Interactive Brokers (IBKR)
Updated: 25th Aug 2020.

To use IBKR, you have 3 options:
1. via IBKR main website;
2. via TradeStation Global, TSG (not to be confused with TradeStation International);
3. via Captrader, please refer to another thread.

via IBKR
Just google Interactive Brokers and register there.
There's a monthly activity / inactivity fee of $10 per month, but can be waived if your net liquidation (cash + equities + bonds etc) is above $100k.
If you can meet the min requirement, this would be better as their fees (and margin rates) are lower than TSG.

Fees - https://www1.interactivebrokers.com/en/index.php?f=1590


via TSG
No monthly inactivity fee if balance is above $2500.
After registration, you'll have access to two platforms:
1. You may use the IBKR platform known as Traders Work Station (TWS) on both Windows and MacOS.
2. You may also use the platform developed independently by TSG, only available on Windows.

Note: In order to link TSG with IBKR, you SHOULD open your IBKR via TSG website. You'll be redirected to an IBKR website (could be HK, Australia etc).
If you opened an IBKR yourself without going through TSG website, you may not be able to link these entities.

Fees - https://www.tradestation-international.com/...ng-commissions/


Money transfer
These methods have worked in the past:
1. InstaRem: transfer HKD, SGD, GBP to IBKR (EUR - worked for some, rejected for some (25th Aug 2020));
2. CIMB: transfer money (via CIMB transfer or InstaRem or Transferwise) to CIMB SG, from CIMB SG to IBKR in SGD;
3. Transferwise: transfer SGD, AUD, GBP, EUR, HKD, CAD to IBKR (for Canadian dollars, it takes longer than usual. Beware!);
4. Bank Islam (over the counter);
5. Maybank Internet banking, about $25 for fees;
6. BigPay (to deposit SGD) but can't enter your own reference number.

Not proven yet:
1. deposit USD via InstaRem, Transferwise.


Notes:
1. Your IBKR base currency doesn't matter. You can deposit in any currency!!!
No automatic currency conversion. All currency conversion must be done manually on the platform. You want to buy SG stocks? You convert your money to SGD. You want to buy HK stocks? You convert your money to HKD. NO AUTOMATIC CONVERSION!!

2. For live market data, subscription fees may be required.
3. Whether it's account opening or trading or money transfer, it's really not that difficult. Just click, click, click.... and you'll find your way. Nothing is finalised until you click the final button CONFIRM etc etc. So, don't worry!

For more info:

https://forum.lowyat.net/topic/4744515
https://betterspider.com/funding-your-accou...ractivebrokers/


Special thanks to:
1. Ramjade
2. dwRK
3. Yggdrasil
4. powerlinkers
5. erizdagreat
6. Lakeambience
7. TOS


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Updated 02 Jun 2020
For withdrawal, you can withdraw to your bank account in any developed country like Australia, UK, Singapore, HK etc.

Alternatively, you can also open an account with Transferwise and get a borderless account. It's possible to withdraw EUR from IBKR to TW Borderless account. I haven't tried other currencies yet but will keep this post updated as more info comes in from other users.

For more info: https://forum.lowyat.net/index.php?showtopi...post&p=96979697



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more info, courtesy of polarzbearz

Step-by-step to getting started via TradeStation Global (Interactive Brokers)

This post has been edited by moosset: Jan 3 2021, 09:26 PM

I am using IBKR.

https://www.interactivebrokers.com/en/index.php?f=45196

They just launched IBKR Lite to compete with Robinhood in the US.

Zero commission for US ETF - an incredibly good deal especially now they dont require minimums.

You did not search hard enough
https://forum.lowyat.net/topic/3396549

I am a user

Of course is cheaper using IB to buy stocks from SG/US.
Reason is no quarterly platform fees. No dividend fees. No markup exchange rate With IB you get spot rate (real time rates used by banks to trade among themswlves).

Not to mentioned IB have fantastic rates. Way cheaper than any brokerage.

This post has been edited by Ramjade: Sep 29 2019, 09:09 AM

Wah.. Going big time trading foreign stocks..

