Those who trade in IB

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ahshang

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Anyone trade in IB?

i had check the IB web page and found this statement in Account Minimum Page.

"In order to open an account or to open new positions in an account, you must have the following minimum account equity (cash and securities)"

is this mean that i can't open a new position in IDEALPRO if my account balance run below USD 2000? :(
 
Put it this way you shouldn't be trading on IdealPro with a $2000 account...

JonnyT
 
Thx for the reply. One of the Customer service IB help desk told me it is ok but i am still waiting for the IB trade department for confirmation.

"you shouldn't be trading on IdealPro with a $2000 account"

Since their minimum for opening an individual account is usd 2000, I want to give it a try without putting a lot more than that amount.
 
ahshang said:
Anyone trade in IB?

i had check the IB web page and found this statement in Account Minimum Page.

"In order to open an account or to open new positions in an account, you must have the following minimum account equity (cash and securities)"

is this mean that i can't open a new position in IDEALPRO if my account balance run below USD 2000? :(
Click to expand...

You can run an existing position below the account minimum but you can't open any new trades until you top up again. Since it is an all soft ware operation, with no one to talk to, there are no ifs and buts. You just get refusal. Their rules are very clear and it is no good having them if they allow them to get bent.

Split
 
bulldozer,

Cant say I agree as I have found IB to be fine in all aspects but I accept that it is horses for courses.


Paul
 
Agree with you Paul.

I have been trading quite happily with IB for 2 years now with very few problems.
 
You can!

You can open a position in IDEALPRO if your account balance is under 2000USD. I do it on a daily basis. But you need to open an account with the minimum balance (2000USD) at first.

If you trade EURUSD the margins 25000 ~600USD (2.5/pip) ,50000~1200USD (5/pip) 75000~1800USD (7.5/pip). As you see the maximum you can trade 75000.

Be aware that IB FX trading is based on ECN model. You must pay commission on every trade. It is minimum 2.5USD/side. (You trade with Citi,JPMorgan etc.)

As for other FX brokers IB spread is 1pip (!) most of the time in EURUSD. I used Oanda realtime charting but it is lagging. (about 1-2 sec).

But don't take my word for it, try it, and be realistic about it.
I trade from Central Europe, I have my account on NewYork server, and get the fill in 1 sec.
Maybe I am lucky, I dont' think so.

Hope it helps

ahshang said:
Anyone trade in IB?
i had check the IB web page and found this statement in Account Minimum Page.
"In order to open an account or to open new positions in an account, you must have the following minimum account equity (cash and securities)"
is this mean that i can't open a new position in IDEALPRO if my account balance run below USD 2000? :(
Click to expand...
 
I forgot...

IDEALPRO market is margin based FX trading

IDEAL market is cash market for currency conversion (used to converse USD to EUR before withdraw)
 
Trader333 said:
bulldozer,

Cant say I agree as I have found IB to be fine in all aspects but I accept that it is horses for courses.


Paul
Click to expand...
==============================================================
Paul,

It all depends what derivatives /stuff] yur trading .
See what these clients say below:

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=9

http://www.elitetrader.com/vb/showthread.php?threadid=53285&perpage=6&pagenumber=8

See also pages 10,11,12,13,14....... on above thread :eek:
 
Last edited:
bulldozer said:
It pays to do a good research on the brokers b4 you become involved wiv them. :LOL:

I for one have NEVER used them and would not recommend anyone to use them as there are better out there. LOW commissions DOES NOT = BEST! :cheesy:

heres one of many reasons why>> http://www.elitetrader.com/vb/showthread.php?threadid=51251

http://www.trade2win.com/boards/showthread.php?t=15743

Bull
Click to expand...

I can't knock IB, but I am a straightforward open and close, buy and sell index trader with no complications.

Maybe other brokers are better for other things but I would not change IB for advantages that I am not going to use.

In any case, let's be frank. I was losing money and am back with spreadbetting which, with a 2 point spread, is good enough for me.

Horses for courses, as Trader 333 says.

Split
 
Folks,

Thinking of opening an account in a DA firm - basically getting fed-up of doling out the
"spreads" :)

So... any recommendations? Initially I just plan to trade Indices, Equities, Futures (maybe
options later on)... Looking for a cheap and cheerful online broker. Should be easy for account opening for UK citizens and also easy for transferring money to/from.

I saw Ameritrade (35 free trades!) and IB - both look good to me. All seem to be based in the US(?). Saw Refco as well, but could not easily find pricing info on their website.

Would like to hear from (UK) folks on how they xfr money to/from these firms? Do these accept a BACS from UK Bank Accounts?

Any other names welcome!

Cheers,
karmit
 
BACS? Does that mean by wire, giving your bank instructions? Yes, IB does. No credit cards, as far as I know. Make sure that you get the address right- if I remember it is Citibank, Strand and tell your bank to give the details exactly as IB requires i.e. using the right line, etc. otherwise their computer will get it wrong.

Split
 
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