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Anyone use Interactive Brokers?

outonawing

I use DeGiro and Trading 212 at present.
Recently DeGiro had issues with their platform stability and their delayed US prices is annoying. Yesterday I was unable to access my Trading 212 account for a period of 45 minutes immediately after the US open.

Such experiences can be costly, hence I'm considering moving to IB.

I'd love to hear opinions on their service before taking the plunge.

TIA.

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outonawing

Atlas_IRL wrote: »

Added 500e to my account i havnt used it before but wanted to use it to yolo into some pennies. Says I need permission for OTC. Tried to buy a regular stock and got the following

"BUY 100 DSS AMEX" CASH AVAILABLE (SETTLED CASH): 0.00; CASH NEEDED FOR THIS ORDER AND OTHER PENDING ORDERS: 461.43

Do I need to convert my account from a cash account??

Yes, you need to convert your Euro to USD before buying a USD stock, bit of a pain.

I've got a Euro balance, GBP balance and a USD balance.

rojito

Diarmuid wrote: »

Hi, I am looking at this myself. Did you sign up for IB Central Europe or IB Ireland? I presume the latter but I'm struggling to find out the practical differences? Previously they were based in the UK but are moving due to Brexit

I was on IB UK but got transferred to Ireland. I'm not sure if any practical difference, if you live in Ireland you'll pay tax in Ireland either way.

One thing to note about the API is that it is asynchronous, I would recommend the open source set of wrapper classes ib_insync to let you run it synchronously. I was struggling to get to grips with API and then found ib_insync which had me writing code and pulling historical data within an hour. Unless you're running a high frequency algorithm I don't see much benefit in running asynchronous anyway.

pioneerpro

MugsGame wrote: »

IB on the other hand emailed me yesterday to say there is a backlog on IB IE applications and they can't say when my (funded) account will be approved. They said I could submit an application to IB Central Europe instead, which would be approved quicker.

Have you had any luck getting this sorted since? Waiting for document verification atm and would like to trade this week and would prefer the money not be tied up.

Also can anyone confirm:

* If you can buy warrants and rights for US SPACs?
* How much it costs and how long the wait is to split units?
* Is there a minimum buy size/lot size for penny stocks? I saw 2,000 euro mentioned previously in the thread
* That the net liquidity of 20k+ and the other crazy requirements are just to cover their ass and they don't check?

(I'm far from a new account btw, just careful about getting doxxed)

MugsGame

No, I withdrew my deposit from IB in the end since Degiro was good enough for what I need right now.

pioneerpro

MugsGame wrote: »

No, I withdrew my deposit from IB in the end since Degiro was good enough for what I need right now.

Yeah they're being ridiculous atm - won't take an AIB statement as POA for some reason and I've nothing else.

Atlas_IRL

i dont think any of them are now. I cant get Trading212 to verify my ID and I think degiro and IB are closed for signups. There is eToro which is not great and someone mentioned Saxo but I haven't tried it.

pioneerpro

Atlas_IRL wrote: »

i dont think any of them are now. I cant get Trading212 to verify my ID and I think degiro and IB are closed for signups. There is eToro which is not great and someone mentioned Saxo but I haven't tried it.

I've a live DeGiro thank god, but its pretty poor for SPACs which are my main concern. I wouldn't mind but IBKR verified my Passport/Selfie within a day, just refused the bank statement with no indication why... had my full name/address and was within 6 months. DeGiro took the same one fine previously.

Kilough

Got setup on IB yesterday. I think it helped that I lodged funds over the weekend - they arrived pretty quick as I lodged from my N26 which is a DE IBAN number. Maybe try lodging funds and try again

Atlas_IRL

Kilough wrote: »

Got setup on IB yesterday. I think it helped that I lodged funds over the weekend - they arrived pretty quick as I lodged from my N26 which is a DE IBAN number. Maybe try lodging funds and try again

You'll need to convert the euro to dollar to use the US companies, they don't explain it.

Atlas_IRL

So another question, if you sell something in IB does it take like 2 days for that to settle? Sold a stock to buy another but its saying I've no settled cash.

Ryaner

Atlas_IRL wrote: »

So another question, if you sell something in IB does it take like 2 days for that to settle? Sold a stock to buy another but its saying I've no settled cash.

The 2 day period (actually it is 3 days) is from the clearing house process rather than IB themselves. You can get access to the funds, indirectly, via a margin account. More details at https://ibkr.info/node/814.

finbarrk

MugsGame wrote: »

No, I withdrew my deposit from IB in the end since Degiro was good enough for what I need right now.

I withdrew my money also from them. Just not user friendly.

Atlas_IRL

Ryaner wrote: »

The 2 day period (actually it is 3 days) is from the clearing house process rather than IB themselves. You can get access to the funds, indirectly, via a margin account. More details at https://ibkr.info/node/814.

Its a weird site, It wont let me edit any of that.

Ryaner

Atlas_IRL wrote: »

Its a weird site, It wont let me edit any of that.

If you are an IB Pro account, you have to had answered certain questions during that investor knowledge survey before they even allow you to apply for margin accounts. I think it is the options question that triggers the ability to apply for it.

