Best Thread Interactive Brokers

[Interactive Brokers]

Though if I bought with margin, and made $1000 profit, wouldn't IB deduct about 6% of that? Or do they just deduct from the percentage of profit from the money that was borrowed?

And I have another question...
I'm just a very small time trader for the time being. When an individual signs up, are they charged those month's fees? So it would be better to sign up at the beginning of the month, to save money.

Dear Milano:

1. Interactive Brokers provides two account types (e.g., Cash and Margin). For your reference, when you trade on margin you are requesting a broker to finance part of your position. Thus contingent on the amount you request your broker to finance and what rate your broker charges will determine how much you pay. Interactive Brokers does not charge a finance fee against your profits. Please refer to our website for our margin rates. We provide professional margin rates.

NOTE: If you elect to trade on margin you should read all of the margin disclosures applicable per exchange before you trade on margin.

2. (If you are referring to market data fees in your second question) Market data fees are collected by the exchanges. And the aforementioned fees are not pro rated. Therefore, you pay the applicable monthly market data fee regardless what day of the month you sign up.

 

[Luca Brasi]

Hi,

How can i get in touch with IB representatives in the UK?

(I have not sifted through this thread entirely so if contact details are listed in previous posts, i apologise beforehand)

Thanks.

 

[Interactive Brokers]

To contact Interactive Brokers you can call our London office 44 20 7 776 7800.

 

[indexgold]

Hi Interactive Brokers

Can you tell me how much commission do you charge for trading the EUR/USD futures on CME, Also how much margin, day trades only. I trade around 250 lots a month



Regards

 

[Interactive Brokers]

Dear Indexgold:


Thank you for your questions. Answers to your questions are as follows:

1. IB offers two pricing structures for futures and futures options; bundled (i.e., includes brokerage, clearing, exchange and regulatory fees) which is a fixed rate per contract, and unbundled which is cost plus based pricing. Unbundled pricing adds a fixed IB fee (which varies by volume) to the fees charged by the exchanges and regulators.

For CME/Globex Forex E-Mini's:

- Bundled we ask £2.11 per side;
- Unbundled varies per volume, but we can ask as low as £1.12 per side.

2. Margins on the CME/Globex E-mini Forex Euro futures are as follows:

1418 Intraday
1058 Intraday Maintenance

 

[indexgold]

Dear Indexgold:


Thank you for your questions. Answers to your questions are as follows:

1. IB offers two pricing structures for futures and futures options; bundled (i.e., includes brokerage, clearing, exchange and regulatory fees) which is a fixed rate per contract, and unbundled which is cost plus based pricing. Unbundled pricing adds a fixed IB fee (which varies by volume) to the fees charged by the exchanges and regulators.

For CME/Globex Forex E-Mini's:

- Bundled we ask £2.11 per side;
- Unbundled varies per volume, but we can ask as low as £1.12 per side.

2. Margins on the CME/Globex E-mini Forex Euro futures are as follows:

1418 Intraday
1058 Intraday Maintenance

Thanks Interactive Brokers

You have based you pricing on CME/Globex Forex E-Mini's:.....I trade CMEFX EURUSD full contract at $12.50 a pip move, the mini is half this. so the question to you, is the mini and the big contract the same on commission and what about margin?

Still I think I am paying to much with my current broker at $7 R/T they are considering offering my $6 but they have not come back to me yet, They said I dont do enough volume, personally I think 70 to 100 lots a week is not bad.

thanks

 

[leeshindig]

For IB..

Can you break down an example of how much a 1 contract round turn would cost me in commission and spread and how many pips I would have to be in profit before it is covered for the FTSE, INDU and YM..?..

I think I am reading your site incorrectly and baffling my self...

Lee.

 

[Interactive Brokers]

Thanks Interactive Brokers

You have based you pricing on CME/Globex Forex E-Mini's:.....I trade CMEFX EURUSD full contract at $12.50 a pip move, the mini is half this. so the question to you, is the mini and the big contract the same on commission and what about margin?

Still I think I am paying to much with my current broker at $7 R/T they are considering offering my $6 but they have not come back to me yet, They said I dont do enough volume, personally I think 70 to 100 lots a week is not bad.

thanks

Dear IndexGold:

With respects to EUR/USD FX future http://www.interactivebrokers.co.uk/contract_info/index.php?action=Details&site=IB&conid=35997019 traded on the CME/GLOBEX:

Note: IB symbol EUR, local class at the CME/Globex EC

We ask EUR 2.50 per side (i.e., EUR 5.00 rountrip). The aforementioned includes brokerage, clearing, exchange, and regulatory fees.

Please refer to the following link to find the margin for the above product.
http://www.interactivebrokers.com/en/trading/marginRequirements/margin_amer.php?ib_entity=uk

PS: We consider you an Active Trader at 70 to 100 futures per week.

 

[Interactive Brokers]

For IB..

Can you break down an example of how much a 1 contract round turn would cost me in commission and spread and how many pips I would have to be in profit before it is covered for the FTSE, INDU and YM..?..

I think I am reading your site incorrectly and baffling my self...

Lee.

