I used to use Interactive Brokers a few years back when active in stock trading.
Interactive Brokers (IBKR), IBKR users, welcome!
Interactive Brokers (IBKR), IBKR users, welcome!
|
Feb 17 2021, 03:57 AM
|
Junior Member
3 posts Joined: Feb 2021 |
I used to use Interactive Brokers a few years back when active in stock trading.
|
|
|
|
Feb 17 2021, 11:17 AM
|
Junior Member
96 posts Joined: Nov 2015 |
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 |
|
Feb 17 2021, 12:59 PM
|
Senior Member
4,697 posts Joined: Apr 2007 |
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? 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. 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. 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? 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 Ladszy liked this post
|
|
Feb 17 2021, 03:58 PM
|
Senior Member
1,917 posts Joined: Sep 2012 |
QUOTE(dwRK @ Feb 16 2021, 10:52 PM) 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. |
|
Feb 17 2021, 04:06 PM
|
Senior Member
1,917 posts Joined: Sep 2012 |
|
|
Feb 17 2021, 06:18 PM
Show posts by this member only | IPv6 | Post
#3186
|
All Stars
22,199 posts Joined: Feb 2011 |
|
|
Feb 17 2021, 06:26 PM
|
Junior Member
109 posts Joined: Aug 2012 |
|
|
Feb 17 2021, 06:39 PM
|
Senior Member
4,697 posts Joined: Apr 2007 |
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. 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 so far to reach 200 k!! |
|
|
|
Feb 17 2021, 06:55 PM
|
Senior Member
5,403 posts Joined: Oct 2007 |
|
|
Feb 17 2021, 08:49 PM
Show posts by this member only | IPv6 | Post
#3190
|
Junior Member
109 posts Joined: Aug 2012 |
|
|
Feb 17 2021, 09:35 PM
|
Senior Member
5,118 posts Joined: Jun 2006 |
$1000 seed money... 1% profit per day... compound 2 years @ 350 d/yr... should get you there...
just doing some maths... |
|
Feb 18 2021, 12:07 AM
Show posts by this member only | IPv6 | Post
#3192
|
All Stars
22,199 posts Joined: Feb 2011 |
QUOTE(tehoice @ Feb 17 2021, 06:55 PM) i'm only just starting out at 2.5k~! hahahah Pick one type of investment. Divert your day to Ibkr. but also got about USD10k in SAMY so far (minus all other holdings elsewhere). QUOTE(erizdagreat @ Feb 17 2021, 08:49 PM) 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. |
|
Feb 18 2021, 12:12 AM
|
Newbie
13 posts Joined: Jul 2006 |
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 |
|
Feb 18 2021, 12:36 PM
Show posts by this member only | IPv6 | Post
#3194
|
Junior Member
89 posts Joined: Nov 2020 |
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 |
|
|
|
Feb 18 2021, 12:39 PM
Show posts by this member only | IPv6 | Post
#3195
|
Junior Member
89 posts Joined: Nov 2020 |
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! yshourpolarzbearz I did mention ‘RinggitFreedom.com’ in the registration form. Thanks for your guide 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 |
|
Feb 18 2021, 12:57 PM
|
Junior Member
39 posts Joined: Jul 2020 |
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 ) 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 |
|
Feb 18 2021, 01:47 PM
Show posts by this member only | IPv6 | Post
#3197
|
Junior Member
109 posts Joined: Aug 2012 |
QUOTE(maxmahen87 @ Feb 18 2021, 12:57 PM) Hi Guys, 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.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 also plan to do something similar. I plan to set up an investment holding company in Malaysia to hold on to my investments. |
|
Feb 18 2021, 02:07 PM
|
Senior Member
5,118 posts Joined: Jun 2006 |
QUOTE(maxmahen87 @ Feb 18 2021, 12:57 PM) Hi Guys, ib is not a legal entity in my... in the sense it has no businesses hereI'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 ) 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 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 |
|
Feb 18 2021, 03:53 PM
|
Senior Member
3,797 posts Joined: Jul 2007 |
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 ) 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 i agree with dwRK.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 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. |
|
Feb 18 2021, 04:51 PM
|
Senior Member
5,118 posts Joined: Jun 2006 |
QUOTE(lamode @ Feb 18 2021, 03:53 PM) i agree with dwRK. suspicious transactions will be flagged whether in sg or my... up to the banks how they trigger aml checking...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. he has us bank, work history/records... can initiate xfer from there... repatriate salary as reason... easy no issue |
Change to: | 0.0179sec
0.53
6 queries
GZIP Disabled
Time is now: 29th March 2024 - 04:13 PM |