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 Interactive Brokers (IBKR), IBKR users, welcome!

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cryptofreedom
post Feb 17 2021, 03:57 AM

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I used to use Interactive Brokers a few years back when active in stock trading.
Ladszy
post Feb 17 2021, 11:17 AM

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Hi, just to confirm this again. Since IBKR accepts transfers from Fintech I assume they won't have any issues with third party account transfers (My IBKR acc vs someone else's SG bank acc)? I've had a look at their website and they don't state not allowing 3rd party transfers explicitly like other brokers.

For people who fund multiple currencies, do you fund them individually via fintech or fund SGD and then convert them within IBKR?

Also just curious, when you guys withdraw, do you withdraw to your bank acc in MY or SG?

This post has been edited by Ladszy: Feb 17 2021, 11:18 AM
polarzbearz
post Feb 17 2021, 12:59 PM

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QUOTE(FL690 @ Feb 17 2021, 02:06 AM)
No it’s just a normal USD savings account, which I always keep money in there. Do they still charge $10 for that?
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Check HSBC price schedules and find the account name - there should be listed fees on outward TT And also outward commissions.

QUOTE(Ladszy @ Feb 17 2021, 11:17 AM)
Hi, just to confirm this again. Since IBKR accepts transfers from Fintech I assume they won't have any issues with third party account transfers (My IBKR acc vs someone else's SG bank acc)? I've had a look at their website and they don't state not allowing 3rd party transfers explicitly like other brokers.

For people who fund multiple currencies, do you fund them individually via fintech or fund SGD and then convert them within IBKR?

Also just curious, when you guys withdraw, do you withdraw to your bank acc in MY or SG?
*
From fintech they accept but may hold funds and ask you to prove your paper trails. Not sure about other people's name but I'd assume that they will be even stricter than dealing with fintech.

I always fund ibkr from my overseas bank account under my own name to keep paper trail clean (and only use fintech to move between my own accounts).

For withdrawal it's usually more cost effective to withdraw in overseas bank in their own currency then repatriate the fund back to Malaysia via transferwise to avoid bad exchange rates.

This post has been edited by polarzbearz: Feb 17 2021, 01:02 PM
TSmoosset
post Feb 17 2021, 03:58 PM

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QUOTE(dwRK @ Feb 16 2021, 10:52 PM)
I Google and found some people doing jpy domestic xfer... don't know how tw does it so may not work

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there are two types of ibkr accounts in Japan, one is for trading domestic stocks only known as IBSJ and one is for IBKR US. It's written on IBKR JP website.
https://www.interactivebrokers.co.jp/en/ind...47661&p=account
Funds cannot be transferred between these two accounts, which gives you an idea on how different they are.

For the domestic one, I think can do domestic transfer; but not for the international ibkr. The CSO has called and confirmed this with me. Even if you had a Japanese bank acc, you would still need to initiate an international bank transfer. All TW transactions are domestic; that's how they lower their operating costs.

But of course no harm trying.
TSmoosset
post Feb 17 2021, 04:06 PM

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QUOTE(Ramjade @ Jan 8 2021, 03:02 PM)
Yup that's the sad part. Nevermind towards USD20k then switch to pure IB to bring down the price further.
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200k USD?? How long does it take to reach there? Are you half way there?

I'm at 50k only. Still need a long time to double my wealth.
Ramjade
post Feb 17 2021, 06:18 PM

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QUOTE(moosset @ Feb 17 2021, 04:06 PM)
200k USD?? How long does it take to reach there? Are you half way there?

I'm at 50k only. Still need a long time to double my wealth.
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Slow and steady. I am not at USD200k. But past USD100k. Possible another 3 more years to reach USD200k
erizdagreat
post Feb 17 2021, 06:26 PM

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QUOTE(Ramjade @ Feb 17 2021, 06:18 PM)
Slow and steady. I am not at USD200k. But past USD100k. Possible another 3 more years to reach USD200k
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Wow. Congratulations!
polarzbearz
post Feb 17 2021, 06:39 PM

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QUOTE(moosset @ Feb 17 2021, 04:06 PM)
200k USD?? How long does it take to reach there? Are you half way there?

