Hey all, i just opened my account today via Tradestation Global. However, it leads me to the IB website? How do i know whether my account is used for Tradestation Global and not the actual IB because i want to avoid the monthly fees.

if you opened your acc via the Tradestation website, then you've done it correctly.
You can check later after you log in via the IB website. It's under the report. Feel free to explore all the features in IB.

Wanted to ask, why don’t just transfer USD from a local bank USD account to Interactive Broker?

Telegraphic transfer from Malaysian local banks, IB charges $20/transaction.

I'm not sure if you can.

I made the mistake of opening a USD savings account with CIMB Singapore and
found out later that they only allow transfers between CIMB USD/SGD accounts.

As IBKR is using Citibank, I'm unable to transfer to their account.

Also, the most important thing (if I'm not mistaken) is that IBKR doesn't accept USD directly except from US bank/bank that supports their bill pay. You can check under the transfers section.

So, I don't think opening a USD savings account Citibank Singapore will even work. Anyone successful let me know.

Most Malaysian banks block transacrion when it comes with interactive broker.

Got through with Bank Islam. It might boil down to your declaration, I don't trade forex and only shares .

I needed to cover margin call in a short time period, sent around 2 pm(Malaysian time), funded by 8pm(malaysian time), before US markets opened.

I would have looked for other options if time was not the essence.
IB charged me around US$20 for a transfer(probably citibank USA for the wire-the US$20 fees is additional to Malaysian local bank fees. ) and rates were not as competitive as CIMB MY>CIMB Singapore>IB transfer method.

This post has been edited by powerlinkers: Feb 17 2020, 06:48 AM

wow!! Of all banks, bank Islam? very unexpected!

is it internet banking or over the counter?

This post has been edited by moosset: Feb 17 2020, 01:08 AM

over the counter.

true, bloody expensive due to their exchange rates.

what is the cheapest method in your opinion to withdraw money from interactive brokers to Malaysia?

I have gone through the threads, suggestion being: IB(SGD)-> CIMB(SG)->CIMB MYR -- > Just wish to clarify whether this is the cheapest method with the best rates?

This post has been edited by powerlinkers: Feb 17 2020, 07:26 AM

Wow bank Islam could get through when maybank can't. Is not about buying international share. The moment banks hear that you are transferring money to interactive broker, they tell you cannot transfer (most banks in Malaysia)

Agreed. When bank Islam could and maybank couldn't.

Never ever use Malaysians banks to fund Interacrive broker. You will lose more money.

Sadly that's the only way. Other way is have a US bank account and get a fintech from US site. The nearest US territory is hawaii or Guam.

Thank you.

I have been using Maybank for my USD trades. True that the brokerage is a bit high. Recently i found out that i can use Transferwise to transfer USD to their local USD account to cut a bit on the foreign exchange conversion.

IMHO the fact is the brokerage fees is really negligible if you take into account the price movements of the stock from one minute to the next... but then every cent saved is still money right..

I am trying to explore using IB/ Tradestation Global now. After what i read in this thread, basically we can't use Transferwise/other fintech services to transfer direct USD to IB right? It seems like a lot of trouble to do the multi currency conversion process (to SGD or other currency). And you have to use the same process for withdrawals right?

My questions to those who have been using IB

1) Are you allowed to make a trade before funds are in? (up to certain amount based on your existing assets). Local broker usually allows that but it usually has to settled within next day T + 1 (used to be T + 2)

2) How long the funds transfer process usually take (based on your low fee multi currency approach) to go into the IB account?

Reason is have you ever consider idle cash sitting in IB's account while you wait to make a trade? These funds have
an opportunity cost e.g. interest bearing when placed in your loan flexi account.

This post has been edited by andrewlimkn: Feb 17 2020, 06:11 PM

just curious, if you buy $1000 ~ $2000 worth of shares using your maybank platform, how much do you pay for brokerage fees?

What trouble?
Send money to SG using click of mouse button. Money appear like 30-2h later. Rate is as good as money changer.
Form there do a IBFT like transfer into IB. Money appears like in 10-20minutrs if office hours. Then convert SGD at spot rate (real freaking exchange rate) at USD2/exchange.
My overseas commission is basically USD1.xx-2.xx/transaction.
My money is one way ticket.he doesn't get converted to RM. It stays as foreign currency.

Can if you are using margin. Otherwise topup first then only can buy.

Of course I have thought about it. Hence eI only transferred money into IB when there are things to buy. Otherwise keep in high yield account in SG or MMF. Of course SG account give like 1.xx% interest. Can't compare with Malaysian interest. But you can't compare depreciation of RM vs SGD too.

This post has been edited by Ramjade: Feb 17 2020, 07:16 PM

It's min of USD25 or 0.4%. So you have to trade at least usd6250 for 0.4% otherwise the effective rate is higher

Ok thanks for the insight. Have you transferred any stocks to IB before from a local Malaysian broker? What are the charges if any?

I should also think of disposing them through IB now

Malaysian stocks cannot

So to confirm can transfer SGD directly to IB (SGD) using instrarem without a need to open a SG acc?

I am referring to US stocks