Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; I am interested in setting up an account with Interactive Brokers but I have 2 quick questions first. 1. I ...

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Old Dec 8, 2008, 5:07pm   #1191
 
samuelhogg's Avatar
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I am interested in setting up an account with Interactive Brokers but I have 2 quick questions first.

1. I mainly day trade (Spreadbet) Index futures and FX, will the Pattern Day Trading Rules effect this type of trading with IB and will it effect the required minimum for the account?

2. Will my account be based in Sterling £?

Kind regards
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Old Dec 9, 2008, 2:07pm   #1192
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Originally Posted by samuelhogg View Post
I am interested in setting up an account with Interactive Brokers but I have 2 quick questions first.

1. I mainly day trade (Spreadbet) Index futures and FX, will the Pattern Day Trading Rules effect this type of trading with IB and will it effect the required minimum for the account?

2. Will my account be based in Sterling £?

Kind regards
Re 1: I trade index futures in a sub 25 k account without being effected by PDT rule. To my knowledge this rule should be applied only to equity (shares), options on equity and futures on equity (SSFs).

Re 2: If you like. I know at least of 4 different accounts in 4 different base currencies ( 2 of those even hold by the very same person). And you can cange the base currency anytime.

Regards

Hittfeld
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Old Dec 9, 2008, 3:57pm   #1193
 
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Many thanks Hittfeld.
Will be applying for an account later today.
I will be able to trade futures and fx's on the same account won't I?
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Old Dec 9, 2008, 8:26pm   #1194
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Originally Posted by samuelhogg View Post
Many thanks Hittfeld.
Will be applying for an account later today.
I will be able to trade futures and fx's on the same account won't I?
Well, that`s tricky to answer. Here is, what I understand: For all PRACTICAL purposes its one account, for all LEGAL aspects - and some margin aspects (1:6)- futures and equity for examples are 2 completely different underlying accounts (with separate protection and coverage).

The only problem with IB is: There is only one of èm, whilst I would need a second one for backup.

Regards

Hittfeld
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Old Dec 10, 2008, 3:22am   #1195
 
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Does IB charge for cancelled trades?

For example, there was a post that IB charges when a trade is not filled and is cancelled.
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Old Dec 10, 2008, 11:58am   #1196
 
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Was this what you were after?

http://www.interactivebrokers.com/en...p?ib_entity=uk
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Old Dec 10, 2008, 5:15pm   #1197
 
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1) If I understand this correctly, the feel is $.12 for each cancel/modification of an order.

2) Busts are $50 to $1000 for each bust request in a month. A big concern is about clearly erroneous executions.
"Customers who receive an execution which they believe to be clearly erroneous and who wish to have IB petition the exchange or merket center to have the trade cancelled on their behalf are strongly encouraged to submit their request... (etc)"

There are posts on ET about IB having posted erroneous trades to customers accounts. According to the posts, when the customers brought this to IB's attention, the accounts were cancelled and none of the costs for the erroneous trades were returned. I don't see why customers should be charged for erroneous executions made by IB and not customers, if that indeed was/is the case. I've since found this thread on ET which helps to clarify IB's position. Forums - Nasdaq Busts and my $11,000 story That sounds fine to me. What I wonder about and as was posted on ET, are trades that have supposedly appeared on customer's accounts out of the blue, i.e. that were not made by the customers. Those sound like freak things that IB would not want to happen, but still it would be nice to see a response by IB, as there was not one by them on that thread.

3) Also could someone clarify about the IB fees for stocks
Maximum per order
0.5% of trade value plus exchange, ECN, and specialist fees
1,000 Shares @ USD 0.50 Share Price = USD 2.50

Does that mean 10,000 shares @ USD 5.00; would cost $250 for each trade?

Last edited by johnlvs2run; Dec 10, 2008 at 5:57pm.
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