What you are saying is true for the Australian dollar only ie. if your account is funded with 100,000 AUD, you will get approximately 300 AUD credit interest per month. With 100,000 USD, it comes to about 41 USD per month. So those with accounts less than 100K would be looking at about a $20 monthly difference, on average. Still money, but a far cry from $300.
GHCO offers TBills, so your cash need not be idle. I am checking with Mark about existing customers (me) who want the reduced rate. weewilly
Oh really? That's interesting. How come only Australians are receiving interest? I think I'm getting around $420 a month or so (free money then?), which I divided by the current exchange rate, which brought me to ~US$300, and this is the figure I named. So that only applies for Australian clients then? Interesting. $41 a month sounds very meagre indeed! Cheers for the info. Now I'm a little smarter once again. Scientist.
I just heard back from Mark and he's going to reduce my existing rate to this $4.80/rt special offer. I would like to thanks him here publicly. I have had no problems so far with AF (the IB) or GHCO (the FCM). You'll be working mostly with GHCO for any techical or statement-related issues. BTW if you breakdown the $4.80 r/t commission into components (looking at my GHCO statements): Globex fee (1.50) Exchange Fee (.78) NFA Fee (.04) Trade Software fee (1.00) that's only 1.48 per round turn in commission back to AF, the IB. wee
Scientist if an in your example your receiving $300 per month on 100K dollars = 3,600 dollars a year on intereest on 100k which furthermore is = 3.6% per year interest rate. Would you mind telling me what U.S. institution on this planet is paying 3% credit interest in this low interest rate enviorment with fed funds sitting at 1% and your average money market fund rate at .006%? If you have an answer great I would be most please to find out..if not then the numbers on the credit interest in this interest rate enviorment are not that impactful. IB is currently paying .0025% on credit interest Terra Nova Online is paying .00125% on credit interest. This is a far cry from 3.6%
MarkHyman, I'd still like to get a quote on running an account through you running X-Trader rather than J. I wouldn't even consider parting with my current setup unless I had a good reason to do so, and J-Trader isn't the one, so I'd appreciate your response on this. Clearly if I'd like to run an 'inferior' platform, I could go with FFastTrade, who offer a very good platform, though for $550 a month, but then they start at only $3.32 / RT, a straight saving of $1.18 / RT compared to your rate. I only need to do 23 RT a day on a single contract to start saving. I certainly do more than that. Suppose if the brokers don't come up with some good deals soon, it might be worth considering leasing an IOM seat with CME, which costs $1,900 a month, but then one pays only $1.32 /RT, a 70% saving on your rate. If you go through FFastTrade, that is. If your firm deals with seat clients too, please PM me as well with some details please, since I'm considering leasing a seat, and wonder if you are competitive enough to offer a better deal than FFastTrade. Regards, Scientist
Very interesting. I am indeed aware of the figures you're naming here, since I trade primarily the US markets. However, I wasn't aware that I could be benefiting from such nice interest rates through IB while Americans wouldn't. Yes, the interest rates are pretty low here, too currently (I currently get ~3% in one of my cash management trusts, an all time low), so I wondered why I would get well in excess of 3% in my IB account all the time! I'm still not quite sure why. But I when the AUD broke 61.50c against USD, I exchanged every USD I had into AUD - and more. Now it's at ~71.00, so about 15% gain in ~6 months. You do the maths. I'm pretty glad I made the right decision here. I did pretty well on the deal. The other way 'round sure wouldn't have been nice. Not to mention the interest I get in American accounts! I'm not an active forex trader as such, but I do try to be smart about the currencies in my accounts, I find this to be important. And no, I did not exxagerate - I did get well over 3-4% interest on my IB account for a while now and am still getting it! Warmest Regards, Scientist.