Interactive Brokers (Best Kept Secret)

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klaus14
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Re: Interactive Brokers (Best Kept Secret)

Post by klaus14 »

Marseille07 wrote: Mon Sep 13, 2021 10:34 am
klaus14 wrote: Thu Sep 09, 2021 4:56 am
Marseille07 wrote: Wed Sep 08, 2021 10:39 pm I scheduled a CC payment out of IBKR. I think it'll go through but if not, I likely have to pay a penalty.

I'll check my balance at the ATM when I have cash and an equity position in the same account. I expect to see the amount of settled cash.
if it is over $1000 you need to approve it in mobile app. They send you a SMS for it.
This thing is extremely confusing.

In "Transaction Status & History," I see "Your Direct Debit withdrawal of USD XXX has been sent and should arrive at your bank shortly."

However, I just received an SMS saying "Use IBKR mobile to authorize by XYZ or it will be rejected." I open the app, I don't see anything obvious how to authorize this transaction.
i think it was under Transfer & Pay > Direct Debits
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
Marseille07
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Re: Interactive Brokers (Best Kept Secret)

Post by Marseille07 »

klaus14 wrote: Mon Sep 13, 2021 10:54 am i think it was under Transfer & Pay > Direct Debits
Thank you very much, I found the menu. I wish I could do this from the browser too, I don't see why they need to make it mobile only.
klaus14
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Re: Interactive Brokers (Best Kept Secret)

Post by klaus14 »

Marseille07 wrote: Mon Sep 13, 2021 11:04 am
klaus14 wrote: Mon Sep 13, 2021 10:54 am i think it was under Transfer & Pay > Direct Debits
Thank you very much, I found the menu. I wish I could do this from the browser too, I don't see why they need to make it mobile only.
i think the logic is that mobile device is a separate device you physically possess.
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
Marseille07
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Re: Interactive Brokers (Best Kept Secret)

Post by Marseille07 »

klaus14 wrote: Mon Sep 13, 2021 12:03 pm i think the logic is that mobile device is a separate device you physically possess.
I guess so. You saved my transactions as some of them were due in a couple of hours :beer
Marseille07
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Re: Interactive Brokers (Best Kept Secret)

Post by Marseille07 »

occambogle wrote: Thu Mar 18, 2021 8:52 am
wmvink wrote: Thu Mar 18, 2021 8:44 am For me, a major issue with ACH is the ridiculous 44 business days hold on your funds.
This happened to me. I did a backdoor Roth which involved transferring funds from bank account > Trad IRA, then tried to do a conversion and transfer to Roth IRA. I got tripped up by the ACH 44 day rule because they consider moving funds from one account at IB to another account at IB, even when you are the holder of both accounts and they are all in your name, to be a "withdrawal" from the first account.... so.... 44 days. My advisor escalated the matter up the chain within IB and they eventually agreed to make a manual exception - but their policy is nuts.
As a result I never use ACH at IB anymore... I'll use Online Billpay for amounts under $10k and it works great if your bank sends it electronically. And for any larger amounts I would just do bank/wire transfer.
I mentioned this elsewhere, but the 44-day rule only applies when you initiate ACH at IB.

I just did an ACH pull initiated at IB from Bank A (subject to 44-days); then another ACH pull initiated at Bank B to pull the said money. IB let the money pulled without complaining about 44-days.

I don't know if this trick solves your situation but it worked in my use case.
parval
Posts: 119
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Re: Interactive Brokers (Best Kept Secret)

Post by parval »

Marseille07 wrote: Thu Jan 06, 2022 12:17 pm
occambogle wrote: Thu Mar 18, 2021 8:52 am
wmvink wrote: Thu Mar 18, 2021 8:44 am For me, a major issue with ACH is the ridiculous 44 business days hold on your funds.
This happened to me. I did a backdoor Roth which involved transferring funds from bank account > Trad IRA, then tried to do a conversion and transfer to Roth IRA. I got tripped up by the ACH 44 day rule because they consider moving funds from one account at IB to another account at IB, even when you are the holder of both accounts and they are all in your name, to be a "withdrawal" from the first account.... so.... 44 days. My advisor escalated the matter up the chain within IB and they eventually agreed to make a manual exception - but their policy is nuts.
As a result I never use ACH at IB anymore... I'll use Online Billpay for amounts under $10k and it works great if your bank sends it electronically. And for any larger amounts I would just do bank/wire transfer.
I mentioned this elsewhere, but the 44-day rule only applies when you initiate ACH at IB.

I just did an ACH pull initiated at IB from Bank A (subject to 44-days); then another ACH pull initiated at Bank B to pull the said money. IB let the money pulled without complaining about 44-days.

I don't know if this trick solves your situation but it worked in my use case.
hmm this seems pretty crazy, my initial deposit had a 1 week hold and the most recent one settled in 1 day.

Both ACH initiated from IB side
Marseille07
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Re: Interactive Brokers (Best Kept Secret)

Post by Marseille07 »

parval wrote: Thu Jan 06, 2022 3:18 pm hmm this seems pretty crazy, my initial deposit had a 1 week hold and the most recent one settled in 1 day.

Both ACH initiated from IB side
It's not the settlement time, it's that they don't let you ACH out the same money other than where it came from.

Unless you initiate an ACH pull from the outside.
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

Transferring some ETFs to IBKR from Fidelity via ACATS transfer, I just selected the ticker and the number of shares (a subset of my total holding).

How do the brokerages decide which lots are moved?
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
leviathan
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Re: Interactive Brokers (Best Kept Secret)

Post by leviathan »

muffins14 wrote: Fri Jan 07, 2022 2:33 pm Transferring some ETFs to IBKR from Fidelity via ACATS transfer, I just selected the ticker and the number of shares (a subset of my total holding).