I'm at 50k only. Still need a long time to double my wealth.
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QUOTE(Ramjade @ Feb 17 2021, 06:18 PM)
Slow and steady. I am not at USD200k. But past USD100k. Possible another 3 more years to reach USD200k
*

Here at only 10k club laugh.gif cry.gif so far to reach 200 k!!
tehoice
post Feb 17 2021, 06:55 PM

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QUOTE(polarzbearz @ Feb 17 2021, 06:39 PM)
Here at only 10k club laugh.gif cry.gif so far to reach 200 k!!
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i'm only just starting out at 2.5k~! hahahah

but also got about USD10k in SAMY so far (minus all other holdings elsewhere).
erizdagreat
post Feb 17 2021, 08:49 PM

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QUOTE(Ramjade @ Feb 17 2021, 06:18 PM)
Slow and steady. I am not at USD200k. But past USD100k. Possible another 3 more years to reach USD200k
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Anyone here already in USD1m club? Pls tell us how u got there? And how long did it take?

This post has been edited by erizdagreat: Feb 17 2021, 08:57 PM
dwRK
post Feb 17 2021, 09:35 PM

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$1000 seed money... 1% profit per day... compound 2 years @ 350 d/yr... should get you there...

just doing some maths... laugh.gif
Ramjade
post Feb 18 2021, 12:07 AM

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QUOTE(tehoice @ Feb 17 2021, 06:55 PM)
i'm only just starting out at 2.5k~! hahahah

but also got about USD10k in SAMY so far (minus all other holdings elsewhere).
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Pick one type of investment. Divert your day to Ibkr.

QUOTE(erizdagreat @ Feb 17 2021, 08:49 PM)
Anyone here already in USD1m club? Pls tell us how u got there? And how long did it take?
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Slow and steady. 70% savings rate + minimise cost where possible which means sacrifice some stuff.
Sell options to generate extra cash. Every bit counts.
5-6 years to reach usd100k.


yshour
post Feb 18 2021, 12:12 AM

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dwRK polarzbearz Thanks for your suggestions earlier. I managed to transfer my stocks from Etrade to my newly opened TSG account, for free!

polarzbearz I did mention ‘RinggitFreedom.com’ in the registration form. Thanks for your guide smile.gif
Rama522
post Feb 18 2021, 12:36 PM

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QUOTE(yshour @ Feb 18 2021, 12:12 AM)
dwRK polarzbearz Thanks for your suggestions earlier. I managed to transfer my stocks from Etrade to my newly opened TSG account, for free!

@yshour may i know how did u transfer from etrade? did u file a request for the stock transfer from the destination broker? and how long it took you for the entire process? any freezing period for the trading during the transfer

polarzbearz I did mention ‘RinggitFreedom.com’ in the registration form. Thanks for your guide  smile.gif
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Rama522
post Feb 18 2021, 12:39 PM

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QUOTE(yshour @ Feb 18 2021, 12:12 AM)
dwRK polarzbearz Thanks for your suggestions earlier. I managed to transfer my stocks from Etrade to my newly opened TSG account, for free!

polarzbearz I did mention ‘RinggitFreedom.com’ in the registration form. Thanks for your guide  smile.gif
*
yshour

may i know how did u transfer from etrade? did u file a request for the stock transfer from the destination broker? and how long it took you for the entire process? any freezing period for the trading during the transfer
maxmahen87
post Feb 18 2021, 12:57 PM

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Hi Guys,

I've been using interactive broker for the last 3 months trading US Stocks. I funded the account using my US Bank (I used to work in the US - so got some savings la) I also linked my Maybank for withdrawal (also my transferwise borderless acct, just incase)- yet to do any withdrawals though

However, I found a post on lowyat saying Maybank (or Bank Negara) blocks transactions from IB for their affiliation with forex? Hence cant fund or withdraw money to a local bank?
https://forum.lowyat.net/topic/4498867/all

I'm planning to trade stocks full-time as I generate a decent income from it every month, and Ive been investing/trading for last 5 years when I was working in the US (not a newbie la smile.gif )
Planning to register as self-employed for tax/banking purposes - already discuss with a tax lawyer friend - I have shared the conversation (tax for fulltime trader) in this forum for those interested in self-employment/fulltime trading
https://forum.lowyat.net/topic/5102221

One question I couldn't answer my lawyer friend is that - is IB legal in Malaysia? Will BNM block the funds to be transferred back to our local banks?
I don't find any article/documents suggesting IB is illegal in Malaysia - and seems to the first recommended platform if want to trade US stocks from Malaysia.

Hope to get some feedback from Sifus here
erizdagreat
post Feb 18 2021, 01:47 PM

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QUOTE(maxmahen87 @ Feb 18 2021, 12:57 PM)
Hi Guys,

One question I couldn't answer my lawyer friend is that - is IB legal in Malaysia? Will BNM block the funds to be transferred back to our local banks?
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I'm one of the few here who does direct transfers between Maybank(Malaysia) and IBKR (No Instarem/TransferWise). The answer to your question is No, the funds will not be blocked if you want to transfer it back to Malaysia.

