Interactive brokers 2019 need suggestions and reviews.

#1
I would like to hear from traders about their experience using IB for trading in NSE in 2019.

I have gone through older threads but looks like IB has revised it's brokerage structure.
I have played with their demo account and find it impressive!

The ability to easily integrate with NinjaTrader, Algo APIs, different order types, order automation, charting etc. all looks awesome!
I believe their paper trading account itself can save a lot of money (atleast for me) as I can try out my impulse trades/new strategies on them!

- With so many discount brokers around why you have chosen IB despite?
- What is the minimum bank balance/networth needed in 2019? (yup seen their website it says 30K USD, 40k USD etc but I think that's negotiable for Indian Customers)
- For a normal investor how IB compares to other demat accounts (ICICIDirect/Zerodha/Fyers etc.)

Regards,
GoatTrader
 
#3
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405

I'm not an investor, only an intraday-trader, so I can't speak from an investor's point-of-view but I guess IF I was an investor, I'd love their GTC orders since I don't think any other Indian broker provides them. As I understand, with other brokers, you have to place your SL & TP every morning on your investment-trades but with IB, you just need to place them once & forget about them, & that one thing alone would save so much headache for investors.
Typically, I use GTD orders, which get auto-canceled after a specified time & date, for instance, I don't want to take any new entries/positions after 10 a.m.

In short, trading with IB has been a good experience, & I've been doing it for a year & a half so far, & in this period, I've only had platform-trouble ONCE whereas with Zerodha & some other discount-brokers, it seems that there's some platform-glitch every few weeks. For me, the only negative point about IB is that their margin-requirements for intraday are not as good as other Indian discount-brokers.
IB also has an inactivity fee of Rs.200/month, which might be a negative for investors who rarely trade but for traders like myself, who spend more than Rs.200 per month in brokerage, it gets waived off.

If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.
 

CougarTrader

Well-Known Member
#4
It's about a year now, that, I have requested @Traderji to seriously consider and bring IB onboard for direct discussions which is yet to happen. Long time back IndiTraders did, but, IB reps are no longer active there and sadly the forum has become obsolete, also those posts have become irrelevant as things have changed over the years.

I also contacted IB to join Traderji to which the Director replied, "Will look into that!" and, probably, he is still looking. Below are his details, may be anyone of you could try again, I will poke too:

Ankit Shah, Director of Sales (India)

Also requesting @Traderji (again) to look into it for everyone's benefit.....

Thank you
 
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#5
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405
....
If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.
Thanks and your reply is much appreciate :up:

I would like to know few things.

For 1 lot Nifty Futures:
- what's their over night margin requirements to go long/short
- what's their intraday margin requirements.

What would be a simple round trip (buy and sell a lot) transaction of 1 Lot Nifty Future look like?

Sure IB's web page has some margin tables but a full completed transaction reveals all the transaction costs involved.

@CougarTrader

yeah I have seen "Ankit Shah" arranging some presentation on behalf of IB in youtube.
Looks like IB management is not hungry enough or they don't even see Indian retail market segment worth to compete!
 
#6
You're welcome.

It might seem weird but I rarely trade NIFTY so don't know its margin by-heart, in fact, I don't know exact margins of 100 or so stock-futures that are in my IB watch-list because I have no affinity for any particular instrument, I just trade whatever instrument that my scanner says meets my technical criteria; so, the only thing I keep in mind is that for most of the instruments in my watchlist, one lot can be bought/sold intraday with 50k to 150k.

Nonetheless, IB has a global reputation for being very transparent, so what you see is what you get. So, you can rest assured that the margins you see here are pretty much what you'll see on the live platform, excepting negligible variance due to daily price-changes - https://www.interactivebrokers.co.i...showcategories=FUTGRP&p=&cc=&limit=100&page=2

Why do you think trading-costs would differ significantly between IB & Zerodha or some other Rs.20 discount-broker, if they are going to charge Rs.20 per executed order for F&O & all of the other charges are going to be very much identical?

Nonetheless, here's one my of my recent contract notes, & I cross-checked on Zerodha brokerage-calculator & it's pretty much identical :

 
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vivek.civil17

Well-Known Member
#7
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405

I'm not an investor, only an intraday-trader, so I can't speak from an investor's point-of-view but I guess IF I was an investor, I'd love their GTC orders since I don't think any other Indian broker provides them. As I understand, with other brokers, you have to place your SL & TP every morning on your investment-trades but with IB, you just need to place them once & forget about them, & that one thing alone would save so much headache for investors.
Typically, I use GTD orders, which get auto-canceled after a specified time & date, for instance, I don't want to take any new entries/positions after 10 a.m.

In short, trading with IB has been a good experience, & I've been doing it for a year & a half so far, & in this period, I've only had platform-trouble ONCE whereas with Zerodha & some other discount-brokers, it seems that there's some platform-glitch every few weeks. For me, the only negative point about IB is that their margin-requirements for intraday are not as good as other Indian discount-brokers.
IB also has an inactivity fee of Rs.200/month, which might be a negative for investors who rarely trade but for traders like myself, who spend more than Rs.200 per month in brokerage, it gets waived off.

If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.[/QU
hi Newbie trader , i would like to know about market data ?? what is that exactly ? do we need to pay subscription every month to use their platform ??
 
#8
Market-data is just your regular live quotes that we see on Nest or any other broker-platform, it's free for NSE as well as a bunch of other global markets but only available if you keep a minimum of $100/Rs.7,000 in the account.

They will charge Rs.200/month every month whether you trade or not BUT if you trade, then those charges get waived off to that extent. For instance, in one month, you made only one trade with IB, you bought & sold one lot of NIFTY, then that's 20+20=40 in brokerage, right? But they'll charge an additional Rs.160 anyway so that they are getting a minimum of Rs.200 out of you for that month. On the other hand, let's say, in another month, you take 5 such trades & spend 40x5=200 in brokerage then you won't have to pay anything additional to them because they want you trade & spend AT LEAST Rs.200/month. Maybe they don't want dormant accounts using them just for their paper-trading or free Amibroker-plugin or simply have a goal to make that much per account.

Again, this might be a concern to those who don't trade much but for any active-trader, who spends at least Rs.200 in brokerage every month anyway, there's no additional charge.
 
#9
@Newbie Day-Trader Please tell us about the account opening process in details, like what documents are required to be submitted, do we need to send scanned copies through email or originals by post, time taken to open an account etc and whatever else you think relevant in this regard. I heard they even demand net worth certification, liquid cash at hand certificate etc.

As is evident from the forum discussions, many traderji members are unhappy about frequent platform issues of home-grown discount brokerages who are never short of excuses.

Spare little valuable time of yours to guide the members to project IB as an inexpensive viable alternative.
 
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Traderji

Super Moderator
#10
@CougarTrader

Thank you for your message.

We are in touch with Mr Ankit and trying to bring his team on board asap.

Traderji


It's about a year now, that, I have requested @Traderji to seriously consider and bring IB onboard for direct discussions which is yet to happen. Long time back IndiTraders did, but, IB reps are no longer active there and sadly the forum has become obsolete, also those posts have become irrelevant as things have changed over the years.

I also contacted IB to join Traderji to which the Director replied, "Will look into that!" and, probably, he is still looking. Below are his details, may be anyone of you could try again, I will poke too:

Ankit Shah, Director of Sales (India)

Also requesting @Traderji (again) to look into it for everyone's benefit.....

Thank you
 

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