Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Dear Prospective Client Thank you for your interest in Interactive Brokers. Answers to your questions: 1. If you are going ...

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Old Nov 20, 2009, 9:11am   #1481
Joined Jan 2006
Dear Prospective Client

Thank you for your interest in Interactive Brokers.

Answers to your questions:

1. If you are going to trade US securities you should be aware of the Pattern Day Trading (PDT) rule i.e., http://www.interactivebrokers.com/en/p.php?f=margin

2. Correct.

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.

4. You can choose any of the base currencies we support to fund your account. Refer to the following link regarding our IB Universal Account benefits
http://individuals.interactivebroker...?ib_entity=llc
Quote:
Originally Posted by TradePA View Post
Sorry if my question sounds silly but I am trying to open an IB account here for US equity trading(PDT).

My requirements are :
1> Ability to execute my trading command for US equity(PDT) .
2> I need to short equity. So I presume I need an margin account from IB.
3> I don't need IB data feed & charting package(I presume they are not free?) as I am using 3rd party data feed & charting software.
4> I understand there is a $25000 requirement for PDT, but I am based in UK, so is it better to convert my GBP into US dollar and then put the deposit or I can simply put the equivalent of GPB when I open the IB account?

My question:
What sort of IB account(s) do I need to open to meet my requirements above?

Many Thanks
Steve
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Sincerely
Interactive Brokers
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Old Nov 20, 2009, 2:11pm   #1482
 
4 Posts
Joined Nov 2009
Hi IB,
Thanks for you quick reply.

2. Correct.
But I have heard that IB margin account is for future and so even if I just open a Normal
IB stock trading account, I would still have 4 times leverage(buying power) to long or short certain stocks, is that correct ?

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.
SO say if I only need live data from NYSE and NASDAQ exchange, I just need to pay $10 per month even if I don't trade that particular month (say on holiday) ?
And the live data exchange fee for NYSE & NASQAQ will be waived if my execute over $ 30 brokerage fee?
Is that correct ?
And how do you charge the monthly fee in US dollar from my UK sterling bank account ? I presume via a vary standing order directly from my UK sterling account based on forex change rate of USD/GBP that month ? Please correct me otherwise.

I am still not sure which account I need to open after checking this IB account highlight page:
http://individuals.interactivebroker...s_accounts.php

Could you please advise what account I need to open please based on my requirement I mentioned in my previous post?

BTW Is there a (free) IB inquiry UK landline I can call so I can get thing clear easily?

Regards,
Steve
Quote:
Originally Posted by Interactive Brokers View Post
Dear Prospective Client

Thank you for your interest in Interactive Brokers.

Answers to your questions:

1. If you are going to trade US securities you should be aware of the Pattern Day Trading (PDT) rule i.e., http://www.interactivebrokers.com/en/p.php?f=margin

2. Correct.

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.

4. You can choose any of the base currencies we support to fund your account. Refer to the following link regarding our IB Universal Account benefits
http://individuals.interactivebroker...?ib_entity=llc
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Old Nov 20, 2009, 2:43pm   #1483
Joined Jan 2006
[QUOTE=TradePA;981056]Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.

Quote:
Originally Posted by TradePA View Post
Hi IB,
Thanks for you quick reply.

2. Correct.
But I have heard that IB margin account is for future and so even if I just open a Normal
IB stock trading account, I would still have 4 times leverage(buying power) to long or short certain stocks, is that correct ?

3. Market data feeds, vary per exchange and product set. For example, for US markets (individual account holders) will have to pay $10 per month. If you execute over $30 of brokerage fees it is free.
SO say if I only need live data from NYSE and NASDAQ exchange, I just need to pay $10 per month even if I don't trade that particular month (say on holiday) ?
And the live data exchange fee for NYSE & NASQAQ will be waived if my execute over $ 30 brokerage fee?
Is that correct ?
And how do you charge the monthly fee in US dollar from my UK sterling bank account ? I presume via a vary standing order directly from my UK sterling account based on forex change rate of USD/GBP that month ? Please correct me otherwise.

