IB accrued interest

Discussion in 'Forex Brokers' started by gwac, Feb 14, 2006.

  1. Yes, it should be three. If you have the capital switch to futures, liquidity has greatly increased in the last year+.
    #11     Feb 14, 2006
  2. gwac


    what the commission on IB for 1 contract

    #12     Feb 14, 2006
  3. $5.64 per round turn for the lowest volume, unbundled.
    #13     Feb 14, 2006
  4. KS96


    IB should state the interest credited/debited per day
    and per currency in the *daily* statements,
    so we can all check what is really going on.
    I paid too much in interest charges at IB,
    and I wasn't able to tell why
    or do at least a simple check if that was done correctly....

    Also, can someone at IB let us know the *exact* time
    that the interest is calculated?
    (The answer "between 16:00 and 19:00 ET" isn't satisfactory,
    since many of us trade forex at that time.)
    This will help to reduce our short positions
    in high-yield currencies before that time
    so we minimize the charges.
    #14     Feb 15, 2006
  5. gwac


    2 days no response.

    5pm est time is when the banks switch
    over. Its way to expensive to carry an overnite position
    with this company. I will cover all my positions before
    4pm or I will use futures...

    Banks and IB do swaps to cover their rollovers, nobody uses
    this interest rate crap, especially when you screw people
    on both sides.

    I am so furious.....

    #15     Feb 15, 2006
  6. KS96


    I am glad that someone else agrees that it's too
    expensive to carry forex positions overnight at IB.
    For a moment I thought that it's only me having those
    huge monthly charges...

    IB's web-pages are silent about the exact time
    the daily interest is calculated. Anyone?
    #16     Feb 16, 2006
  7. katesdp


    Most likely 5:00 PM EST
    #17     Feb 16, 2006
  8. KS96


    No comment from IB yet...
    #18     Feb 20, 2006
  9. arl


    I was wondering the same myself, I would think that this is pretty important for most people.
    #19     Feb 20, 2006
  10. KS96


    They would like to bury this thread, I think...
    The gigantic interest charges generates lots of cash for them.

    As I mentioned in another thread,
    I didn't have a *single* month without interest
    rate charges...for at least 6 months in a row...
    Those charges amounted to around 3%/month (on average)
    of my total equity. That's huge!

    F**k them. They are much cheaper forex brokers out there.
    My forex trading costs decreased greatly since I moved
    away from IDEALPRO to another broker, without affecting
    my profitability (so I am not sure if I buy this "ECN is more fair
    and transparent, that's why we rip you off'" BS...
    #20     Feb 20, 2006