Anyone trade Option using IB?

any major differences between IBKR Lite and PRO, other than Lite only for US stocks and ETF?

They put up a comparison you didn't see?

After your post, did a quick research.

We notice IB charging lower minimum commission compared to maybank kim eng singapore in buying sgx stocks.

Am also finding this IB very very cheap.

Can make good money here? Or donate money...

SG brokers are light years behind IB

are you using the Lite or Pro?

Pro baru launch. Majority of us will be on full version of IB.

how much is your monthly transaction fee? more than 10 USD??

if less than 10USD, they charge until 10 USD right? unless you've more than 100k USD with them.

I use whitelabels of IB hence avoid paying the USD10/month charge.

Trade off is I pay higher commision than pure IB but the commision I paid is still at least 50% discount to what SG brokers will charged me + no pesky dividend tax/quarterly platform fee. I get full version of IB minus the pesky USD10/month fees.

This post has been edited by Ramjade: Oct 1 2019, 06:57 PM

sorry, what does whitelabels of IB mean?

Rebranded version of IB. Companies rent IB platform and market it as their own.

All info is found in the link I provided above. All you need to do is open and read it if you rajin. I did.

This post has been edited by Ramjade: Oct 1 2019, 10:14 PM

I see, thanks. I'll have a look.

I thought about using the normal Pro version but not sure if I can reach 10usd per month in commission.

Just go with Whitelabels. Lite is only limited to US markets. You think I can hit USD10/month commision? No. That's why I opted to go with Whitelabels. Allow me the peace of mind of buying whenever I want and not forced buying.

Another thread on whitelabels
https://forum.lowyat.net/topic/4744515
The first thread is the original one with more info.

This post has been edited by Ramjade: Oct 1 2019, 10:41 PM

Ramjade

transferwise now allows transfer from MYR. Wouldn't it be cheaper to transfer straight from MYR to IBKR using transferwise, instead of MYR > CIMB MY > CIMB SG > IBKR? Although I'm not sure how to do it yet....

That's if IBKR accept third part transfer. So far I know they don't accept transferwise. They don't accept third part transfer for USD but they accept for EUR. It's a hit and miss. I rather not have my money stuck in limbo and take like 90 days to get it back. You are welcome to test and see if they accept 3rd party transfer.

After all IB exchange rates are super cheap. Is spot rate. Real time market forex rate which changes every 2nd. Commission only cost USD2/conversion.

Avoid going Cimb MY -> Cimb SG. Get robs by banks only. Used fintech to transfer your money. Avoid using banks in Malaysia at all cost to transfer your money. Last time no choice. Now we have quite a lot of choice.

US market no commission...rest of the world still can but pay normal fees (not sure quantum yet)

btw...charles schwab is also pressured to offer commission free for us stocks starting oct 7.

tdameritrade is also slashing to zero

This post has been edited by dwRK: Oct 2 2019, 10:56 AM

so which one is better?

IBKR Lite is not yet available right? Didn't see it yet.

Charting platform = TDA (withdrawal cost $25)
Lowest fees = IBKR and its introducing brokers (1st withdrawal per month free)
International market = IBKR

Also depends on what you trade and how you trade...shares, futures, options, forex, etc. Long term hold vs scalping...

Btw...can open demo account and try see whichever you like, and no one is stopping you from opening both.

I'm using TDA, I like it so much better, but your mileage may vary. Plan to open IBKR soon to dispose of some EU stocks.

This post has been edited by dwRK: Oct 2 2019, 12:00 PM

ah, thanks!

I've another European broker. Can I switch my stocks from one broker to another?

Depends in you lo. If you want to keep your cost low, IBKR.
If your purpose is US stocks only maybe and you want pretty interface maybe TD Ameritrade.

For me I am a cost guy. So my option is bias towards IBKR. I choose IBKR for few reasons.
1. super cheap. You can't find another broker at this price set. Believed me I have looked
2. just works. Does what it needs me to do. Cheap does not mean low quality. I am satisfied with IB.
3. Access to spot rates for foreign currency conversion. Even with priority banking, one can never get such good rates.

Yes can. Be prepared to fork out expensive transfer fees.

