Interactive Brokers

[Lopesh]

Hi All,

Has any one experienced Interactive Brokers, their trading platform seems good also their API's are powerful for integrating with s/w like Amibroker, the only thing is as per amibroker the datafeed provided by IB is slow i.e. not tick by tick and they suggest to keep the time as 1sec.

Any feedback will be appretiated

The brokerage suggested is as follows :

TARIFF SHEET
Stocks
Tier Flat Rate Minimum Per Order
All 0.05%of trade value INR 30

Futures
Tier Commissions Minimum Per Order
=< 10 Crores 0.03% INR 50
10 =< 20 Crores 0.02% INR 50
=> 20 Crores 0.01% INR 50

Options
Tier Commissions Minimum Per Order
=< 20 Crores INR 50 per contract None
20 =< 50 Crores INR 40 per contract None
>= 50 Crores INR 30 per contract None


 In cases where the IB minimum of INR 30 exceeds the 2.5% of trade value maximum permitted
by the Securities Exchange Board of India (SEBI) and the National Stock Exchange (NSE) as
shown in the examples, the minimum will be 2.5% of trade value.
 IB commissions will be charged only on the opening leg in case of intra-day trades on the NSE
(positions opened and closed on the same day). No commissions will be charged on the closing
leg, other charges apply on both legs (such as STT, reg fees, exchange fees and etc).
 The sliding scale for Indian commissions is incremental per tier per month.
 Monthly Minimum Activity fees INR equivalent to USD 5.
 Additional freeze in withdrawal amount in case of upgrade of security device. For details refer IBI
website.
 Telephone Orders charge = INR 1500 per order.
 Closing out of short positions or Auction by IB = INR 1500 per order.

 

[Smart_trade]

The above are their old brokerage rates. Get the new rates. They are very attractive.

Smart_trade

 

[Lopesh]

The rates are as of yesterday from the PDF sheet which they mail during account opening

 

[soft_trader]

The above are their old brokerage rates. Get the new rates. They are very attractive.

Smart_trade

In IB website it is mentioned that at least USD 10,000 or non-USD equivalent is required to open a new account. is it true?

Also it is mentioned that 2,000 non-USD equivalent is required to be maintained always in the account.

I think their service is only for HNIs

 

[Smart_trade]

The rates are as of yesterday from the PDF sheet which they mail during account opening

They have mailed old brokerage rates to me also. When I contacted them, they said they will be mailing the new brokerage rates.The new brokerage rates are as under : ( search under Asia Pacific....India ) For futures intraday, it is 1 paisa charged only on one leg.

http://www.interactivebrokers.co.in/en/p.php?f=commission&p=futures2

The transaction charges,STT etc charged by them is given below :

http://www.interactivebrokers.co.in/en/accounts/fees/indiaStockExchangeFees.php?ib_entity=in3

Smart_trade

 

[Smart_trade]

In IB website it is mentioned that at least USD 10,000 or non-USD equivalent is required to open a new account. is it true?

Also it is mentioned that 2,000 non-USD equivalent is required to be maintained always in the account.

I think their service is only for HNIs

For India they need rupee equivalent of US$ 2000 as margin. That comes to around Rs 1,10,000=00 .

For opening an account they want proof of having liquid assets in the form of shares, bank FDs,Bank balance etc to be some Rs 4 Lacs for cash market and Rs 15 Lacs for F & O trading. This condition is a bit stiff for new traders.

Smart_trade

 

[Smart_trade]

Opened my account with them. Saw the demo of their TWS,charting, order and trades.....fantastic. It is so advanced that Indian Brokers will take minimum 5-6 years to come anywhere near.

Yet to start trading....will post my experience once I start that.

Posted only for information....have no direct or indirect interest by way of referrals etc...absolutely none....

Smart_trade

 

[DataRam]

Opened my account with them. Saw the demo of their TWS,charting, order and trades.....fantastic. It is so advanced that Indian Brokers will take minimum 5-6 years to come anywhere near.

Yet to start trading....will post my experience once I start that.

Posted only for information....have no direct or indirect interest by way of referrals etc...absolutely none....

Smart_trade

I went through the links which you have posted about Interactive brokers.
Lot of information is given about their charges & fees. Very exhaustive explanation . One can really make out as how much expense has to be incurred. As you have pointed about their TWS demo , it sounds very interesting.

 

[mprakash1972]

Hi st sir,
I too impressed with their brokerage and tws but still not yet decided to join with them as they do not provide any intraday margin for F&O apart from nse stipulated margin also they only offer 2 times margin to intraday stocks while others are giving 5 to 9 times.also the $30000/-net worth requirement looks bit weird.
regards,
m prakash

 

[touchraj16]

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