Interactive Brokers

This is a discussion on Interactive Brokers within the Brokerages forums, part of the Commercial category; Hey, I was looking at the website and it almost seems a little too information-overloady for me :P I am ...

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Old Jan 20, 2006, 7:58am   #8
 
tireg's Avatar
Joined Jan 2006
Hey, I was looking at the website and it almost seems a little too information-overloady for me :P
I am definitely very interested in opening an account, as I use Scottrade currently and pay $7/trade! O_O

Anyway, just to confirm...
New accounts to trade US Stocks:
$2,000 USD min. to open
.005/share commission or min. of $1; max of .2% of principal
$10/mo fixed fee.

If I initially deposited $2,000 would I be eligible for options trading? Long calls/puts is what I would like to do. Also, are there minimum maintenance fees or minimum trade fees?

Thanks! It's nice to have direct interaction with people who work for the company or have used it and recommend it I would call in personally but its pretty late here.. :P
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Old Jan 20, 2006, 8:27am   #9
Joined Jan 2006
IB reply to your questions

[Thank you for your interest. To confirm,

1. Minimum to open an account $2,000 USD or similar in any of the other six currencies we support.
2. To trade US shares (bundled = brokerage, exchange, clearing and regulatory fees) .005/share commission or min. of $1; max of .2% of principal.
3. Minimum brokerage fee $10 per month.
4. Market data fees, vary per exchange. For example to view US prices, $10 per month. If you execute over $30 of brokerage per month IB will waive the $10 market data fee.
5. With your initial deposit you can trade some products. We ask approx., the same margins that the exchanges ask per product.

NOTE: I recommed to all interested person's or company's to compare our credibility, costs, competitive edge (technology) and choices. That is, if you can something better and cheaper take it! That is how confident we are of our services and value. Gerald Perez, Managing Director.

Quote:
Originally Posted by tireg
Hey, I was looking at the website and it almost seems a little too information-overloady for me :P
I am definitely very interested in opening an account, as I use Scottrade currently and pay $7/trade! O_O

Anyway, just to confirm...
New accounts to trade US Stocks:
$2,000 USD min. to open
.005/share commission or min. of $1; max of .2% of principal
$10/mo fixed fee.

If I initially deposited $2,000 would I be eligible for options trading? Long calls/puts is what I would like to do. Also, are there minimum maintenance fees or minimum trade fees?

Thanks! It's nice to have direct interaction with people who work for the company or have used it and recommend it I would call in personally but its pretty late here.. :P

Last edited by rossored; Jan 26, 2006 at 9:29am. Reason: removed email add.
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Old Jan 20, 2006, 8:48am   #10
Joined Sep 2004
These a speedy responses.

What's the minimum required to trade Bunds?
ie. how much do I have to deposit and what are the comm rates?
I see unbundled rates starting at 1.21 plus exchange fees of 0.20 for DTB and bundled rates of 2.00. are there any other charges involved.

Apologies if these are basic questions that are available on your site, but it isn't too clear to me.

Thanks in advance.
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Old Jan 20, 2006, 10:02am   #11
Joined Jan 2006
Dear Highisland:

1. Minimum to open an account with Interactive Brokers is GBP 1,450 or similar in any of the other six currencies we support.
2. To trade Eurex Bunds we ask EUR 2.00 per side (bundled = brokerage, exchange, clearing and regulatory fees); We offer a sliding scale i.e., the more your trade the less you pay for unbundled rates (e.g., sliding scale per month = EUR 0.75 to 0.25 per side, contigent how many contracts you trade, plus clearing and exchange fees). Please review our home page under FEES for more particulars.
3. Minimum brokerage fee $10 per month.
4. Market data fees, vary per exchange. For example to view EUREX Level 1streaming prices the exchange asks EUR 8.00 per month.
5. Margin rates vary per product. Please review our website, TRADING > MARGIN > FUTURES for further particulars. For example, to trade one EUREX bund future the margin rates are intraday initial EUR 800 and intraday maintenance EUR 700 per contract, respectfully. Overnight Initial EUR 1,750 per contract.


I suggest before you decide, you compare our services versus other brokers.

Last edited by rossored; Jan 26, 2006 at 9:29am. Reason: removed email add.
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Old Jan 20, 2006, 10:14am   #12
 
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Joined Nov 2002
Oh wonderful thread,just what I want

I want to withdraw funds from an IB a/c which is in my sole name to be transferred into a joint a/c with my wife . Will there be any problem?
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Old Jan 20, 2006, 10:22am   #13
 
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Yes there will. She could get her hands on your money
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Old Jan 20, 2006, 10:31am   #14
Joined Sep 2004
Gerald, Thanks for your detailed response.

I'll take a look at your site again, following the routes you suggest and I'll be in contact shortly.
JonnyT and others on this board recommend you, and you appear to offer everything I need, so it's just a matter of finalising my setup.
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