Is IB really that bad?

Discussion in 'Interactive Brokers' started by pbanerjee, Feb 17, 2007.

  1. dhpar

    dhpar

    Well, that looks very unlikely - do you think you could have a chat with IB and ask them to investigate your account problem + let us know your result if it relates to us as well? My bet is that negative accrued is coming from somewhere else in your account.
     
    #21     Feb 18, 2007
  2. JackR

    JackR

    Bitstream:

    Perhaps IB has a glitch in their software. Please follow-up in this thread when you get an explanation (and hopefully a refund).

    Jack
     
    #22     Feb 18, 2007

  3. dunno, i dont think it is the case. i am astounded nobody has noticed anything strange...maybe that's because nobody carry trades overnite @ib but i've been charged interests many months ago as well in a similar non-marginable position, infact it was almost a yr ago. how can it be a glitch?
     
    #23     Feb 18, 2007

  4. as i said those are the only 2 positions i have been carrying, rest of my acct is used intraday only.

    tomorrow i will ring 'em up and i then get back to u all asap.
     
    #24     Feb 18, 2007
  5. WD40

    WD40

    BS: what is your base currency?
    what stock exchange did you buy your stocks from?

    if the 2 currencies are not the same, you will in fact activated a loan in the currency of the exchange to buy your stock, thus you will be paying interest charges even though you have sufficient "money" to cover the purchase.
     
    #25     Feb 18, 2007
  6. my acct is euro/pound denominated but my base is $ therefore i should be charged the conversion and when i pull my money out, not the loan on every transaction.

    stocks on naz and nyse.
     
    #26     Feb 18, 2007
  7. yes ... IB is terrible ...

    excuse me while I count some more hundred $$$ bills
    in profits from trading

    before I deposit them into my bank account

    all this mind you from having the forsight to have opened up an account with IB

    thanks IB !!!

    :p
     
    #27     Feb 18, 2007
  8. Which is which? your base is either $ or euro/pound ...

    the euro has a -2% rate differential to the dollar, so any items held in euros (ie long euro, long euro stock, etc) will show negative interest accrual if your base currency is dollar.

    furthermore, lack of positive interest accrual on the 1st 10k may have something to do with this as well.

    remember that being short the usd and long euro for example will cost you -2% to carry annually. even long the gbp against usd is something like -.5% -- -1% (don't remember the differential that IB charges on this pair).
     
    #28     Feb 18, 2007
  9. ids

    ids

    Bitstream,

    You keep euros and pounds and buy paying dollars. IB loans you these dollars and you are paying interest on this loan. Base currency is irrelevant. It is just a way to calculate in one scale. If you want to avoid a loan, you can buy dollars on IDEAL or IDEALPRO and use them for purchase of stocks. Of course, you will take a risk of changing currency rates. Now you are avoiding this risk. You cannot do it for free. Reference: http://www.interactivebrokers.com/en/accounts/universalAccount.php
     
    #29     Feb 18, 2007
  10. k, and how do i do that, the conversion.
     
    #30     Feb 18, 2007