How do the brokerages decide which lots are moved?
FIFO
https://guides.interactivebrokers.com/c ... rbasis.htm
slbnoob
Posts: 482
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Re: Interactive Brokers (Best Kept Secret)

Post by slbnoob »

muffins14 wrote: Fri Jan 07, 2022 2:33 pm Transferring some ETFs to IBKR from Fidelity via ACATS transfer, I just selected the ticker and the number of shares (a subset of my total holding).

How do the brokerages decide which lots are moved?
Is this something that can be done from IBKR interface with no need to make phone calls?

I'm thinking of opening an IBKR account for their lower margin rates. Fidelity charges almost 3x more and just refused to negotiate a lower rate.

I wonder if the ACATS transfer also accounts for margin or if I would need to sell stock to settle the margin debt at Fidelity and re-open margin debt at IBKR.
Chuck
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Re: Interactive Brokers (Best Kept Secret)

Post by Chuck »

slbnoob wrote: Fri Jan 07, 2022 5:11 pm I'm thinking of opening an IBKR account for their lower margin rates. Fidelity charges almost 3x more and just refused to negotiate a lower rate.
Be sure to check out the "Box spreads as loans" thread. It kind of makes your broker's margin rates irrelevant if you can roll boxes. We are regularly getting below 1% on any size balance.
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

slbnoob wrote: Fri Jan 07, 2022 5:11 pm
muffins14 wrote: Fri Jan 07, 2022 2:33 pm Transferring some ETFs to IBKR from Fidelity via ACATS transfer, I just selected the ticker and the number of shares (a subset of my total holding).

How do the brokerages decide which lots are moved?
Is this something that can be done from IBKR interface with no need to make phone calls?

I'm thinking of opening an IBKR account for their lower margin rates. Fidelity charges almost 3x more and just refused to negotiate a lower rate.

I wonder if the ACATS transfer also accounts for margin or if I would need to sell stock to settle the margin debt at Fidelity and re-open margin debt at IBKR.
I transferred a few shares of an ETF as a test and it was just a few clicks, no calls. I imagine transferring margin could be different?
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

my transfer of some shares of NTSX was successful.

Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?

There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
tomsense76
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Re: Interactive Brokers (Best Kept Secret)

Post by tomsense76 »

(deleted)

Broken out into a separate thread ( viewtopic.php?t=367786 )
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
danHammer
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Joined: Mon Jan 24, 2022 11:52 pm

Re: Interactive Brokers (Best Kept Secret)

Post by danHammer »

Hey does anyone know if you can use the bill-payment function with margin? It's a pretty risky idea, but I'm wondering if I can pay my rent with money earning 10%+ dividends 8-)
klaus14
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Re: Interactive Brokers (Best Kept Secret)

Post by klaus14 »

muffins14 wrote: Thu Jan 13, 2022 11:31 am my transfer of some shares of NTSX was successful.

Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?

There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
it takes some time to ibkr show cost basis
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
no simpler
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Re: Interactive Brokers (Best Kept Secret)

Post by no simpler »

IB has a lot of features but I got better spreads and order execution with Alpaca:
https://alpaca.markets/
The problem with IB is that the $1 commissions really add up with pro, and I actually think not using PFOF might lead to bigger spreads.

Alpaca is aimed at developers, which is good and bad. For most non programmers, you really need to use a front end with it. There are a number of tools that have Alpaca integrations now. I really like Composer with Alpaca:
https://www.composer.trade/
It's a bit like Portfolio Visualizer meets M1 on steroids.
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

klaus14 wrote: Tue Jan 25, 2022 2:47 am
muffins14 wrote: Thu Jan 13, 2022 11:31 am my transfer of some shares of NTSX was successful.

Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?

There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
it takes some time to ibkr show cost basis
Thanks -- they showed up eventually. IBKR does make me appreciate how easy Fidelity is to use, especially for identifying TLH opportunities during a day.

It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.

On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
Startled Cat
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Re: Interactive Brokers (Best Kept Secret)

Post by Startled Cat »

muffins14 wrote: Tue Jan 25, 2022 9:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.

On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
You can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

Startled Cat wrote: Tue Jan 25, 2022 10:00 am
muffins14 wrote: Tue Jan 25, 2022 9:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.

On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
You can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.
Yeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.

Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
bling
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Re: Interactive Brokers (Best Kept Secret)

Post by bling »

muffins14 wrote: Tue Jan 25, 2022 10:10 am
Startled Cat wrote: Tue Jan 25, 2022 10:00 am
muffins14 wrote: Tue Jan 25, 2022 9:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.

On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
You can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.
Yeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.

Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
yep. every other broker i've dealt with has an easy way to view all the lots. with IBKR you have to hunt for this information. you have to create a custom report and turn off grouping on the symbol. problem though, is it's delayed. any trades done on the same day will not appear here.

alas, i ended up tracking every lot individually on a spreadsheet. pretty annoying, but now that i've put in the effort i can see every lot across every broker so i guess it wasn't all bad.
muffins14
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Re: Interactive Brokers (Best Kept Secret)

Post by muffins14 »

It also feels like I have a lot of commissions in general... I'm using tiered pricing.

For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.

Am I missing some way to actually reduce the commissions?
35% NTSX, 25% AVUV, 15% NTSI, 15% AVDV, 10% VWO
bling
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Re: Interactive Brokers (Best Kept Secret)

Post by bling »

muffins14 wrote: Wed Jan 26, 2022 1:52 pm It also feels like I have a lot of commissions in general... I'm using tiered pricing.

For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.

Am I missing some way to actually reduce the commissions?
with tiered you get charged fees by the exchange, so it fluctuates. you also get rebates if you add liquidity and IBKR will pass some of that to you.
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