Hey guys, good evening.

Hope your investments are going well, do you mind if I ask couple of noob questions? I know these are probably funny questions for you, please forgive me.

1/ Apart from transfer from Swiss bank locally, I need to (partially) fund account from Polish bank - do you happen to know if they offer Polish IBAN to transfer funds into IB account or it applies only to major currencies, USD, CHF and so on?

2/ Fixed or tired fees. I am lost with tiered fees model - which one should I chose? I will be investing rarely, most likely in larger blocks, 3-5 times per year. I do not know if tired fees are lower in case you invest more frequently or they fall in case trade size is bigger?

3/ Re currency exchange in IB. I have read dozen of threads but I am probably dumb. FXCONV vs IDEALPRO. Which one to use, what are the benefits one over another? What platform, web or TWS etc. Sorry, this stuff puts me off, all these virtual FX positions, some comples models etc. I just need to exchange CHF for USD, in most simple possible way, cost-effective if possible (don't mind if it costs 2 USD more than the other method)

1. I doubt but you initiate the deposit request and they will give you the account details

2. IBKR Pro, can't recall exactly the difference but you pay less if your size is larger. That is what you prefer to do.

3. FXCONV is the one to use. The other one just visualises the FX conversion like a trade. Essentially both do the same thing though. I use TWS the standalone java application. It is very powerfull when you customise it. Honestly, it is very very simple just you need to familiarise yourself with the application.

Thanks wantone, much appreciated. Ok, re 1 - will check that Iban asking them directly.

Re currency coversion - I guess it is simple - I have seen some videos in Youtube (for example this one - can I paste links here? This is not my video, but I cannot find anything better)
https://www.youtube.com/watch?v=o6xW...ng%2FInvesting ). I have also seen they offer now some simplified conversion model in mobile app, but I am not sure how different (if at all?) it is in terms of currency pricing or benefits? This one https://www.youtube.com/watch?v=fxsR...ng%2FInvesting

Sorry, one more question - if I keep 100 000 in CHF, in cash in IB account, I won't be charged with negative interest rate right? It is only above threshold of 100 000 (CHF)?

Correct.

Does anyone here have experience using Interactive Brokers from Switzerland?

Are there any issues, esp. with transferring cash back and forth between IB and Swiss bank accounts? Anything else to mention, especially in comparison to using Swiss-based brokers?

Thanks!

Yes.
No issues with transferring CHF in and out.

Main differentiatior are fees/costs - Swiss brokers are orders of magnitude more expensive.
Also, US ETFs are still available for purchase there - I don't know the status with Swiss brokers (I know e.g. Degiro cut them, but they sit in EU).

I use it since April and no issues so far.
Just keep in mind that swiss will lose access to US-domiciled ETFs in 2022...and it's a terrible news as IKBR has very low fees for US ETFs

Can you share a reliable source on that information, please?

a happy user of IBKR for 2 years and counting. their customer support is excellent as well.

I'm a happy IBKR user. Very cheap, easy to use, interface is fine, customer support generally good.

I do have a recurring problem of my "average price" for positions being incorrect (and therefore P/L being incorrect), and resetting back to the incorrect value after I change it manually in the software. Customer support have been trying to fix it for over a year to no avail.

Apart from that, nothing but praise for IBKR.


Here is some info:

https://thepoorswiss.com/swiss-inves...omiciled-etfs/

Interesting. By "swiss" did you mean Swiss brokers or Swiss clients?
It would be very good to get a link detailing this if possible please.

Swiss clients

That's nothing new, nor definitely confirmed.
Still all "could", "should", and "think", so no new significant info as far as I read.

I didnt know it wasn't confirmed. From that article it sounds confirmed.

"From January 2022, Swiss investors will not be able to invest in non-compliant ETFs and funds. So, Swiss investors will only be able to invest in Swiss and European funds."

Does anyone use Options with IB? Does it automatically make you a 'professional' trader so you'll need to pay taxes?

Not if you make losses

hi Wantone (and everyone). I can confirm I was able to transfer funds from Polish bank to IBKR account without ANY problems, in Polish currency. After generating deposit ticket, I have received Polish account number for the deposit (in Citibank) and transfered money as local transfer. Very happy about it.

Any thoughts about transferring the legal entity IBUK clients to IB Hungary?

I'm trying to open an account with IB, but I'm getting the following message:
"Currently we do not accept applications of this type from your jurisdiction.".

Any idea what went wrong?