Using IB for data only

[Bloke]

Hi All,

I'm thinking of using a trading simulator with an IB data feed in order to help inject a little more realism into my paper trading.

I understand that I can open an IB account (with a GBP base currency) for around £1500, and then pay $10 a month for the data (chargeable because I won't be making any proper trades at this stage).

The question is, once I've opened the account, can I withdraw, say, £1000 and just leave £500 remaining to keep feeding the $10 monthly feed charge?

Many thanks for any help,
Mick

 

[peto]

Look on IB website under Accounts...Withdrawals...'click here'

Or to save the trouble, no you can't! ....."A withdrawal request will be processed only if the customer has sufficient available funds and equity in excess of the initial margin requirement. Available funds are defined as the lower of trade or settlement date funds.
If a withdrawal request is rejected, the customer must re-enter the withdrawal request once there are sufficient available funds and equity in excess of the initial margin requirement.

Incoming funds are held for ten business days before you can withdraw the funds via check or wire transfer. You will not be able to withdraw any funds or transfer any assets to another broker for ten business days after an account transfer is received."

 

[Bloke]

Thanks peto.

 

[options]

Why not just use the IB demo?

 

[Bloke]

I didn't think the demo data was 'live'. I'm sure there was some catch. I'll have a look...

 

[Bloke]

Yep, its 15 mins delayed unfortunately...

 

[peto]

Hi Bloke

Actualy (blush) think I might be wrong, re-reading my own post which I wrote half asleep. "funds and equity in excess of the initial margin requirement" refers presumably to open positions, of which you won't have any!

Not sure now

 

[marky]

Hi all, I do have a friend that has left around £800 in the account just to keep it open whilst he is not trading, and say's he can still collect data.
Regards Mark

 

[Bloke]

Bingo. I'll have a go...

Thanks,
Mick

 

[Bloke]

peto - thanks again. Actually, when I read your post, I though it was a little ambiguous. I thought it could mean that no withdrawls leaving less than £1500 would be allowed, implying you have to close your a/c to get the cash. But reading markys post, perhaps they're easy on this. We'll see...

 

[blackcab]

Why not just use the IB demo?
...
I didn't think the demo data was 'live'. I'm sure there was some catch. I'll have a look...
...
Yep, its 15 mins delayed unfortunately...

I'm confused about IB's TWS demo/simulator (http://www.interactivebrokers.com/php/tws/demo.php?ib_entity=IB-UK). They say prices are 15 minutes delayed but look at this screenshot I took this evening during the US open hours. The chart from futuresource shows the current YM price is 10121, and about 15 minutes ago was somewhere around 10110-10120. The TWS demo at exactly the same time says the YM price is 10051, but it was last at around 10051 five and a half hours ago on the futuresource chart.

I noticed this last time I used the IB demo - it was giving prices that didn't bear much relation to what the real market was doing 15 minutes ago. Clearly the IB demo is not just giving out 15-minute delayed prices - it's something quite different. Is anyone else trying to use the demo and getting confused like me?