Interactive Brokers (India)

CougarTrader

Well-Known Member
#91
Critical reasons for sticking with IBKR

With feature-rich IBKR TWS one may place orders either directly from charts (flawlessly!) or from "Bid x Ask" (be it DOM or Option Chain).

To buy - click on Ask, to sell - click on Bid --> Modify "Order Ticket" if required to change price, order types, set conditions, etc. --> Transmit

Apart from numerous other means of placing orders, needless to mention, at no-extra-cost yet powerful APIs are available to automate it all, plus, many interesting data-points especially to-do with Options.

Very stable RTDServer to get numerous data-points transmitted to Excel. By "Enabling ActiveX and Socket Clients" enjoy free real-time quotes onto popular charting softwares (including AmiBroker).
 
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CougarTrader

Well-Known Member
#92
Received an interesting question in DM, sharing the reply here for the benefit of others:

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This question is in regards to Spread Orders | Interactive Brokers India Pvt. Ltd.

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Yes we can place Spread Orders using:

OptionsTrader short tutorial; use Strategy Builder -> Select any pre-defined strategy, for custom use 'Synthetic' -> Hit Bid X Ask for respective Buy/Sell Leg selection from below "Option Chain" -> (once all legs selection done) hit "Add to Quote Panel" -> From "Quote Panel" right-click on the composite order - make necessary changes -> Transmit once satisfied. Practice using the Demo Trading first.

ComboTrader is now known as BasketTrader - same thing but with more features than its predecessor

[SpreadTrader is not available for India owing to less liquidity in our Futures markets; baring Nifty, BankNifty and few stocks. Out of 200 x 3 hardly 30 future contracts are liquid. Moreover, it applies for "Exchange of Futures for Physical" (EFP) - it is a special product facilitated by few Exchanges only around the globe. Alternatively and simply, Bracket is more applicable for us.]
 

VXP

New Member
#93
Having interacted for quite sometime now, highlighting the "so-called" major challenges with IBKR.

1) High margin requirements than NSE stipulated on Futures and Sold Option positions

2) No provision for margin against pledged collateral

3) Inadequate customer service

4) Quarterly settlement

For me the biggest issue is that RTGS Fund Transfers takes on an average 2 hours to get credited to our accounts as against almost instant credit given by almost all local brokers. Add to it lack of margin against pledged shares, many times we are left with no other option but to take positions with local brokers on some news breaks or earnings announcements.

Secondly one can't buy/sell shares which are listed on BSE and there are many good Companies listed only on BSE. Moreover on NSE also they don't allow us to buy shares which are into T2T category.

In view of the above one can not solely rely upon IBKR for all his/her trading/investing needs. We need to have account with at least one local broker also to supplement IBKR.
 
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CougarTrader

Well-Known Member
#94
For me the biggest issue is that RTGS Fund Transfers takes on an average 2 hours to get credited to our accounts as against almost instant credit given by almost all local brokers. Add to it lack of margin against pledged shares, many times we are left with no other option but to take positions with local brokers on some news breaks or earnings announcements.
Haven't deposited for a long time... I agree even withdrawal takes more time than others. Also I am a long-term trader!

Secondly one can't buy/sell shares which are listed on BSE and there are many good Companies listed only on BSE. Moreover on NSE also they don't allow us to buy shares which are into T2T category.
I am not against investing, but, problem with me is that I just cannot buy something, leave others to decide the fate of my money and just hope it to go up over time, be it how convincing the proposition looks like!

Thus, need hedging tools to mitigate all sort of risks inherit to market uncertainty. I can (will) accept loss only if I know how to recover it, plus more (sometimes several times more), otherwise, won't take that position to begin with. Adhering to this principle, I also cannot invest in Stocks that does not have Options.

And BSE does not provide Index/Stock Options. So, IBKR fits me all-in-all. :)

At the same time, by no means I am demoralizing you or on what you do.
Whatever you're doing is working for you, please continue doing so!

Specifically, in "my" case, broker related issues used to disturb a lot; mostly platform-related issues, petty-issues in the name of regulators, lack of common-sense, being irresponsible, not taking ownership of a situation conducive to their own faults, or, using sophisticated fallacies to churn extra fees/charges, etc.

Then, found IBKR. Partnership with IBKR works well for "me", neither vouching nor claiming in any way for "others"! Leaving that to you to decide!

Bottom line is that unless & until you've found a consistent way of staying profitable, only throwing the onus on brokers (or on others) won't yield anything.
 
#95
Critical reasons for sticking with IBKR
@CougarTrader Sir, I am an Options trader in Nifty on 3m chart. I was reading all your detailed answers in this thread. I would like to know a few things,

1. I am not planning to use APIs (no coding background & also I have a very simple discretionary system that works, so don't want to go the complicated path).
Is there a way I can simply place trades in Nifty futures chart & order is placed automatically to buy a specified option at market price? ( you have shown some method to buy niftybees while Nifty is at some specific point, so I thought of asking).

2. If above is not possible then what are my other options? (like looking at the chart & placing order simultaneously on option chart?)
2a. How good is the multi window layout on IKBS?

3. These are brokerage & other charges for Discount brokers
1 futures lot: INR 220 (around), 1 options lot: INR 60 (around). What will be the charges for same with IKBR ?

3a. "USD 100 (equivalent in INR) minimum required to subscribe to and maintain market data and research subscriptions" - is this annual maintenance charge or a one time non-refundable fee?
Also noticed a minimum $500 requirement. Is that minimum capital we should be maintaining?

4. How is the mobile platform? Does it sync with TWS desktop? Can we trade from chart from both desktop & mobile (like placing a trade on desktop & then managing it with mobile & vice versa)?

5. I am seeing that TWS is supported on Macbooks as well. Do you have any experience using them on macs? (I have downloaded the demo version & playing around with delayed charts. Can't believe that each & every option I always wanted to have in my broker is right infront of me! )

Currently I am using Tradingview/ Tradetiger for charting & Zerodha/Fyers for orders. Always notice that Tradingview is 1 sec late in updating quotes in comparison with Tradetiger. Can we expect a faster quote update in TWS?

ps: Please ignore my bad english.
 
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#96
I was checking NSE website & found that active no of clients with IBKR is just around 1200 ! How are they providing quality service with only a few clients? Am I missing something here? (like all clients are HNI or institutions etc?)
last year
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This year
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