IB Universal Question

Discussion in 'Retail Brokers' started by Trader5287, Oct 1, 2002.

  1. I have an IB stock/options account since FEB. I want to switch to the new Universal and saw the ad that if I make my request by 8PM on Friday, IB will act over the weekend and I will be all set by Monday.

    Has anybody had experience with this? I absolutely cannot have any interruption in access to my positions. Even if I blow the application, will I still have my old stocks/options?

    Thanks.



    Geo.
     
  2. Minime

    Minime

    Better give yourself a few trading days of leeway at least. I had problems the first day, but they were resolved by day two. And make sure you have the most recent software loaded before trying it.

    It was new when I switched, so maybe they have the process ironed out.
     
  3. Thanks. I'm paranoid because when I started with IB in February I answered a yes/no question saying I worked for a brokerage firm by mistake. It was hell to get it fixed and took over a month.

    Geo.
     
  4. I've recently changed from Datek to IB and have had a time getting everything in order to trade and heaven help you if you have to call them. I like the price per share at IB but customer service and no RT charting is a drag. I'm getting it to work now with the new version of Quotetracker though to remedy the latter. Just as I'm getting things ironed out now I need to change to a universal account. I dread it.
     
  5. I was in the same situation wanting to comvert a stocks/options account to a universal.

    I opened a new universal account. Waited for the approval. Began an internal funds transfer and was trading the next day. Closed the stocks/options account once the transfer was complete.

    No need to worry about when IB would get around to converting the account.

    Good luck.

    Later,

    Cracked
     
  6. Aaron

    Aaron

    I had no problems converting either of my accounts to universal accounts. They were done over the weekend without any interuption in trading.

    Btw, the universal account is really an excellent product. The top three reasons I like Interactive Brokers:

    1. low commissions
    2. universal accounts
    3. interest on cash balances
     
  7. hacacare

    hacacare

    Hi,

    could anybody tell me what does it mean Universal account and
    what is the different between the universal and the "normal" account

    thanks
    hacacare
     
  8. chisel

    chisel

    A Universal account allows you to trade both futures and stocks in the same account.
     
  9. hacacare

    hacacare

    thanks for your reply

    But as I know, if I'd like to open an account now, I will get a Universal account.

    Is it right?
     
  10. def

    def Interactive Brokers

    Yes all new accounts are Universal.

    Other advantages are that they let you trade global markets with one base currency and all excess cash from the commodity side gets swept into the equity side in order to provide SIPC and additional insurance.
     
    #10     Oct 3, 2002