Dear Lee:

FTSE 100 future particulars:

- Unit of trading Contract Valued at £10 per index point (e.g. value £65,000 at 6500.0)
- Quotation Index points (eg 6500.0)
- Minimum price movement (tick size and value) 0.5 (£5.00)

IB Commissions to trade FTSE 100 future:

- £1.70 per side (£3.40 roundtrip); This includes, brokerage, clearing, exchange, technology and regulatory fees.

NOTE: IB provides Direct Access, i.e., you transparently trade in the market and view prices. IB does not get in the middle of the spread. Rather you trade directly on Euronext. Further you can improve the quotes on the screen.

Example of making one tick on the FTSE future:

+£5.00 Trader makes one tick (0.50 = £5.00)
- £3.40 IB roundtrip commissions (£1.70 x 2)
--------------------------
+1.60 Net Profit when using IB i.e., if you make one PLUS tick on the FTSE future

Other costs and/or benefits when using IB:

Nil = To use any of the 30 plus order types we support.
NIl = IB Chart Trader and Charting package
Nil = Technology
Nil = Technology upgrades
Nil = Support
Nil = To attend our training Workshops in Central London
$10.00 = Minimum brokerage fee per month
€5.00 = Live market data per month (e.g., Euronext price feeds).

£1,450 = Minimum deposit to open an account.

Also, IB pay interest on your funds on deposit.

For example,

If your base currency is GBP, we take the LIBOR rate (Benckmark) for that day less 0.5%

4.43% LIBOR as of 29/03/2006
- 0.5%
--------
3.93% = Interest earned (applied to end-of-day settled cash balances) for all GBP funds held at IB => £6,000

We ask all of our prospects to view and compare us to other brokers. That is, if you find a better value we suggest you take it.

If you want more details regarding the above and/or would like to attend one of our free Workshops in London our local office number in London is 020 7 776 7800.

 

[indexgold]

Dear IndexGold:

With respects to EUR/USD FX future http://www.interactivebrokers.co.uk/contract_info/index.php?action=Details&site=IB&conid=35997019 traded on the CME/GLOBEX:

Note: IB symbol EUR, local class at the CME/Globex EC

We ask EUR 2.50 per side (i.e., EUR 5.00 rountrip). The aforementioned includes brokerage, clearing, exchange, and regulatory fees.

Please refer to the following link to find the margin for the above product.
http://www.interactivebrokers.com/en/trading/marginRequirements/margin_amer.php?ib_entity=uk

PS: We consider you an Active Trader at 70 to 100 futures per week.

Ok thanks for that, I will consider strongly in the next few weeks to move some money in to IB. Thanks for answering my questions.

 

[leeshindig]

Thank you for that excellent answer!!


Can you give me the same idea of Dow and mini dow profit per tick?..

I think you may have just earned another customer!!

 

[wapdave]

I thought I was losing it after having been away for a week or so. Whenever I do a trade in the TWS the P&L, Unrealized P&L etc is not viewable on the Quote Panel when it was before. Even when I access Configure/Quote Panel I am sure it was there before - can some confirm that I am not going mad. Thanks.

 

[leeshindig]

eg...the ftse is £10 per full tick per contract... how much is dow and YM (mini dow)

 

[Interactive Brokers]

Thank you for that excellent answer!!


Can you give me the same idea of Dow and mini dow profit per tick?..

I think you may have just earned another customer!!

Dear Lee:

$25 DOW future particulars:

- Unit of trading Contract Valued at $25 per index point
- Quotation Index points
- Minimum price movement (tick size and value) $25.00, per index point

IB Commissions to trade $25 DOW future:

- $2.40 per side ($4.80 roundtrip); This includes, brokerage, clearing, exchange, technology and regulatory fees.

NOTE: IB provides Direct Access, i.e., you transparently trade in the market and view prices. IB does not get in the middle of the spread. Rather you trade directly on Euronext. Further you can improve the quotes on the screen.

Example of making one tick on the $25 Dow future:

+$25.00 Trader makes one tick
- $4.80 IB roundtrip commissions ($2.40 x 2)
--------------------------
+ $20.20 Net Profit when using IB i.e., if you make one PLUS tick on the $25 DOW future

Other costs and/or benefits when using IB:

Nil = To use any of the 30 plus order types we support.
NIl = IB Chart Trader and Charting package
Nil = Technology
Nil = Technology upgrades
Nil = Support
Nil = To attend our training Workshops in Central London
$10.00 = Minimum brokerage fee per month
€5.00 = Live market data per month (e.g., Euronext price feeds).

£1,450 = Minimum deposit to open an account.

Also, IB pay interest on your funds on deposit.

For example,

If your base currency is GBP, we take the LIBOR rate (Benckmark) for that day less 0.5%

4.43% LIBOR as of 29/03/2006
- 0.5%
--------
3.93% = Interest earned (applied to end-of-day settled cash balances) for all GBP funds held at IB => £6,000

We ask all of our prospects to view and compare us to other brokers. That is, if you find a better value we suggest you take it.

If you want more details regarding the above and/or would like to attend one of our free Workshops in London our local office number in London is 020 7 776 7800.

