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Old 09.08.2018, 15:27
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Independent Brokers newbie

So I signed up with IB, pretty happy so far except that its a bit like the old Taiwanese VCR machine - hard to figure out how to work it, and instructions that tend to be out of synch with the platform itself.


Anyway, wondering if any veterans out there can helps answer a few questions, that are hopefully helpful to others also.


  • Is the standard sms code login secure enough, or should I try out the mobile app approach? Am not seeing any pro/con or recommendation from IB here.
  • Are there any options for parking cash (US$) beyond the standard interest rate that IB pays? I'm used to getting more than the 1.4% they currently pay, through flexible fiduciary deposits (recently 1.6%, 2 days notice).
  • Does the Webtrader show delayed data? I can't see any statement of timeliness of data anywhere. If so, how to get (near) realtime data without going to TWS?
  • Webtrader is often not populating for me, or at least it takes time. This is for the Market View lines, and the Products tabs. e.g. right now I see SPY on Market View but no data on the Product tab I set up. Do I somehow need to refresh?
  • FX spot: I can see the IDEALPRO exchange, but this is for 20k or more (great rates!). How to convert smaller amounts?
  • FX futures: I can't figure this out at all. Help! How do I get e.g. USD/MNX for November?


If there is an obvious place where such questions are answered then please do point me there - have not yet found it.
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  #2  
Old 09.08.2018, 16:01
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Re: Independent Brokers newbie

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So I signed up with IB, pretty happy so far except that its a bit like the old Taiwanese VCR machine - hard to figure out how to work it, and instructions that tend to be out of synch with the platform itself.


Anyway, wondering if any veterans out there can helps answer a few questions, that are hopefully helpful to others also.


  • Is the standard sms code login secure enough, or should I try out the mobile app approach? Am not seeing any pro/con or recommendation from IB here.
  • Are there any options for parking cash (US$) beyond the standard interest rate that IB pays? I'm used to getting more than the 1.4% they currently pay, through flexible fiduciary deposits (recently 1.6%, 2 days notice).
  • Does the Webtrader show delayed data? I can't see any statement of timeliness of data anywhere. If so, how to get (near) realtime data without going to TWS?
  • Webtrader is often not populating for me, or at least it takes time. This is for the Market View lines, and the Products tabs. e.g. right now I see SPY on Market View but no data on the Product tab I set up. Do I somehow need to refresh?
  • FX spot: I can see the IDEALPRO exchange, but this is for 20k or more (great rates!). How to convert smaller amounts?
  • FX futures: I can't figure this out at all. Help! How do I get e.g. USD/MNX for November?


If there is an obvious place where such questions are answered then please do point me there - have not yet found it.
Interactive Brokers*

I use IB and will try to answer:
  • Is the standard sms code login secure enough, or should I try out the mobile app approach? Am not seeing any pro/con or recommendation from IB here.

    I use the mobile app. I don't know about security for the SMS though.

  • Are there any options for parking cash (US$) beyond the standard interest rate that IB pays? I'm used to getting more than the 1.4% they currently pay, through flexible fiduciary deposits (recently 1.6%, 2 days notice).

    Not that I know of, besides keeping in other currencies or in bonds.

  • Does the Webtrader show delayed data? I can't see any statement of timeliness of data anywhere. If so, how to get (near) realtime data without going to TWS?

    Yes. You have to pay to have realtime data. Look in your subscription. It's around 4.50 a month for realtime data on NYSE. Currencies are realtime for free.

  • Webtrader is often not populating for me, or at least it takes time. This is for the Market View lines, and the Products tabs. e.g. right now I see SPY on Market View but no data on the Product tab I set up. Do I somehow need to refresh?

    Don't know.. I only use the software or the app.

  • FX spot: I can see the IDEALPRO exchange, but this is for 20k or more (great rates!). How to convert smaller amounts?

    You can convert smaller amounts for sure... can't remember which exchange I used but there was no minimum. I think it was idealpro...

  • FX futures: I can't figure this out at all. Help! How do I get e.g. USD/MNX for November?

    No idea
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  #3  
Old 09.08.2018, 17:56
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Re: Independent Brokers newbie

Thanks for that.

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  • Is the standard sms code login secure enough, or should I try out the mobile app approach? Am not seeing any pro/con or recommendation from IB here.

    I use the mobile app. I don't know about security for the SMS though.
I'm thinking of the app to log in here (not the mobile trading app.


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  • FX spot: I can see the IDEALPRO exchange, but this is for 20k or more (great rates!). How to convert smaller amounts?

    You can convert smaller amounts for sure... can't remember which exchange I used but there was no minimum. I think it was idealpro...
I'm only seeing IDEALPRO as option, nothing else. And it appears to refuse smaller amount. Must be possible - I must be overlooking something obvious.
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Old 09.08.2018, 22:04
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Re: Independent Brokers newbie

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Thanks for that.


I'm thinking of the app to log in here (not the mobile trading app.



I'm only seeing IDEALPRO as option, nothing else. And it appears to refuse smaller amount. Must be possible - I must be overlooking something obvious.

The mobile app has been recently updated. You now use the same app to authenticate on your computer as well as for mobile trading.


For amount smaller than 25K you have to be patient. It takes 10 minutes or so for small orders to be filled.
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Old 09.08.2018, 22:39
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Re: Independent Brokers newbie

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[*]Is the standard sms code login secure enough
No, sms is laughably insecure, the only reason a random guy from the street can't read all your sms (yet) is because he doesn't have access to SS7 network, but many other companies do...