I also plan to do something similar. I plan to set up an investment holding company in Malaysia to hold on to my investments.
dwRK
post Feb 18 2021, 02:07 PM

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QUOTE(maxmahen87 @ Feb 18 2021, 12:57 PM)
Hi Guys,

I've been using interactive broker for the last 3 months trading US Stocks. I funded the account using my US Bank (I used to work in the US - so got some savings la) I also linked my Maybank for withdrawal (also my transferwise borderless acct, just incase)- yet to do any withdrawals though

However, I found a post on lowyat saying Maybank (or Bank Negara) blocks transactions from IB for their affiliation with forex? Hence cant fund or withdraw money to a local bank?
https://forum.lowyat.net/topic/4498867/all

I'm planning to trade stocks full-time as I generate a decent income from it every month, and Ive been investing/trading for last 5 years when I was working in the US (not a newbie la smile.gif )
Planning to register as self-employed for tax/banking purposes - already discuss with a tax lawyer friend - I have shared the conversation (tax for fulltime trader) in this forum for those interested in self-employment/fulltime trading
https://forum.lowyat.net/topic/5102221

One question I couldn't answer my lawyer friend is that - is IB legal in Malaysia? Will BNM block the funds to be transferred back to our local banks?
I don't find any article/documents suggesting IB is illegal in Malaysia - and seems to the first recommended platform if want to trade US stocks from Malaysia.

Hope to get some feedback from Sifus here
*
ib is not a legal entity in my... in the sense it has no businesses here

is it illegal to trade at ib or any overseas broker? this is silent as in no regulations to say you can't as I'm aware, but I didn't dig deep... regulations mostly on how much money you can send out for investment, etc...

SC is banning a lot of legit brokers nowadays even when they have no business here...

bnm won't block incoming funds... banks will flag it and call you... get flagged too often without a good answer they will report you for investigations

This post has been edited by dwRK: Feb 18 2021, 03:15 PM
lamode
post Feb 18 2021, 03:53 PM

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QUOTE(maxmahen87 @ Feb 18 2021, 12:57 PM)
Hi Guys,

I've been using interactive broker for the last 3 months trading US Stocks. I funded the account using my US Bank (I used to work in the US - so got some savings la) I also linked my Maybank for withdrawal (also my transferwise borderless acct, just incase)- yet to do any withdrawals though

However, I found a post on lowyat saying Maybank (or Bank Negara) blocks transactions from IB for their affiliation with forex? Hence cant fund or withdraw money to a local bank?
https://forum.lowyat.net/topic/4498867/all

I'm planning to trade stocks full-time as I generate a decent income from it every month, and Ive been investing/trading for last 5 years when I was working in the US (not a newbie la smile.gif )
Planning to register as self-employed for tax/banking purposes - already discuss with a tax lawyer friend - I have shared the conversation (tax for fulltime trader) in this forum for those interested in self-employment/fulltime trading
https://forum.lowyat.net/topic/5102221

One question I couldn't answer my lawyer friend is that - is IB legal in Malaysia? Will BNM block the funds to be transferred back to our local banks?
I don't find any article/documents suggesting IB is illegal in Malaysia - and seems to the first recommended platform if want to trade US stocks from Malaysia.

Hope to get some feedback from Sifus here
*
QUOTE(dwRK @ Feb 18 2021, 02:07 PM)
ib is not a legal entity in my... in the sense it has no businesses here

is it illegal to trade at ib or any overseas broker? this is silent as in no regulations to say you can't as I'm aware, but I didn't dig deep... regulations mostly on how much money you can send out for investment, etc...

SC is banning a lot of legit brokers nowadays even when they have no business here...

bnm won't block incoming funds... banks will flag it and call you... get flagged too often without a good answer they will report you for investigations
*
i agree with dwRK.

open a bank account in SG for peace of mind. or if you have a debit card linked to ur US bank (not sure if its too late for you to apply debit card from IBKR), then use that instead unless you bringing in a big sum.
dwRK
post Feb 18 2021, 04:51 PM

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QUOTE(lamode @ Feb 18 2021, 03:53 PM)
i agree with dwRK.

open a bank account in SG for peace of mind. or if you have a debit card linked to ur US bank (not sure if its too late for you to apply debit card from IBKR), then use that instead unless you bringing in a big sum.
*
suspicious transactions will be flagged whether in sg or my... up to the banks how they trigger aml checking...

he has us bank, work history/records... can initiate xfer from there... repatriate salary as reason... easy no issue

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