 

[Interactive Brokers]

Thank you for that excellent answer!!


Can you give me the same idea of Dow and mini dow profit per tick?..

I think you may have just earned another customer!!

Dear Lee:

$5 DOW future particulars:

- Unit of trading Contract Valued at $5 per index point
- Quotation Index points
- Minimum price movement (tick size and value) $5.00, per index point

IB Commissions to trade $5 DOW future:

- $2.13 per side ($4.26 roundtrip); This includes, brokerage, clearing, exchange, technology and regulatory fees.

NOTE: IB provides Direct Access, i.e., you transparently trade in the market and view prices. IB does not get in the middle of the spread. Rather you trade directly on Euronext. Further you can improve the quotes on the screen.

Example of making one tick on the $5 Dow future:

+$5.00 Trader makes one tick
- $4.26 IB roundtrip commissions ($2.13 x 2)
--------------------------
+ $0.74 Net Profit when using IB i.e., if you make one PLUS tick on the $5 DOW future

Other costs and/or benefits when using IB:

Nil = To use any of the 30 plus order types we support.
NIl = IB Chart Trader and Charting package
Nil = Technology
Nil = Technology upgrades
Nil = Support
Nil = To attend our training Workshops in Central London
$10.00 = Minimum brokerage fee per month
€5.00 = Live market data per month (e.g., Euronext price feeds).

£1,450 = Minimum deposit to open an account.

Also, IB pay interest on your funds on deposit.

For example,

If your base currency is GBP, we take the LIBOR rate (Benckmark) for that day less 0.5%

4.43% LIBOR as of 29/03/2006
- 0.5%
--------
3.93% = Interest earned (applied to end-of-day settled cash balances) for all GBP funds held at IB => £6,000

We ask all of our prospects to view and compare us to other brokers. That is, if you find a better value we suggest you take it.

If you want more details regarding the above and/or would like to attend one of our free Workshops in London our local office number in London is 020 7 776 7800.

 

[Interactive Brokers]

I thought I was losing it after having been away for a week or so. Whenever I do a trade in the TWS the P&L, Unrealized P&L etc is not viewable on the Quote Panel when it was before. Even when I access Configure/Quote Panel I am sure it was there before - can some confirm that I am not going mad. Thanks.

Wapdave:

I suggest you reset the P&L and Unrealized P&L columns. For example, from your TWS menu bar go to "Page" > "Layout" > then check the boxes to view P&L and Unrealized P&L from the column pane and finally apply.

If you are still having problems viewing the above go to your Account Management Tool and send the helpdesk a Trouble Ticket regarding the above.

 

[trendie]

hi IB,

hope you dont mind a few basic questions re: IB accounts.

( my primary interest is in Forex and US indices, (Dow, SP500) )

a: do you allow accounts to be opened in the name of a Limited Company, as opposed to a private individual ? ( the reasoning, is to allow profits to be disbursed in the form of dividends, which is more tax-efficient, as well as being able to use IB account statements to be used as auditable documents )
If so, is the minimum opening balance required different, ie higher ?

b: I may be getting confused with stocks, but does "Pattern Day Trader" rules apply to trading of Indices, and Forex ? ie; can I trade as often as I like ?

c: is the account liable to any taxes / rules from abroad (non-UK)? ( in the context of Forex )

thanks for your answers to other peoples questions. your responses have been clear and informative for me as well.

 

[Interactive Brokers]

hi IB,

hope you dont mind a few basic questions re: IB accounts.

( my primary interest is in Forex and US indices, (Dow, SP500) )

a: do you allow accounts to be opened in the name of a Limited Company, as opposed to a private individual ? ( the reasoning, is to allow profits to be disbursed in the form of dividends, which is more tax-efficient, as well as being able to use IB account statements to be used as auditable documents )
If so, is the minimum opening balance required different, ie higher ?

b: I may be getting confused with stocks, but does "Pattern Day Trader" rules apply to trading of Indices, and Forex ? ie; can I trade as often as I like ?

c: is the account liable to any taxes / rules from abroad (non-UK)? ( in the context of Forex )

thanks for your answers to other peoples questions. your responses have been clear and informative for me as well.

Dear Trendie:

Thank you for your questions. Answers to your questions are as follows:

1. We support Limited Liability Company's in opening an Institutional account.
2. The minimum opening account balance is £1,450
3. The Pattern Day Trading rule only applies to securities and stock option traders i.e., not futures, forex and etc.
4. Because we are regulated by US regulators you are required to complete a W8 form. And you are responsible to pay your own taxes that are applicable in your local country.

Reminder, we are having a free Workshop regarding our services and Trader Workstation on Monday, 10th April in our London office near St. Paul's at 18:00. If you would like to attend or require additional information call us in London at tel 020 7 776 7800.

Thank you and much success in trading!

 

[leeshindig]

thanks again... i think working examples would be good on your site.. its a bit "daunting" for a futures newcomer..

regards

Lee

 

[kent]

working example

Leeshindig

Agreed..... for a futures newcomer the word "daunting" is appropriate.

Kent.