Forum Topics Interactive Brokers - positives and negatives
Dealsmate
Added 5 years ago

Hi Sean,

Thanks for sharing on IB. I have been looking to make the switch in the new year. There's some ideas internationally that I just can't access with my current broker.

Regarding the switch - I don't want to generate a CGT event, nor do I want to operate with two brokers for legacy holdings. Do you know if there a way to transfer in holdings from another broker?

Cheers

Dealsmate

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Zboats
Added 5 years ago

There is a fair bit of discussion around SelfWealth introducing $9.50 USD flat fee trades for US stocks, quite soon. SelfWealth seem to offer a great service at a reduced cost when compared to Commsec and others here in Australia.

I am looking into safe and cost effective ways to trade shares overseas, so am wondering whether anyone on this platform can say a few things about IB if they are already using it? I note they don't charge any brokerage fee and seem to have a decent reputation, winning a few awards... Wondering what the catch is.

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Rapstar
Added 5 years ago

I use IB, and the positive are: 1) Low brokerage of around $1-3 USD per trade. 2) Can trade on virtually any market. 3) Can trade after hours (noting this can be risky, as price action after hours can vary form normal trading hours). 4) Very competitive exchange rates with US "wallet" - avoiding exchange fees every time you trade. Nothing compares to the their exchange rates IMO. The negatives: 1) Application process is a little painful. 2) Security / login process more complex and laborious. 3) Platform is complex. It is like you are flying the space shuttle, with so much information, and buttons to push. This leads to a risk of making trading errors if you are not careful. Cheers, Sean

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