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Old Apr 20, 2004, 4:46pm   #1
Joined Mar 2003
Looking for broker


What would be the best broker to use for swing & position trading?

Following are a couple of points to consider:

1) Must provide margin at reasonable financing rates.

2) Cover the main exchanges.

3) Cover all companies in a exchange. (This rules out CFD providers as they only allow you to trade the larger companies)

I understand IB are very cheap and cover a wide range of exchanges but they appear to be aimed at Daytraders. Can I position trade with them on margin?

Kind regards.
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Old Apr 20, 2004, 5:07pm   #2
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IB is a full brokerage, used by daytraders, swing traders, end-of-day traders, weekly traders, and institutions.

Yes, it's used by daytraders, but that is just because it has very reasonable commissions, covers a large number of markets, and is readily accessible to Brits (unlike some US brokerages).

Yes you can trade with them on margin. Have a look at their website interactivebrokers.co.uk and you can read all about their margin requirements, markets traded, commissions, etc. Almost everything you'd want to know is on that website somewhere, and all their wares are laid out for you to see before you consider opening an account with them. I can't think of any other brokerage which does this.
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Old Apr 20, 2004, 6:13pm   #3
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not sure if any non CFD broker will provide finance?

If you do go down the full service broker route, I'd be more than happy to reccomend a couple of firms, PM if you are interested- but remember you get what you pay for, and a decent broker will more than cover his costs in his execution skills, rather than a telephone jockey who will always fill you at the touch...
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Old Apr 20, 2004, 7:12pm   #4
Joined Mar 2003
Marc100 started this thread Thank you for your responses.


Looking at the IB site it states 50% margin available so I think I will go down this route. Thanks.


When I mentioned finance I was refering to the interest charged on the amount borrowed when using margin, as in that offered by IB above. Sorry for the confusion.

Thanks again for your replys.

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Old Apr 21, 2004, 1:22pm   #5
Joined Apr 2004

If you need any assistance please feel free to contact me.
This correspondence is for information only and does not constitute advice from IBUK on securities, derivatives or commodities trading. Interactive Brokers UK ltd is regulated by FSA.

Gary Dibley

Interactive Brokers(U.K.) Limited
Regulated by FSA
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Old Apr 22, 2004, 2:47pm   #6
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Joined Mar 2004

Is there a minimum funding balance required to open an account?

I have checked the site but can't find these details.

Also, I am a newcomer to trading and it seems IB require a Trader to have executed 100 trades before opening an account. I don't have 100 trades under my belt as I have been paper trading and would now like to start trading proper. I don't see on giving away my hard earned savings to SB companies. I want to Day Trade and Swing Trade - where can I open an account as a Beginner?


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Old Apr 22, 2004, 3:24pm   #7
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To trade in the US you have to have a minimum account balance of $2,000 (legal requirement set by US Government, not IB) or the equivalent in your base currency.

The initial deposit details are here:

But do remember that this minimum is sufficient to keep the account open, and you'll need an extra cushion of funds in your account to cover your trading losses, and commissions etc.

And as to the minimum trading levels required, all brokers and SB companies are the same in requiring experience. I assume that everyone just tells a few porkies on their application form - after all, no-one's going to check up, and the reason all brokers ask for this is so that they cannot be blamed if you open an account and then blow it on day one because you didn't know anything about trading.
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Old Apr 22, 2004, 4:06pm   #8
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Joined Dec 2003

you seem to have to know about the workings of IB. I just seem to get confused when navigating their web site.

Could you (or anyone else) please help with a few questions:

1 I read on IB that you need $25K to trade US stocks? Is this correct?

2 Also is it better to open an account in dollars or pounds (or euros!!)

3 Lastly can you trade on margin if you open a cash account?


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