I am still not sure which account I need to open after checking this IB account highlight page:
http://individuals.interactivebroker...s_accounts.php

Could you please advise what account I need to open please based on my requirement I mentioned in my previous post?

BTW Is there a (free) IB inquiry UK landline I can call so I can get thing clear easily?

Regards,
Steve
[QUOTE=TradePA;981056]Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.
__________________
Sincerely
Interactive Brokers
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Old Nov 20, 2009, 3:07pm   #1484
 
4 Posts
Joined Nov 2009
Hi,

Is IB universal account a cash account or a margin account , or its a combination of those two?
And can you confirm I DON'T need a margin account to have the 4 time leverage(buying power) for stock trading ?
Regards,
Steve

[QUOTE=Interactive Brokers;981086][QUOTE=TradePA;981056]Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.



Quote:
Originally Posted by TradePA View Post
Hi IB,
Thanks for you quick reply.

With respects to your follow-up questions:

a) We support a cash and a margin account. Margin accounts can be used for stocks, options, futures, etf's, bonds and forex.

b) Pattern Day trading rules apply to securities only e.g., stocks and options.

c) For futures intitial, maintenance, overnight and etc., margin requirements apply.

d) Refer to our margin section for futures for a full disclosure of what margin requirements we ask.

e) Correct for your market data example.

f) Our IB Universal Account allows you to deposit one base currency. Afterwards, you can trade any of the products we support in different currencies. There is no need to do an FX conversion rather we will loan you the other currencies so you can trade. When you are done with the trade you can always undo the loan.
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Old Nov 27, 2009, 7:21am   #1485
 
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Joined Oct 2009
Re: Interactive Brokers

For you Mac users out there- Any add-ons that you use?
Are there add-ons for getting information into non excel spread sheets without personally programming through API?

Thanks

Michael
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Old Nov 27, 2009, 6:10pm   #1486
Joined Nov 2009
Re: Interactive Brokers

I would be interested in a reply to this also.
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Old Nov 30, 2009, 6:23pm   #1487
 
4 Posts
Joined Oct 2006
Re: Interactive Brokers

I have recently subscribed to the following esignal RT data feeds at a cost of around $200 US that I input into my charting software (MTPredictor):

#1. US eMini Futures
S&P 500
NasDaq-100
Russell 2000
Dow Jones Industrials

#2. UK/European Futures Indices
UK FTSE 100
French CAC40
Dow Jones EuroStoxx50
German DAX

In order to actually trade these markets via Interactive Brokers do I need to sign up for a bunch of exchanges and pay additional costs? And if so someone please indicate which markets and likely cost. I have previously traded stocks via Interactive Brokers but not Index Futures.

THANKS,
steve
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Old Dec 1, 2009, 11:50am   #1488
Joined Sep 2003
Re: Interactive Brokers

Hi Steve,
Firstly sign up to the eSig/IB CME exchange fee waiver programme.
Details from eSig home page, left hand side click 'Trade', near the bottom of the next page click 'exchange fee waiver' link. Once you've taken a look here click the 'Interactive Brokers' link and follow instructions...bit time consuming but saves $75 per month and you also get YM which you didnt mention in your post.
In your eSig account maintence, add services tab, uncheck CME/CBOT eminis then check the exchange fee waiver box.

Login to your IB account management/Trading access/Market data subscriptions and check the first box under North America, free, and Intercontinental and New York Board of Trade, ( for Russell ) $1. Move down to Europe check Euronext Data Bundle Level 1, 5 euro, and Eurex Non Professional Level 1, 8 Euro.

Thats it done, all your IB data for $1 plus 13 Euro....Further down the same page you can add various Asia/Pacific futures very cheaply, but to chart them you will need to pay the esig fees, about $45 per exchange I believe.

Good Luck!!
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