Best check out transfer fees and trading fees for your shares... mine is free transfer so is worth it

TDA doesn't do EU stocks. Charles Schwab International costs just as much as my EU broker so no point.

So for EU stocks left only IBKR.

Ps...In addition to having a pretty interface, TDA has some charts and indicators that IBKR just doesn't have... so TDA is like BMW with full package vs IBKR's Perodua... both gets you A to B...but moot point lah if wanna dispose of EU stocks

This post has been edited by dwRK: Oct 2 2019, 01:12 PM

Thanks!
I'm currently leaning towards IBKR Lite since I want access to US stocks & ETF. I'm also not very good with charts and indicators, only know some simple technical trading indicators.

I'd also like to enter SG REITs market but maybe I don't need it, considering the additional cost.

My European broker doesn't allow US ETF trading, that's why I registered for IB. I hold some US stocks with them, so was thinking of transferring. Nah, maybe not lah... just too much trouble. I currently pay 0.25% brokerage with this broker.

I don't use charts so charting is of no importance to me as I am buy and hold guy. I see cheap, I buy. Never sell unless maybe got some fundamental changes

IF your buy price is 1-2% different from current price, just sell and re-buy again. If you are like me where I am sitting on 30% gains and if sell definitely won't be able to buy back at original price, I have no choice of selling and my only option is transferring.

Np. Just ask them to switch you to lite when available. Btw, I think you should be able to buy EU domiciled US ETF from your EU broker. The folks over at the diy s&p500 thread are buying Irish domiciled US ETF from German exchanges.

My broker charges minimum of 20 Euro + I think 0.25% above certain traded value. Lol

wow!! This is too expensive!!

mine is €1 or 0.25%, whichever is higher.

ya...custodian type broker assisted full service type...lol

IBKR Lite is only available to US & India residents!!

Just use their whitelabels. Settled.

Aiyah... but no big loss really if you trade EU stocks...

"For products not entitled to zero-commission trading under IBKR Lite, the same commission structure will apply to both IBKR Lite and IBKR Pro. Where applicable, a "Fixed" commission model will apply to IBKR Lite clients for such products."

Pro you can select much cheaper tier commissions...

Hope TDA don't play such a stunt and limit commission free trades to US only...

I guess you'll proceed to fund your Pro account? You realize the monthly min $10 commission/fee if total assets <$100k right?

As mentioned the USD10/month can easily be bypass by going with Whitelabels.

Yeah... just a prompt to him... he may have >$100k or trading fee >$10 so is non-issue & Pro is cheaper

This post has been edited by dwRK: Oct 4 2019, 09:39 AM

No, I don't plan to invest 100k USD even if I had that amount now. That's why would be nice if I could use IBKR lite.
Now have to look for whitelabels instead.

I'm not sure which country or region that I have more faith. EU/UK/US ....
Everything is so uncertain now.

This post has been edited by moosset: Oct 4 2019, 12:49 PM

Tradestation global or captrader... you check them out lor.... And rich ppl never say they are rich

Recession hits all will goes down the drain...no such thing as a safe region.

But there will be safe asset classes.

Ramjade I saw the option to link my IB acc with TradeStation global.

If I trade with TradeStation now, can I change to pure IB later?

Oh ..... I totally forgot that it was Transferwise bank acc that will transfer money to IBKR, not me.

but then, now Transferwise has USD bank acc details for users, which mean, the bank acc is under my name.
So technically, it is me that transfer money from my Transferwise bank acc (under my name) to IBKR?? If so, then I don't need to transfer money to SG already.

Is memang link already

Your choice. You can trade via tradestation program or IBKR website/program. Up to you.

For me I sign up via Tradestation global, then everything from customer service, buying, depositing money all I use IBKR website/deal with IKR. I never even bother about Tradestation global apart from opening account time.

Wrong. Transferwise will transfer under their name. Not yours. Recipient side will see Transferwise name and not yours.

This post has been edited by Ramjade: Oct 4 2019, 04:24 PM

ah, yes. You're right. The acc details with my name can only be used to receive USD, can't be used to send USD.


