Best Thread Interactive Brokers

[gc1]

Over on another board a few weeks ago there was a discussion on forex margin rates at IB and the guys there were saying that forex margin is doubled if neither currency of the pair you are trading is your account base currency.

I.e. it becomes 4% margin instead of 2% margin.

Were they correct about this ? If so it makes no sense as the position risk is not doubled - it is only increased slightly in that one's base currency might depreciate slightly against the $ (when trading the majors againt the $). One is not opening "two positions" as was said on that other board.

This would appear to be a big disadvantage to UK customers who might want to have a £ base currency in their account but to trade the EURUSD, USDJPY, USDCHF etc. pairs.

 

[Interactive Brokers]

You pay 2% on non base currency positions. If you trade a non base currency pair that results in positions in both currencies, each will have a margin requirement.

 

[ddmc]

If I am trading the FT100 in a US currency account, do I have to manually convert any profits in GBP back to US dollars, or is there a way for TWS to automatically convert profits in GBP to US dollars at the end of the day?

 

[JonnyT]

If your account is in GBP and you trade FTSE futures then the profits are in GBPs and you need to do nothing.

If you have denominated your account in US Dollars then any profits will be in GBPs and you have complicated a simple issue if you want to withdrawl funds!

TWS will not automatically convert profits to dollars though it will show what you are worth in dollars! To convert the GBP to Dollars you will have to buy dollars with your pounds on Ideal, IBs currency platform.

JonnyT

 

[neck ingold]

Hi...Im from India..can i open an IB account.

Hi IB,

Im from India, and i would like to open an account. Is IB open for Indian citizen or is there anyway i can open an account from India.

Thanks,
Moris

 

[Interactive Brokers]

Jonny T:

You can view the +/- you have accumulated in different currencies in your on-line account page and statement. You need to manually convert funds in another currency into your base currency when you want to withdraw your funds.

 

[Interactive Brokers]

Hi IB,

Im from India, and i would like to open an account. Is IB open for Indian citizen or is there anyway i can open an account from India.

Thanks,
Moris

Yes, we accept clients from India, provided they operate within the limits of Indian Regulations and Legislation.. If you require additional assistance you can refer to our webiste of call our London office 020 7 776 7800.

 

[DanielLambert]

W8 Reporting

Ive just received an email from IB saying that I need to update my tax Forms for W8 reportingas a non US resident.

The email appears genuine, but no harm in just double checking before i click on the link in the mail and enter my log in details. Perhaps IB can confirm that this is a genuine email?


Many Thanks.

 

[Interactive Brokers]

Ive just received an email from IB saying that I need to update my tax Forms for W8 reportingas a non US resident.

The email appears genuine, but no harm in just double checking before i click on the link in the mail and enter my log in details. Perhaps IB can confirm that this is a genuine email?


Many Thanks.

Dear Mr. Daniel Lambert:

We appreciate your concerns but you need to contact the helpdesk directly so they can verify the authenticy of the e-mail request forwarded to you. For data protection we will not disclose or affirm any clients particulars in an open forum.

 

[peto]

Ive just received an email from IB saying that I need to update my tax Forms for W8 reportingas a non US resident.

The email appears genuine, but no harm in just double checking before i click on the link in the mail and enter my log in details. Perhaps IB can confirm that this is a genuine email?

I got the same.
If in doubt I suggest you enter the site using your normal link then navigate to 'Accounts management' --Tax Forms.

 

[nine]

I got it too and the link is also for their site .... posted here for your edification

https://www.interactivebrokers.com/Universal/servlet/AccountAccess.Login?forwardTo=AA_W8

 

[JonnyT]

Me too!

As I've made a loss will be US Government pay me

 

[pogle]

Has anyone worked out what needs to be completed on the tax form?

I made the mistake of looking at the help link which is an IRS document - I thought the UK HMRC help documents were confusing until I read this. Does a UK taxpayer have to apply for an ITIN?

I'm emailing IB to see if they can advise.

pogle

 

[ddmc]

Try this link. It might be of some use.

http://www.iwebsharedealing.co.uk/pages/files/W8_SAMPLE.pdf

 

[samtron]

Ive just received an email from IB saying that I need to update my tax Forms for W8 reportingas a non US resident.

The email appears genuine, but no harm in just double checking before i click on the link in the mail and enter my log in details. Perhaps IB can confirm that this is a genuine email?


Many Thanks.

Cheers DanielLambert
Call me naive stupid or whatever. I got the same email followed the instructions and filled in the form there and then before I forgot.

I suppose scamsters prey on people like this! I'll know better next time, at least I'll never use a link provided in an email.
A security issue with IB I think, they are forever sending out "blasted" emails for something or other!

 

[Trader333]

Rather than click the link why not just log into your account as normal and do it that way ?


Paul

 

[LevII]

Has anyone the remotest idea which part of the form requires 'updating'?

 

[Millano]

I have a dumb question about margin buying...
If I buy a stock (US stock, and I'm a US citizen), is there a base fee? Or is the only aspect of IB making a profit coming from a possible gain or loss on the stock? I'm confused at what the rates mean, but I'm assuming that... they calculate a percentage of what you either gain or lose (around 6%ish) and subtract that from your account? So, if I buy on margin, and the stock stays completely level for days and I sell at the same price, do I lose any money (besides base commission)?
Thanks

 

[Trader333]

So, if I buy on margin, and the stock stays completely level for days and I sell at the same price, do I lose any money (besides base commission)?

No you dont and you dont pay anything else other than the commission based on the number of shares that you traded. So if you made a $1000 profit you would pay the same commission as if you made a $1000 loss because all IB do is facilitate the trade and that is it.


Paul

 

[Millano]

No you dont and you dont pay anything else other than the commission based on the number of shares that you traded. So if you made a $1000 profit you would pay the same commission as if you made a $1000 loss because all IB do is facilitate the trade and that is it.


Paul

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.