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 Interactive Brokers (IBKR), IBKR users, welcome!

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shenhn
post Mar 21 2020, 06:55 PM

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Hi guys, require some clarification based on your personal experiences.
I am in the midst of preparing to open an IBKR account. As for Malaysians, we can either do Spot currency exchange from SGD to IBKR or deposit USD via digital banks: Transferwise or Revolut?
Your thoughts on digital banks, & their legitimacy, deeply appreciated.
shenhn
post Mar 21 2020, 07:14 PM

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Can i also clarify that with @Ramjade that https://www.tradestation-international.com/global/ is a Whitelabel of IBKR and that after registering with them, anything else (support wise), can be dealt directly with IBKR?
shenhn
post Mar 21 2020, 11:18 PM

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QUOTE(moosset @ Mar 21 2020, 08:17 PM)
none of us have managed to deposit USD to IBKR .... fintech or otherwise.

if you made it, please let us know.
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How should i go about this as a Malaysian? i read in one of the previous post that, i should get my SG friend to deposit the money to the IBKR address, and through that it will be a spot currency exchange SGD -> USD?
shenhn
post Mar 21 2020, 11:25 PM

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Can anyone help.
Need help clarifying the steps i need to take to deposit USD into my IBKR account.
Also, are there any other whitelabels for IBKR besides TradeStation Global? or TradeStation Global is pretty much the best option for IBKR whitelabel

Thanks much guys
shenhn
post Mar 22 2020, 06:23 PM

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Ideally, if its still possible would be to set up a CIMB SG account from my current CIMB MY account, then just transfer MYR over & converted to SGD then spot exchange with IBKR for the deposit?

CIMB MY/SG VS Instarem, which do you guys feel its better?
shenhn
post Mar 22 2020, 10:42 PM

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QUOTE(moosset @ Mar 22 2020, 09:46 PM)
Give it a try ....

most of the time InstaRem but sometimes, maybe CIMB MY?

sometimes BigPay also gives a good rate.
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By using BigPay or InstaREM to make deposit for IBKR, which payment option do i select? Is it 'Connect your Bank Account' / 'Bank Wire' , can anyone help with this
shenhn
post Mar 24 2020, 12:05 AM

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QUOTE(kart @ Mar 24 2020, 12:46 AM)
I have one question to ask, regarding opening a trading account in TradeStation Global.
After filling in the details in https://www.tradestation-international.com/...unt-new-client/, the website was then redirected to https://www.interactivebrokers.com.au/.

After completing account application in Interactive Broker website, the website mentioned about funding my account, but I chose not to fund my account until my account is approved.

My question: where should I upload image of my identification card, bank statement and my pay slip? I did not encounter an upload box in Interactive Broker website.

Thank you for your advice. smile.gif
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im pretty much at your stage as well, a guy from ibkr rang and said will send me some ibkr interface stuff and had to wait for confirmation before proceeding with fundings.

Currently pretty puzzled as to which is the better alternative to proceed with funding. The guy from ibkr suggested citibank for Malaysians, do a direct bank transfer, MYR convert to USD directly. Ramjade, mentioned that this is rather expensive, taking his word on that.
shenhn
post Mar 24 2020, 01:56 PM

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QUOTE(Ramjade @ Mar 24 2020, 01:22 AM)
You have to fund first before you can upload anything if I remembered correctly.. There's some issue about our IC. Seems like they reject our IC. So get ready to upload passport, bank statement/bill as proof of address.
You are welcome to test the exchange rate given by banks, instarem/bigpay. If you don't mind paying banks extra money that is  biggrin.gif . I don't give much business to banks if I can help it.
Another thing with malaysian banks, they will blocked you from transferring if the receiver is interactive broker, Something about forex ban.
I do instarem/bigpay (depending which is cheaper) to my own SG bank account. Then FAST transfer in (their version of IBFT)
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This would mean that i would need to open a SG bank acc either through CIMB MY -> SG (currently not doable anymore, had confirmed) or other bank accounts in order to show my name making the payment for the funding?
shenhn
post Mar 24 2020, 01:58 PM

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QUOTE(joeblow @ Mar 24 2020, 01:18 AM)
Hmm... many years ago I know IB is using Citibank SG to take in the SG transfer. Not sure if they can do a GIRO for USD. If not, then you have to use TT which will incur more costs. Why don't you just convert to SGD then giro to IB Citibank account, then spend 2USD to convert at almost spot rate to USD. This way I don't think will be more expensive than you convert to USD directly.

I hope one day IB comes to Malaysia, I am near the age to transfer all my money back then retire for good... ie after the current US market goes back up... smile.gif
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Do you mind elaborating the steps from converting to SGD then GIRO to IB Citibank account?
This would require me to have a SG bank acc?
Thanks in advance
shenhn
post Mar 27 2020, 11:21 AM

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QUOTE(Investor12 @ Mar 26 2020, 11:06 PM)
Just to share my experience.

I submit my application to IB on Monday and got the approval on Friday.

I use both Transferwise and instarem to transfer HKD direct to IB, transfer wise slightly more expensive by few RM but reached IB account faster by hours. both transfer executed in the afternoon and reached IB next day evening.

commission
1. E-Micro DJI future - US$1.9 round-trip which is quite cheap ( vs $12 Malaysia broker)
2. Option - $0.75/trade
3. share - $1 per share

Margin
1. E-Micro DJI - US$ 2,600 ( which is very high)
2. Option - 100% equivalent to your position
3. share - about 3X the position

hope the above help and happy trading everyone
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Earlier when i registered my IBKR and TD Ameritrade account, i had pre-selected USD, am i required to switch it to eg. HKD to make the transfer in HKD via Instarem or Transferwise?

Also, commission for share you mentioned is $1 per share or per trade? eg. 100 units of MFST = 100$ comm?

 

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