Why? Do you think it's easy to set up shop in dozens of countries, hire/train people, set up data/exchange/banking connections, deal with some truly insane regulatory bodies, and somehow manage to be competitive with the "old boys club" environment that exists in some of those marketplaces? I'm surprised IB manages/bothers to do it, much less anyone else! Mowery: Grow up, man. At some point, "I'm 19 and can act like a jerk if I feel like it" (paraphrasing you from another thread) only goes so far.
def Interactive Brokers Registered: Dec 1999 Posts: 3771 04-19-06 01:09 AM Quote from nonam: Even if you are an active trader there are hidden fees IB will hit you with if you trade foreign markets.They will call some of these fees "interest".To be fair,I suspect all brokers do this.Pisses me off they dont put the whole deal up front and in your face. Nonam, there are no hidden fees at IB. The interest charge you are talking about is if you are short a currency. If you have a debit in a currency, IB is lending you money. I'm sorry but we are not a charity. However, if you look at the credit interest rates and margin rates we charge, you'll note that we are extremely fair and perhaps the best in the business. Def,when a trader buys a foreign stock why dont they just take the dollars and change it to the foreign currency and buy the stock and be done?Why the ongoing bullshit with "borrowing " currency and being short currency?I have stated before,I never spent a dollar that I didnt own,yet I got a "margin" call.
You control the currency exchange yourself at IB -- I actually prefer it that way bec it allows me to time the currency exchange separately from the security purchase/sale. E.g., if I expect to buying securities in a currency in which I just sold a position, I can choose not to convert back the currency to avoid paying the spread an extra time.
Nothing is stopping them from doing that. We give the choice and most of our clients would like that choice. However, you should note that simply converting to a foreign currency opens yourself up to additional currency risk. Thus you simply aren't just "done with it." Also note that many of our clients are active traders. They buy and sell within the same day or within a few days. By not having to convert all funds they reduce their FX cost and risk. For them the most cost effective way is to not convert. Each individuals situation is different. You are clearly just thinking about yours. With IB you have the flexibility to convert all, some or none of your funds at interbank rates.
Anybody tried E-Trade Global Trading? http://www.marketwatch.com/news/sto...x?guid={6FC2011F-7B03-40EB-AC69-BCA426C29F45} http://www.usatoday.com/tech/news/2007-02-20-etrade-global_x.htm http://www.newsmax.com/money/archives/articles/2007/2/20/113021.cfm https://us.etrade.com/e/t/investingandtrading/globaltrading
No,I dont understand the previous two posts.I bought some foreign stocks.I also hold some US stocks.I thought they would convert the necessary dollars to buy the foreign stocks and that would be it.But even when I dont trade,the amount of cash in my account fluctuates.It seems to be something to do with the exchange rate.Also it seems to me that IB are paying me interest on my US cash and CHARGING me interest on my foreign stocks.
I need a broker that tells me the market close for tomorrow! Most brokers just give current quotes and that's just not good enough! How are you supposed to make serious dough with only knowing the past?
OPen E cry already have Eurex and soon will have Euronext, HKFE, SFE and Singapore so they maybe worth checking out. Cheers