Interactive Brokers (India)

[Gorge1411]

@CougarTrader
How is IBKR in terms of order execution and order stability in comparison to zerodha. I am not looking for a fancy platform, i just wana be able to place orders fast and smooth without any lags or downtime

 

[CougarTrader]

order execution

instantaneous... no lag... order modifications also reflect very fast...
at first the simplicity of the order interface might make a new user little overwhelmed, however, once acquainted it will become difficult to place orders at other broker terminals...
place orders from charts, option chains, lots of freedom...
several innovative order types available as well...

stability

never seen their core TWS platform 'flapping wings' even on hugely volatile days for past several years...

I am not looking for a fancy platform

Nothing fancy, you'll get all that you need....

Plus, nice inbuilt Option Chain...
Plus, rock solid APIs to build your own things...
Plus, free AB data via built-in plugin...
Plus, IBKR takes responsibility of their actions...

Speaking of demerits:

1. If you're a positional or intraday Options seller, margin required is generally 25-30% additional on top of NSE requirements. And no Pledged Margin available either! No Mutual Funds! No Bonds!
2. Realtime Volume data is unreliable. Historical is okay!
3. No OI data
4. No Options pay-off

 

[newtrader101]

Hi Cougartrader, are you saying you never face any issue like this:
https://www.traderji.com/community/...sed-all-3-brokers-now-here-is-my-view.111494/

https://www.traderji.com/community/...they-scam-and-exploit-traders-like-us.111673/

What if in case of any arbitration, these people are in the US, will it not be difficult?

Just cant believe it.

 

[CougarTrader]

Hi Cougartrader, are you saying you never face any issue like this:
https://www.traderji.com/community/...sed-all-3-brokers-now-here-is-my-view.111494/

https://www.traderji.com/community/...they-scam-and-exploit-traders-like-us.111673/

So far no issues with me... IBKR is a safe, risk-averse broker with respect to all these nonsense bs... during my early days I faced all sort of issues with these brokers, hence, switched!

IBKR's OMS and RMS preempts nuisance beforehand, so you (as a user) is safe at any given moment. And if you can prove them on their Ticket system or by Email, that whatever mishap happened because of them, they will take responsibility unlike others.

In recent times, although unrelated to NSEI, the article that I came across is this, showing an extreme case where IBKR faltered but at the same time:

[Thomas Peterffy is founder of IBKR]

Understandably system glitches can happen, forget NSE, even NYSE falters, let alone these are Brokers. But what happens in India is a result of ignorance (which could be prevented in first place) or with sheer intention to exploit client's money and at the end of course nonacceptance of the matter even after showing them evidence.

Another major reason why Indian brokers faulter is because of the fact they outsource most of their functionalities to vendors, and in some cases these vendors further outsource their functionalities. Let say, Broker B1 outsourced its OMS to Thomson Reuters and there is another Broker B2 who has also outsourced its OMS to Thomson Reuters. So, now anything happens at Thomson Reuters its la-re-la-pa everywhere.

What if in case of any arbitration, these people are in the US, will it not be difficult?

Same rules still apply! You are dealing with IBKR India who is a trading member of NSE, BSE and depository participant of NSDL whose registered office is in apla Mumbai.

 

[VXP]

Same rules still apply! You are dealing with IBKR India who is a trading member of NSE, BSE and depository participant of NSDL whose registered office is in apla Mumbai.

As far as I know IBKR is NOT a trading member of BSE.

I am trading with IBKR since last one & half years and I never encountered any issues as far as trade execution is concerned, however their funds transfer systems are stone age. It takes nearly 2 hours before we get credit in our accounts after making RTGS. Sometimes it gets credited even next day whereas with other brokers it hardly takes 2 minutes. So I would advice everyone to have at least one additional broker where you can make funds transfer and take trade within minutes when needed.

 

[CougarTrader]

As far as I know IBKR is NOT a trading member of BSE.

This is not a shouting match!

I quoted their website, IBKR used to allow trade in both BSE & NSE long time back, but now allows trading in NSE only.

(Image source Information for Indian Individuals)

however their funds transfer systems are stone age.

Very true. Even if we NEFT/RTGS, they still register those transactions in SWIFT as well.

Always mention your UCC in Bank Transaction notes while paying-in by NEFT/RTGS.

One good thing about their pay-out is that you can withdraw anytime (barring Holidays, Sat & Sun). I generally place pay-out requests at night IST, a day before I need the money, by morning its in my SB A/C.

 

[newtrader101]

...its la-re-la-pa everywhere...
.

Thanks.
Btw La re la pa...is this song by Meena Shorey in Ek thi Ladki...? Interesting to see how song dances evolved...

 

[newtrader101]

Hi Cougartrader,
IBKR says "
When we receive the funding for your account application, we will finish our review and open your account after confirming the documents you sent. This may take a few days after the account application is funded, and we will notify you by email when your account has been opened. Note: We are experiencing a significant increase in new account applications. This may lead to longer than normal review times for application approvals.""

If we fund our account before approval I don't know how it will turn out...

 

[CougarTrader]

Hi Cougartrader,
IBKR says "
When we receive the funding for your account application, we will finish our review and open your account after confirming the documents you sent. This may take a few days after the account application is funded, and we will notify you by email when your account has been opened. Note: We are experiencing a significant increase in new account applications. This may lead to longer than normal review times for application approvals.""

If we fund our account before approval I don't know how it will turn out...

Since you applied for a new account, an UCC has been already generated. After you transfer fund, let's say token of INR 10K, you'll be able to see that 10K in your trading account.

That sum will never get forfeited, not even a penny! Later when you fund for trading/investing, it will get added to what you transfer next.

If your application get disapproved or somehow you change your mind before completion of application process initiates, you can still withdraw that amount anytime.

One more thing, even if their website might show a charge for pay-in/out, for India all fund transfer fees are waived. Market data subscription for NSE is free too, however, you would need to maintain minimum balance.

 

[karan.]

1. Hello pls assist in these queries dear members:
for interactive brokers India why is showing No for NDSL depository participant ? How to then take delivery of shares ?

2. After sale of shares from demat do they credit funds instantly ? How much ? for trading and we can use to make transactions from it ? And if we use these funds and make sale again same day will it lead to free ridding ?


3. Also wanted to check for FnO usually what is margin given is it 5x till expiry ? Or do the make it full value of security too sometimes. Anyone having experience of it will be helpful.

4. Disclosed quantity option available nse cash

5. My Indian account opening showing as margin type ? On main application it showing demat so it will have demat or not ?