Interactive Brokers (India)

How good is IB for fulltime intraday scalpers like me ? I only do index option (banknifty/finnifty/nifty) buying (with large quantity) and barely hold the trade more than few minutes, IB must be hell lot robust n rock solid when compared to any of the Indian broker. What are their charges for intraday, I could only find the following calculator https://www.adigitalblogger.com/interactive-brokers-brokerage-calculator/ to see the IB charges, are they accurate ? Do IB provide access to API ? if yes then at what cost ? can I manually trail SL beyond avg/buy price with a click of a mouse/keyboard in IB web platform itself ?
 
i found a issue or major flaw IB india if bid price is is below or above exchange cut off they dont allow order via GTC directly, they told me have to place conditional order for that by going in classic. After i went in classic i could not find stocks added in favorite of mosaic.

Z straight away allows to do that with GTT...
 

newtrader101

Well-Known Member
Cancelled my application with IB India. The procedure at IB is really ancient. Everyday they would ask for one document or other. Got fedup. This proof or that proof. so I asked them to stop this nonsense and cancelled my application and asked for refund. Yeah I will have to search for another broker now.
Yes, it's tedious. You also need to figure out how to find NSE stocks etc.
Funny thing: They ask for identification each time, even if you got transferred inside their phone helpline network to another dept of theirs. Heavily accented American English, but you can request for someone to speak with you in Hindi or Indian English.

Very polite--They completely listen to you and wait a few seconds after you to start answering your query. And customer service is available after our market close also.

But for those of us who are used to the quick fund transfer and easy GUI in Z, this will take a long learning time.
 
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newtrader101

Well-Known Member
I tried a short trade with AUROPHARMA. Used market order.
For 1,00,00,000 turnover, around 6500/- expenses (intraday-both legs).
USDINR spot price chart is available.
Market data and scanner is available if you have a balance of 100 USD.
Can trade US stocks. Only long in delivery. Buying of shares in fractions is possible. 2nd level Market depth available.
No commodities now.
There are tutorials to study how to operate the interface. Quite a few..
 
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siyalikashyap

Stop overthnkng.U cant control evrythng, Be it
What is the time taken for quarterly settlement money to reach the bank from IBKR.
i guess its depend on bank to bank - cuz this must be an NEFT process once its done from the brokers end then it will take the usual time upto the bank for fund transfer
 

godfather

Well-Known Member
So most of us still go with Z or other brokers because the process involved in opening an account, fund transfers and the overall enigma surrounding the IBKR process cycle is unknown, or is some more clarity required? can we say this right?
 

newtrader101

Well-Known Member
So most of us still go with Z or other brokers because the process involved in opening an account, fund transfers and the overall enigma surrounding the IBKR process cycle is unknown, or is some more clarity required? can we say this right?
The opening process is long drawn, but will conclude properly if all your documents are in order.
Fund transfer request procedure can also be learnt. You need to make a request in the software first, then the usual NEFT/IMPS. No UPI yet.
Need to spend some time learning to use the platform. Tutorials are available on youtuve and their site.
No crypto or forex trading for Indian nationals, as per RBI regulations.
 

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