Interactive Brokers

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Old Jul 1, 2011, 12:52pm   #1701
 
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CFDs

@Interactive Brokers:

Are there any plans to offer mid to small cap equities i.e. the rest of LSE on IBCFD soon? You have a very limited range currently... I"m sure you would have an avalanche of new customers if you offered AIM CFDs for example...
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Old Jul 3, 2011, 4:03pm   #1702
Joined Jun 2008
Re: Interactive Brokers

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Originally Posted by def View Post
1. IB UK
2. you don't need 25K to open an account. it's 10K. The 25K is required if you are going to actively trade US stocks to avoid being restricted by the US pattern day trading status rules
3. yes
4. i believe capital gains (others can confirm)
5. yes, you'll need to pay monthly minimums and data fees. All costs are transparent, take a review of the links under this link: http://www.interactivebrokers.com/en...gemap_fees.php
4. Capital gains tax is payable on....well, capital gains. Dividends are taxed as income so if they are paid gross as a result of completing a W8 BEN then you will need to declare them to HMRC anually. Tax is decucted at source on dividends from UK companies so there is no tax to pay unless one is a higher rate taxpayer as far as income tax is concerned.
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Old Jul 4, 2011, 10:50am   #1703
Joined Jan 2006
Re: CFDs

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Originally Posted by MrMiyagi View Post
@Interactive Brokers:

Are there any plans to offer mid to small cap equities i.e. the rest of LSE on IBCFD soon? You have a very limited range currently... I"m sure you would have an avalanche of new customers if you offered AIM CFDs for example...
Thank you for you feedback. Currently we only support FTSE 100 and 250 shares - CFDs. Shortly we will expand to the FTSE 350 and the more products. Please stay tuned.

NEW: We just lowered our CFD UK share commissions:

5 to 2 basis points. That is the more you trade the less you pay per month.

Refer to the following link for more details http://www.interactivebrokers.com/en...n&ib_entity=uk
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Old Jul 4, 2011, 11:02am   #1704
Joined Jan 2006
Re: Interactive Brokers

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Originally Posted by danjuma View Post
Just a bit of advice please.

I am a complete newbie but would like to paper trade trading US stocks for a while before eventually going live. I intend to use Interactive brokers as they have good reviews. I have had a quick look at their site to try and find answers to my questions, but I am still slightly confused. My questions are:

1. As a UK resident, do I have to register with IBUK, their 'introducing brokers' , and not IB itself based in the US?

2. The reason for the above question is because, IBUK require a minimum of $10,000 to open an account, while IB in US requires a minimum of $25,000 to open an account. Just wondering why the big difference and whether there are some restrictions with the UK account?

3 . If I open an account with IBUK, would I have access to trade on all the US stocks available via IB in US?

4. As a UK full-time working resident trading US stocks, I know guys here are not tax experts, but just wanted a rough idea, where do I stand in terms of tax payable, would it be income tax or capital gains tax?

5. Obviously, I intent to paper trade this method for a while, as well as practice using IB's TWS and other applications, I know from their site IB offer something called Papertrader, a simulated trading account to practice with, which one can create after registering and opening a live account with IB.
So my plan is to open an account with IB, but not carry out any live trading but just use the papertrader account to paper trade for a while. My question is does anybody know whether I will incur any fees and charges from IB even though I am not trading live. As some of their charges/fees etc are based on how active you account is, or how much commission you make for them per month etc?

Many thanks
Dan

PS. I realise I can direct these questions to IB directly themselves, but sometimes you get quicker response and far more useful answers from people that have actually experienced using the services, and not some standard automated reply
Dear Dan

Thank you for your interest in Interactive Brokers.

Answers to your questions are as follows:

1. Contingent where you are a resident determines where you can apply to be our client. For example, if you are a client of the UK you can apply with Interactive Brokers (UK) Limited = IBUK.

2. Regardless if you open up an account with the LLC in the US or IBUK the minimum initial deposit is $10,000 or the equivalent in any of the other currencies we support. If you decide to Pattern Day Trade in the United States you are required to have => $25,000 in cash/securities. The aforementioned is a US market rule, not our rule.

3. Yes if you open an account with interactive Brokers UK Limited you could trade up to 90 global exchanges (including the US).

4. When complete our online application you will be required to complete the applicable US tax form. In this form you can declare to pay your capital gains tax in your country of residence.

5. In order to receive the a live paper trading account you will be required to open an account. The minimum deposit is again $10,000, the minimum brokerage fee per month is $10, and any applicable live market data feeds.

We do support a demo account online with delayed market data. Please refer to our website for more information. www.interactivebrokers.co.uk
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Last edited by Interactive Brokers; Jul 4, 2011 at 2:25pm.
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Old Jul 4, 2011, 2:10pm   #1705
Joined Apr 2008
Re: Interactive Brokers

Thanks for the reply IB.
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Old Jul 5, 2011, 8:57am   #1706
Joined Jan 2006
Re: Interactive Brokers

Interactive Brokers now offers a mobile TWS. With mobileTWS, you can:

- View real-time streaming quotes, charts and scanners.
- Trade stocks, options, futures, futures options and forex worldwide.
- SmartRoutingTM technology searches for the best price and dynamically routes and re-routes all or part of your order to achieve optimal execution.
- Monitor your trades, portfolio and account information.
- Set price alerts with email notification.
- Take a call and reconnect to mobileTWS for up to 10 minutes without having to log back in.

For more details click the following link
http://www.interactivebrokers.com/en...&ib_entity=llc
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Old Jul 5, 2011, 11:20pm   #1707
Joined Apr 2008
Re: Interactive Brokers

I take it there is no plan for an Andriod phone version then? Why do companies/software developers out there assume the whole world uses the over-hyped iphone?
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Old Jul 5, 2011, 11:28pm   #1708
Joined Apr 2008
Re: Interactive Brokers

From people's experience, which is the cheapest or most cost-effective way to transfer funds from your UK account to your IB's account, if you have opted for USD as your base currency with your IB account? Thanks.
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Old Jul 6, 2011, 5:29pm   #1709
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Re: Interactive Brokers

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Originally Posted by danjuma View Post
I take it there is no plan for an Andriod phone version then? Why do companies/software developers out there assume the whole world uses the over-hyped iphone?
For your reference we do support Android phones for our Mobile Trading platform.

Refer to the following link for more details.

http://www.interactivebrokers.co.uk/...p?ib_entity=uk
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Old Jul 6, 2011, 7:59pm   #1710
Joined Apr 2008
Re: Interactive Brokers

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Originally Posted by Interactive Brokers View Post
For your reference we do support Android phones for our Mobile Trading platform.

Refer to the following link for more details.

http://www.interactivebrokers.co.uk/...p?ib_entity=uk
Alright, I take that back.

Thanks
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