Quote:
Are there any options for parking cash (US$) beyond the standard interest rate that IB pays
1M treasuries yield about 2% right now and rising, https://fred.stlouisfed.org/series/DGS1MO

Quote:
Does the Webtrader show delayed data? I can't see any statement of timeliness of data anywhere.
15 min usually

Quote:
If so, how to get (near) realtime data without going to TWS?
US realtime data is all around the web, why don't you just f'ing google it

Quote:
[*]FX spot: I can see the IDEALPRO exchange, but this is for 20k or more (great rates!). How to convert smaller amounts?
You can trade smaller amounts through it, just the rate you get may be a little worse as your order will be lumped together with others

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I'm only seeing IDEALPRO as option, nothing else. And it appears to refuse smaller amount.
It does not
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  #6  
Old 10.08.2018, 10:49
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Re: Independent Brokers newbie

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US realtime data is all around the web, why don't you just f'ing google it
Do you have an example where it's available for free? Or did you mean there are many websites available that you need to pay for?

IBKR charge 4.5USD per month for realtime data
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Old 10.08.2018, 12:29
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Re: Independent Brokers newbie

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Do you have an example where it's available for free? Or did you mean there are many websites available that you need to pay for?

IBKR charge 4.5USD per month for realtime data


google finance, investing.com, seekingalpha.com, etc.
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  #8  
Old 10.08.2018, 13:24
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Re: Independent Brokers newbie

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google finance, investing.com, seekingalpha.com, etc.
None of those provide free live prices....
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Old 10.08.2018, 14:35
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Re: Independent Brokers newbie

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None of those provide free live prices....
https://uk.investing.com/equities/ad...omon?cid=33013

this looks real time enough to me... if you are a pro then paying 4.5$/month to IB won't be a problem
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Old 10.08.2018, 14:44
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Re: Independent Brokers newbie

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https://uk.investing.com/equities/ad...omon?cid=33013

this looks real time enough to me... if you are a pro then paying 4.5$/month to IB won't be a problem
Seems like investing.com may offer live (or at least closer to live) prices for free then. Google and seekingalpha give 15 mins delay.

Although they do give this disclaimer
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures), cryptocurrencies, and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

I don't need live prices myself as I'm not a trader and I use limit trades
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Old 10.08.2018, 15:27
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Re: Independent Brokers newbie

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Seems like investing.com may offer live (or at least closer to live) prices for free then. Google and seekingalpha give 15 mins delay.
trades
It depends on the exchange. Some have real time quotes (e.g., NASDAQ), while other have a 15 minutes delay (e.g., Swiss stock exchange). That applies also to google finance and seekingalpha.
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Old 10.08.2018, 17:41
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Re: Independent Brokers newbie

Hi,

Does anybody know about tax implications of such platforms for taxed-at-source people?
I don't fill a tax form as I'm taxed at source. Do I still need to declare such investments anywhere?

I have similar questions in EF but no definite answer. Even the name of the authority where I can ask for this is largely welcome.
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Old 10.08.2018, 18:11
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Re: Independent Brokers newbie

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Hi,

Does anybody know about tax implications of such platforms for taxed-at-source people?
I don't fill a tax form as I'm taxed at source. Do I still need to declare such investments anywhere?

I have similar questions in EF but no definite answer. Even the name of the authority where I can ask for this is largely welcome.

I believe there is a threshold in terms of (1) wealth (~200K?) and (2) received dividends (~2.5K/year?).
As far as I know no declaration is required if you are below those values.
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Old 10.08.2018, 21:42
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Re: Independent Brokers newbie

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None of those provide free live prices....
Wrong

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I believe there is a threshold in terms of (1) wealth (~200K?) and (2) received dividends (~2.5K/year?).
As far as I know no declaration is required if you are below those values.
These figures are for ZH only and if you're earning 120k+ you'll pay too
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Old 10.08.2018, 22:16
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Re: Independent Brokers newbie

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Wrong


These figures are for ZH only and if you're earning 120k+ you'll pay too
120k per person or per household?
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Old 10.08.2018, 22:48
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Re: Independent Brokers newbie

Per person. And if your spouse makes 120k+ you'll get hit too as couples are taxed together, but the threshold is per head
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Old 13.08.2018, 13:53
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Re: Independent Brokers newbie

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  • FX futures: I can't figure this out at all. Help! How do I get e.g. USD/MNX for November?
if you're trading futures you're trading in USDs (usually and mostly). if you want to trade the Mexian peseta future (default against the the USD) in IB search for the product 6M or MXP.
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Old 14.08.2018, 11:27
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Re: Independent Brokers newbie

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You can trade smaller amounts through it, just the rate you get may be a little worse as your order will be lumped together with others
Ah ok - I was put off by the ominous sounding popup message that you get, which sounded like a warning not to use the Idealpro approach. But you're right, it does work as you describe.
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Old 14.08.2018, 11:29
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Re: Independent Brokers newbie

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1M treasuries yield about 2% right now and rising, https://fred.stlouisfed.org/series/DGS1MO
Fair point. Any specific product suggestions? I did a little searching and found a few short term treasury etfs that appear easy enough to dip in and out of e.g. BIL (1-3m T-bills) or SHV (1-12m T-bills).
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Old 14.08.2018, 11:32
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Re: Independent Brokers newbie

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[/LIST] if you're trading futures you're trading in USDs (usually and mostly). if you want to trade the Mexian peseta future (default against the the USD) in IB search for the product 6M or MXP.
Found it, thanks for pointing me in the right direction. The product list is rather limited though, some odd ones there (like CHF.JPY) and a lot of big ones missing (like CHF.EUR). Does that mean you have to do two trades to get CHF.EUR (CHF.USD and EUR.USD)? Compared to the complete coverage of spot FX, this appears a bit odd.
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