advfntrader
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moneycorp looks to be the cheapest am I right ?
Interactive Brokers are holding a webinar on SIPP tomorrow
Wednesday, 4 August 2010 13:00
Western European Summer Time (London)
Change time zone
Panelist(s) Info: Gerald Perez, Managing Director, Interactive Brokers (U.K.) Limited
IB Webinars URL:
http://www.interactivebrokers.com/en/general/education/webinars.php?ib_entity=uk
Ta Minoo
Wednesday, 4 August 2010 13:00
Western European Summer Time (London)
Change time zone
Panelist(s) Info: Gerald Perez, Managing Director, Interactive Brokers (U.K.) Limited
IB Webinars URL:
http://www.interactivebrokers.com/en/general/education/webinars.php?ib_entity=uk
Ta Minoo
Interactive Brokers
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In order to open a dealing account with us you need to go through a pre approved SIPP Administrator.
We have just updated our IB pre-approved list of SIPP Administrators http://www.interactivebrokers.com/en/accounts/individuals/sippAdministrators.php?ib_entity=inst
The aforementioned list does not limit SIPP beneficiaries from selecting a SIPP Administrator from this list. Rather if you have a SIPP Administrator that wants to be pre approved in order to offer their SIPP beneficiary clients a dealing account with us please have them contact our London office tel 020 7 776 7800.
We have just updated our IB pre-approved list of SIPP Administrators http://www.interactivebrokers.com/en/accounts/individuals/sippAdministrators.php?ib_entity=inst
The aforementioned list does not limit SIPP beneficiaries from selecting a SIPP Administrator from this list. Rather if you have a SIPP Administrator that wants to be pre approved in order to offer their SIPP beneficiary clients a dealing account with us please have them contact our London office tel 020 7 776 7800.
Interactive Brokers
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Dear Prospective SIPP client
Probably the best thing to do is contact EPML directly and lobby them to be a pre approved SIPP Administrator of ours at no cost. If so, this will allow them to onboard their SIPP beneficiary clients to our online brokerage services.
Probably the best thing to do is contact EPML directly and lobby them to be a pre approved SIPP Administrator of ours at no cost. If so, this will allow them to onboard their SIPP beneficiary clients to our online brokerage services.
To Interactive Brokers - I'd love to be able to move my ISA to Interactive Brokers, the reason being that the only Stocks & Shares ISA I could find that trades the Australian market is TD Waterhouse. TDW only support day-orders on this market, ensuring I usually get the worst possible order execution on the illiquid small shares that I normally trade.
Has anyone got an Essentialsipp through Stadia trustees using IB's TWS to deal on?
If so how is the experience. I gather there is a £6 per deal commission on UK equities (which includes ETFs) upto £50000 value. Over £50000 adds 0.05% on the amount above £50k. For US deals there is a different arrangement. IB also charges £6 / month to run TWS which includes 1 free trasde per month. Stadia charges £250+vat PA to administer the scheme
This is good value compared to other UK Sipp dealers the cheapest I could find is Sippdeal who charge £9.95 online and £29.95 by telephone. They charge £0 PA to set up and run the scheme.
The other option would be Selftrade at £12.50 per trade administered by EPML who charge £170+vat PA for their Selftrade global sipp account.
I suppose it depends on the size and frequency of your trades. For frequent sub £50k trades the IB option looks tempting.
Brit
If so how is the experience. I gather there is a £6 per deal commission on UK equities (which includes ETFs) upto £50000 value. Over £50000 adds 0.05% on the amount above £50k. For US deals there is a different arrangement. IB also charges £6 / month to run TWS which includes 1 free trasde per month. Stadia charges £250+vat PA to administer the scheme
This is good value compared to other UK Sipp dealers the cheapest I could find is Sippdeal who charge £9.95 online and £29.95 by telephone. They charge £0 PA to set up and run the scheme.
The other option would be Selftrade at £12.50 per trade administered by EPML who charge £170+vat PA for their Selftrade global sipp account.
I suppose it depends on the size and frequency of your trades. For frequent sub £50k trades the IB option looks tempting.
Brit
goodtyneguy
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Either the example for US listed stocks/etfs or the minimum per order given on Stadia's site is incorrect.
Yes, I agree it looks wrong and is confusing which is why I didn't quote it. I suspect the $10 min is correct but what is the maximum?
My worry is that there has hardly been a stampede of comments from people taking up ANY of the IB offered trustees. I know many were hoping to be able to trade futures but I am still not sure how that works in a cash account. Did Interavtive Brokers ever publish the requirements for trading futures as they promised earlier?