"Your bank details to receive USD

Use your bank details to receive USD from friends and businesses."

Quick check with everyone. What are the alternative platform other than IBKR platform?

You are wrong again.
You can use transferwise to send USD. Question is if receiver gside got issue with third party name. If no issue, your transfer will go through.

Yes, transferwise can of course send USD; but I'm talking about the Transferwise physical bank account details for transferwise user.
I've USD bank account details provided by Transferwise to receive USD, that account doesn't send out USD, I think. If it does, then it should be in my name.

The italic part is copied from the transferwise website.

That account doesn't send USD but when you send USD, it's deducted from that USD account.

Ramjade

While waiting for my tradestation account to be approved, I've a question.
The min trade for TradeStation is USD5, while IBKR charges USD10.
So, if I trade twice a month, then IBKR is actually ok?

Now I think about it, M'sian brokers are also not cheap.
if buy RM 10k stocks, RM 10 clearing + RM10 brokerage + 0.03% + VAT, also about USD5.

I don't know where are you getting USD5 and USD10. Tradestation only charge you min USD1.50
https://www.tradestation-international.com/...ng-commissions/

There's a different between tradestation and tradestation global. Tradestation global is the whitelabels of IB.

For pure IB is only USD0.35.
https://www.interactivebrokers.com/en/index...=1590&p=stocks2

Nope Malaysian broker more expensive. Higher markup exchange rate vs spot exchange rate.
Quaternary platform fees.
Dividend fees.
You do that maths again.

$1.50 vs $1.00 IBKR fixed fee, $0.35 tiered fee for US stocks

If trade 2x per month but commissions <$10 and account <$100k... ibkr will charge you $10 for every month onwards... so $120 fee per year for small account investors hehehe

This post has been edited by dwRK: Oct 9 2019, 08:17 AM

Finally got my TradeStation Global acc approved.

It seems I could transfer USD from IB to Transferwise (USD bank acc), but I'm not sure how to transfer MYR to IB. I'm trying now to see if it works.

Any updates on this? Looking to make my first deposit and want to know if there’s a better way than bank wire transfer

I have IB account. I did TT from my hong leong account to my IB account. no problem

Keep in mind over long time you will be bleeding lots of money to banks if you use TT to interactive broker.

Off topic newbie question here. Is IBKR the cheapest for trading US stocks as a Malaysian (stocks not ETF)?

Also, what is the fee per trade? I see different quotation from different websites.

With zero commission war between brokers for US market I think Charles schwab is the winner.
The question is whether you can open it as a Malaysian or not.

If you cannot have access to those zero commision brokers, then yes interactive broker is the cheapest.
If you op for pure interactive broker and if you choose tiered pricing (the cheapest option) is few cents per transaction. If few cents I won't even bother counting.

If you have no money for pure interactive broker like yours truly and op for whitelabels (rebranded version of interactive broker by other companies but still interactive broker), it cost about USD2-4 depending on which whitelabels are you using.

If you're using pure IBKR (US) and not via another party, then I think it's possible. There are some info on another forum.

But I'm using a whitelabel and that IBKR is UK based, so it doesn't seem possible. I've contacted both Transferwise and IBKR regarding this:

From transferwise,


From IBKR,

Does anyone know whether Tradestation and IBKR allow people to buy 1 unit of US stock? Usually its 100 units right?

I wanted to build a portfolio of FAANMG stocks but some are so expensive that I can only afford 1 unit.

One more thing. What is the minimum amount in USD we need to open an account? I saw it says need minimum 10,000USD?

Apparently no.
https://www.elitetrader.com/et/threads/does...minimum.329812/
Keep in mind the inactivity fees. Less than USD2k in cash or stocks = USD20/month. Less than USD100k = USD10/month.

If we are using whitelabel such as TradeStation, will whitelabel or Interactive Brokers charge us inactivity fees, if we do not perform minimum number of share transactions (less than $20 of monthly commissions) every single month?

No fee.

AFAIK... how much funds you have determine the types of products you are allowed to trade... margin stuff will need mucho $

Whitelabels memang got no inactivity fees.
You paid for it by paying higher commission. Pure IB few cents per transaction, whitelabels $2-4/transaction. Which is still cheap.