Definitely do read up on what and how margin accounts work though before applying if you don't already know. It is basically a loan.

irishguy

Are you able to trade US ETFs with them as an Irish resident?

Ryaner

irishguy wrote: »

Are you able to trade US ETFs with them as an Irish resident?

Due to KIDs regulations, they like all other brokers with a full EU presence have blocked those. You are left with the UCITS counterparts but those have the deemed disposal "fun".

[Deleted User]

Folks, is it possible to fund IB with a revolut account, or does it have to be a regular domestic bank?

Ryaner

Revolut is a full bank account these days so yeh that works fine. IB don't appear to process the transactions any quicker than normal Irish bank transfers however even though Revolut do use SEPA instant.

[Deleted User]

Ryaner wrote: »

Revolut is a full bank account these days so yeh that works fine. IB don't appear to process the transactions any quicker than normal Irish bank transfers however even though Revolut do use SEPA instant.

Thank you, that's good to know. I like to use revolut to spend through and just leave the big bills in my main bank account, so that's handy.

pioneerpro

Ryaner wrote: »

Revolut is a full bank account these days so yeh that works fine.

DeGiro won't take them, and any number of banks/utilities have trouble with it. Hell, a lot of Irish companies won't pay wages into Revolut or even N26 sometimes for whatever mad reasons - and there's been no test case taken against anyone for refusal to do so.

plasmin

Ryaner wrote: »

Revolut is a full bank account these days so yeh that works fine. IB don't appear to process the transactions any quicker than normal Irish bank transfers however even though Revolut do use SEPA instant.

I have used my KBC account to transfer funds to IB account and it transfers same day, takes few hours

[Deleted User]

I transferred money from my Revolut to IB at around 5pm yesterday, was in my IB account ready to go first thing this morning. One thing to be careful about is that IB appears to default to fixed pricing, rather than the cheaper (for me anyway, unless you are using big money tiered is cheaper).

Having changed to tiered, that will only "kick in" from tomorrow for me.

Treppen

Ok I tried to register and it emailed back looking to resubmit selfie with licence.
I clicked on the link and it brought me to the log in page again... Where the heck do I reupload after logging in?

[Deleted User]

Treppen wrote: »

Ok I tried to register and it emailed back looking to resubmit selfie with licence.
I clicked on the link and it brought me to the log in page again... Where the heck do I reupload after logging in?

Try logging in, then click on the notifications bell on the top right, it should be there. Click that. I think had to scan a QR code with my mobile and upload via the phone.

Bob24

Does anyone know if it makes an actual difference which of their websites you sign-up on: https://www.interactivebrokers.eu/ (Luxembourg entity), https://www.interactivebrokers.ie/ (Irish entity), https://www.interactivebrokers.com/ (US entity), etc.

Does which website you are using to sign-up actually affects which entity you are becoming a customer of, and does it make a material difference from the customer’s perspective?

Ryaner

pioneerpro wrote: »

DeGiro won't take them, and any number of banks/utilities have trouble with it. Hell, a lot of Irish companies won't pay wages into Revolut or even N26 sometimes for whatever mad reasons - and there's been no test case taken against anyone for refusal to do so.

I'm pretty sure this is a stance from before Revolut actually had bank accounts. Since DeGiro only appear to allow one bank account for transfers. Once they confirmed they don't support SEPA instance, I didn't try removing my main account to test. All going well, Revolut with have Irish IBANs too before the end of the year.

Bob24 wrote: »

Does anyone know if it makes an actual difference which of their websites you sign-up on: https://www.interactivebrokers.eu/ (Luxembourg entity), https://www.interactivebrokers.ie/ (Irish entity), https://www.interactivebrokers.com/ (US entity), etc.

Does which website you are using to sign-up actually affects which entity you are becoming a customer of, and does it make a material difference from the customer’s perspective?

It shouldn't matter and will transfer you to the other domain after start. Being from Ireland they will nearly certainly process the application through the Irish entity.
The different domains is a new(ish) thing too. They used to run everything from the .com.

Treppen

Ok I think I'm nearly set up!... I've enabled all my Trading permissions but still getting this restriction.
Can anyone illuminate?

Bob24

One more question for people who have been using IB for some time: do they provide tax reports tailored for Irish tax rules (I.e. 2 CGT reports each year based on our CGT calculation rules at our 2 CGT payment deadlines, and a yearly dividends report; with all amounts converted into euro).

I created a demo account to get a feel for the platform and I see there is a reporting section on the website with an area doe tax forms, but there is nothing available there as it is a demo account.

pioneerpro

Ryaner wrote: »

I'm pretty sure this is a stance from before Revolut actually had bank accounts. Since DeGiro only appear to allow one bank account for transfers. Once they confirmed they don't support SEPA instance, I didn't try removing my main account to test. All going well, Revolut with have Irish IBANs too before the end of the year.

It's the lack of Irish IBANs would you believe it - even though its in breach of EU law. Some stuff on the Electric Ireland forum about it before IIRC

fritzelly

I just got back into this and been using the past month or so XTB (EU centric) - is there a better alternative available in Ireland? Tried DeGiro and hated their platform

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