:0(0) ,  Outperform:3(0) , Hold:6(+1),    Underperform: 1(0), Sell:  0(0)

Anyway, where to access this full analysis?
else this kind of analysis doesnt tell any info right?
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I don't like that stuff and just ignore it.
Scared if disable those notification, I missed out some other notification.
Ramjade
post Sep 9 2020, 09:37 AM

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QUOTE(encikbuta @ Sep 9 2020, 09:28 AM)
hey all, i have a rather morbid question. is there anyway we can register a beneficiary into IBKR in case of our death? I looked it up and this IBKR feature is only for US-based clients.

if there is no way to register, do you guys know what is procedure to get my account/funds from IBKR transferred over to say my beneficiary in Malaysia upon my death?
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Give username and password to wife.

Once hit usd200k, transfer over to IB SG (open account with them in sg).
Make a will in Singapore.
Ramjade
post Sep 9 2020, 10:37 AM

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QUOTE(encikbuta @ Sep 9 2020, 10:26 AM)
wow thanks for the quick reply! some follow up questions:

i) I guess USD200k is the minimum required amount to open account in IBKR SG?

ii) tbh, USD200k of investable cash is maybe an amount i'll hit very late in life. in case of sudden death before that, since IBKR is a US-based company, maybe i'd have to engage a lawyer in the states to draft my will or something?
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It's usd100k if you don't want to be hit with usd10/month monthly tax.I think you can opened with USD1k. But if your have less than usd100k, there's a usd10/month fees waiting for you.

I put usd200k rather than usd100k if one wants to open pure IB account for safety margin in case market crash by 50%.

That's why I said SG. Cause IB have sg office. And if you opened under IB SG, your family just deal with IB sg rather than states.

Last time when they don't have office in sg, you might have to fly to HK to settle it.

The fastest and cheapest way is give your next if kin username and password.

This post has been edited by Ramjade: Sep 9 2020, 10:38 AM
Ramjade
post Sep 9 2020, 02:40 PM

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QUOTE(LostAndFound @ Sep 9 2020, 02:33 PM)
Password alone can be used to transfer everything out?
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Username, password + OTP enough for you to sell everything if needed.

About transferring account don't know how's the process as never tried it.

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