Thank you for your respective replies, dwRK and Ramjade.

For common people like us, Whitelabels suits us well. No inactivity fees and the requirement to perform minimum number of share transactions every single month.

Once you hit USD200k, open an account with pure interactive broker. Perform an internal transfer and close the Whitelabels.

Guy, want to ask. I went to tradestation website to open an account, somehow during registration, it direct me to ibkr. Now when I login ibkr and tradestation using same login, is it correct? So I am opening account with ibkr or tradestation and the fees/charges follow which platform?
Anyway the account still pending approval.

Normal.

No. After this you login via Interacrive broker page. No need for tradestation global already.

Fees follow what's written on tradestation global page unless you initiate an internal transfer to pure interactive broker.

Thanks for the explanation.
Will need further explore on fund transfer method. Still not really clear on that. Never transfer money out from Malaysia.

Guys, i wanted try transfer fund to IBKR from my standchart account, see can pass thru or not. i already created a bank wire deposit request in IBKR and have beneficiary and bank details. when i fill i standard chartered international transfer form via online banking, most of it fields input i can find from the info from IBKR, but not sure what to fill for below. need some advise on my 1st international transfer

ID / PASSPORT NO: (is it account number)
CHARGES: (3 options to select), 1) all local & oversea charges borne by applicant, 2) all local & oversea charges borne by beneficiary, 3) local charges borne by applicant, oversea charges borne by beneficiary

by the way, i saw the beneficiary is Interactive Brokers UK Limited, address is UK, but the bank is in new york, US, is this normal?

i was curious how you guys trade US stocks. do you buy USD at our bank rate and TT to IBKR then trade over there in USD then when you want to use money or take some profit only then you exchange your USD back to malaysia bank. if that's the case does the spot USD makes any difference while you trade over there at IBKR? assuming you don't convert back to MYR everytime you sell your US stocks.

Our local bank that offer US stocks don't have withdrawal fee, inactivity fee, monthly trading platform fee.

Don't bother using standard chartered. Final amount which suppose to end up will be lesser say about USD50-100. All kena makan up by standard charted.

But to humour you,
ID should be your unique interactive username usually UTXXXXX.
Charges you pay everything yourself. Pick option 1. Again as mentioned after doing all that, final amount that appear in interactive broker will be lesser. Banks makan your money already (through invisible fees, unfavourable exchange rate)

Yes. Normal. Tradestation global is for IB UK. But since you are transferring I assume is USD, of course the bank is in New York.

We never use Malaysian banks to TT. Well some might. Bloody expensive. What most people do is transfer SGD into interactive broker account via FAST (Singapore version of IBFT). From there, once money available just convert at spot rate into USD. Pay USD2.00 only for spot rate (real time market rates which banks use for themselves).

There's a tutorial over here.
https://forum.lowyat.net/topic/4744515

Difference is a lot over time.

I don't know what US stocks you are talking about. Malaysian banks don't let you buy or sell US stocks. You need a stock broker to do that. As far as I know all stock brokers in Malaysia charente a hefty fee for overseas stock purchased from say NYSE and Nasdaq.

Thanks for highlighting this. If using instarem transfer fund to IBKR. how about later for withdrawal, how it works?
and let's say i transfer USD into IBKR, if i would like to buy Hong Kong stocks, how it works? do i need to convert to HKD?

cannot use instarem to move fund to IBKR.
IBKR doesn't accept fund from third party, generally speaking. IBKR needs to get the fund from you and your bank account.
Instarem has your name, but they don't use your bank acc to transfer fund, so cannot.

for the second Q, yes.

I never test instarem with interactive broker. Yes convert. Alternatively can try bank in HKD100 into interactive broker via instarem and see if it gets rejected.
You can TT back to malaysian banks which will be a pain in the ass as again banks will eat up majority of your money.

For me very simple. IBKR (SGD) -> SG bank account -> SG fintech to trasnfer money back to malaysia. I avoid using banks.