If one was to buy £60000 worth of inverse ETFs on the FTSE100 and the price drops 3% you would make £1800 profit (or £3600 if using an x2 Ultra ETF).
If one sold a FTSE100 futures contract at 6000 using £60000 as collateral (being the full value of the contract)and the price drops 3% or 180 points at £10 a point is also £1800 profit.
So using Ultra ETFs gives 2:1 "margin" in effect.
Brit
goodtyneguy
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If you're going to trade using ETF's listed on the LSE you would be well advised to check liquidity/spreads. I know SUK2 in this regard is crap and some of the other single inverse ones were poor last time I looked. You'd be better off trading the US indices with the likes of the 2x leveraged SSO/SDS on the S&P500, there are also equivalents for the Naz and the DOW and I believe the Russell 2000. In fact if you take a look at Direxion's webby they may have 3x leveraged ETFs for the same. Proshares, Rydex and Direxion are the providers I know of.
If IB's commission charges are the same as their non SIPP universal account then the minimum charge is $1 which probably also makes trading US ETFs a cheaper proposition if you do the maths.
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goodtyneguy
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Option 1 is cheap, most other adminisrators charge £350 and upwards but having said that other investment vehicles are covered not just an IB account. Commercial property is an exception, understandibly there are higher charges for this type of investment.
isatrader
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I will be interested to see what you find out about the costs, as if they are charging $10 for US stocks, when the IB cost is only $1 then that’s a big mark up.
goodtyneguy
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isatrader
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Selftrade – I left once to go try cheaper options as it is £12.50 per trade, but I found that the cheaper options were worse, and added percentage based fees to the spread cost (i.e. I wouldn’t get the actual bid/ask price – was always worse that what it should be) which ended up costing much more on each trade. I talked about it a bit in my journal http://www.trade2win.com/boards/trading-journals/106346-trading-isa-pay-off-my-mortgage.html
I would imagine the traders most likely to use an IB ISA would be the ones with larger accounts too. My ISA is about GBP 100k currently (I say this in the hope of getting IB's attention, rather than to boast!).
goodtyneguy
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Thanks for the reply, I'll take a look at your thread when I've got a minute and yes it's pretty dire situation trying to trade within an ISA with the lack of a decent platform and market coverage offered by ISA plan managers.
I would obviously be another who would welcome an IB ISA offering. I tend only to look at US stocks and ETFs and have explained to Proshares that UK ISA holders are unable to use their product unless they comply with EU Regs. See here. The answer I got was that they had no immediate future plans to cross list but had placed a suggestion to their management team. I suppose the more they get the same enquiry the more they are likely to impliment it!
Coming back to the extent of the ISA market, I know a couple of people with ISA accounts in excess of a million GBP and others with considerable amounts invested. Which is not surprising considering the length of time ISA's have been in existance which has allowed husband and wife to salt away £7200 each p.a now £10,200. Removing the high costs and opening the doors to a decent platform with choice of overseas markets and trading in ISA's will become a viable proposition for many and capture those already in the arena IMO. IB have muted before that they would be prepared to consider this if they could find a suitable partner to do this. I'm not sure what they mean by this as ISA's (as far as I'm aware) work on the basis that the ISA plan manager is an inhouse compliance unit of the broker concerned. Which in reality probably means educating staff on the rules apertaining to ISA's. They don't work on an independant basis like a SIPP administrator therefore IB would have to make arrangement for their own compliance issues. I doubt this would be an issue with IB considering the calibre of their software developers, the majority of qualifying investments could probably be programmed into their trading platform software with any anomalies being added later on a continuing development basis. Not a difficult task whe you have a help from a free to consult organisation dedicated to improving investment schemes such as ISAs i.e TISA. Perhaps IB would like to explain what they mean by a partner?
Having said that, it took IB about five years (that I know of) of people pestering them to open SIPP account before it arrived. If that's to go by I'll probably be offshore by the time we see an ISA. One can live in hope but not by holding ones breath.
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isatrader
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I don’t see why it would be difficult for IB to offer an ISA. It just limits the amount someone can deposit in the tax year to £10,200, but like goodtyneguy said, people have been investing the maximum each year since their inception, so they could quite realistically have very large pots which could be transferred to IB.
There are restrictions in what you can trade in an ISA, but other providers manage to offer it. So IB should as well as it would be a new source of revenue for them and what business doesn’t want more revenue from new sources?
There are restrictions in what you can trade in an ISA, but other providers manage to offer it. So IB should as well as it would be a new source of revenue for them and what business doesn’t want more revenue from new sources?