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

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

are you using the Lite or Pro?

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.

sorry, what does whitelabels of IB mean?

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.

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....

so which one is better?

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

ah, thanks!

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

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.

wow!! This is too expensive!!

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

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

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

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.

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."

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.

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.

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.

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,