Actually can use for EUR transfer for instarem. Tried and tested. USD and other currency don't know.

eh, really? IBKR accepts EUR via Instarem??

wah... then I've to try it lo....

how come my instarem account says this "Note: Currently, we only support EUR as a sending currency. Please ensure you hold EUR account, otherwise your bank may charge you additionally for currency conversion for which InstaReM would not be liable." ??

According to alexkos. He tested it.

i see. i will go with this path then

remittance - instarem(MYR) -> SG CIMB FastSaver(SGD) -> IBKR (SGD) -> IBKR (convert USD/HKD)
withdraw - IBKR (convert SGD) -> IBKR(SGD) -> SG CIMB FastSaver(SGD) -> (MYR)To find out more

withdraw - IBKR (convert SGD) -> IBKR(SGD) -> SG CIMB FastSaver(SGD) -> MY CIMB (MYR)To find out more
- this one rates not bad.
- alternative can use transferwise to bring money back. Usually my money is one way. I never bring any money back. No point lose money converting back to RM.

This post has been edited by Ramjade: Oct 30 2019, 09:19 PM

Malaysia banks i.e CIMB/MBB can buy US/HK/IND/THAI/SG stocks minimum brokerage is USD25 or 0.30%.(correction should be 0.40%) It is high if you use to scalp or day trade. No TT fees, No monthly charges or minimum trade requirement but price quotation is not live (it's delayed). You just buy USD to trade only 1 time conversion until you withdraw in ringgit. The downside is there is 0.5% spread not at spot. I think give and take charges should be neglible depending on your trading volume and strategy. What do you think? IBKR better or local bank better? How does Malaysian fund IBKR besides using your FAST method and TT?

This post has been edited by livina2011: Oct 31 2019, 12:56 AM

still too expensive! USD25 per trade vs USD 1.50. Especially if you want to average down your price over time.

but I suppose if you only trade once per year, then M'sian banks would save you the trouble.

USD1.50 per trade at any amount? if let say i buy USD100K one order still USD1.50??

does IBKR combine same day order and charge USD1.50 or treat as seperate order?? i.e USD1.50 x 5 order same day??

CIMB don't combine same day order so USD25 x 5 order = USD125 brokerage (ouch!)

if you trade USD6,500 on every order brokerage at 0.40% is still ok qua....i think (if below maybe not worth it)

This post has been edited by livina2011: Oct 31 2019, 10:28 PM

Wow. That is bloody expensive. When you exchange RM to your foreign currency. Check again of your broker allow in house conversion or must be deposited first.

If require deposit then check and see the final amount is next how much fees.

Last I checked most Malaysian brokers charged quarterly platform fees and dividend fees.
Still not good. 0.5% vs spot rate. You haven't factor in hidden charges by your broker. The exchange you see is already hiked up behind your back.

I will never use local brokers for foreign stocks.
IBKR wins. If you use the pure version is even cheaper at few cents per transaction.

That's the only way. TT Or go via SG route. Another way is fly to US, open a US bank account and fund it directly. Do a local transfer form US bank account into IBKR. Of course airticket and time not worth it for me when they are giving me spot rate and charge me only USD2.00/ conversion.

Depends you are using tradestation global or interactive broker.
Here is tradestation price.


I haven't try combining but should be possible as they are pretty advanced. If you somehow can get your hands on IBKR Lite, transaction is free of charge.

US Stocks, ETFs, ETPs and Warrants
USD 0.007 per Share
Minimum Per Order
USD 1.5

@Ramjade does that means if i buy 5,000 shares of $2.00 stocks my brokerage/commission will be $35.00?? if thats the case the rate is more or less 0.35% of value. Which i think is not much difference compare to CIMB rate 0.40%

When you exchange RM to your foreign currency. Check again of your broker allow in house conversion or must be deposited first.

If require deposit then check and see the final amount is next how much fees.

@Ramjade they have their daily buy/sell rate (not at spot). Yes they allow in house conversion but your USD will sit in your account until you trade and no interest given for USD balances. No other fee only that 0.50% spread when exchange to MYR.

Best you drop tradestation global/interactive broker a email. I don't even know how to answer your question. Scared give you wrong answer.

@Ramjade thanks will drop them an email.