TD Ameritrade CLOSES down all NZ accounts

[gr8teful]

Thanks for Clarifying there are no monthly fees Monarch.

[Relaxed]

Yes, thanks Monach
the knowledge base article I was referencing must now be incorrect.

In fact I have just received a reply to a query I made which says....
"IBKR has terminated account activity fees from July 2021 onward"

so the change is really recent.

[gr8teful]

Monthly fees for InteractiveBrokers - Just an update, Monarch, there are no fees if you are happy having a 15 minute delay on the prices you view. If you wish to see real time then the fees seem to be about USD $1.50/mnth per exchange [x 3 for me at this stage]. I use TradingView (and wouldn't be without it) but still wish to see within the trading app the real-time prices.

As a previous poster noted, if your trade is such that you bring in $10 - $30USD per month in commissions to IBKR then the monthly subscriptions for live data get waived.

There is facility to setup Sharesight Integration, which will be a definite convenience over TD Ameritrade which would not post PDF Trade Confirmations.

I got caught today, not realising the NZ Currency has to be converted to the currency of the stock being traded, in the case US [RIOT was in my sights] so now have to wait 24 hrs for the conversion to take effect....

Also, needed to change from CASH account to MARGIN account so that Unsettled trade funds can be accessed and some other features that are useful.

ACATS transfer is doable but stock considered Microcaps require extra verification..eg VYGVF

Yeah, so not a straight forward process. GLTA

[Relaxed]

If we use SBQ's idea and leave a token amount of SPY or similar in TDA, then we can still get their live data and research.
I wonder how long it will take for them to figure that out and close the account fully.

Yahoo Finance has live data in the portfolio for US markets.

[Monarch]

Monthly fees for InteractiveBrokers - Just an update, Monarch, there are no fees if you are happy having a 15 minute delay on the prices you view. If you wish to see real time then the fees seem to be about USD $1.50/mnth per exchange [x 3 for me at this stage]. I use TradingView (and wouldn't be without it) but still wish to see within the trading app the real-time prices.

As a previous poster noted, if your trade is such that you bring in $10 - $30USD per month in commissions to IBKR then the monthly subscriptions for live data get waived.

There is facility to setup Sharesight Integration, which will be a definite convenience over TD Ameritrade which would not post PDF Trade Confirmations.

I got caught today, not realising the NZ Currency has to be converted to the currency of the stock being traded, in the case US [RIOT was in my sights] so now have to wait 24 hrs for the conversion to take effect....

Also, needed to change from CASH account to MARGIN account so that Unsettled trade funds can be accessed and some other features that are useful.

ACATS transfer is doable but stock considered Microcaps require extra verification..eg VYGVF

Yeah, so not a straight forward process. GLTA

For a margin account there are minimum income and or liquid net worth requirements, just ensure you can produce proof of these as they may ask for proof. Also in my experience with currency conversion it was instant so I'm unsure why you would have to wait?

[SBQ]

For a margin account there are minimum income and or liquid net worth requirements, just ensure you can produce proof of these as they may ask for proof. Also in my experience with currency conversion it was instant so I'm unsure why you would have to wait?

Good news from IBKR's email last night regarding on opening up my margin account:

Dear Client,

Congratulations! Your request to upgrade to portfolio margin for account XXXX123 has been approved. The upgraded permission will be released overnight and available the next trading day.

Please note that your account equity must be at least USD 100,000 (or equivalent) at all times for you to remain portfolio margin eligible without restrictions. If account equity falls below this level, you will be restricted from entering orders which, if executed, would result in an increased margin requirement.


It is recommended that you maintain a level of equity in excess of this minimum in order to maintain unrestricted Portfolio Margin privileges should adverse market moves occur.

Keep in mind, IB provides 2 types of Margin Accounts. More info here:

https://www.interactivebrokers.com/en/index.php?f=24176

[Relaxed]

Keep in mind, IB provides 2 types of Margin Accounts. More info here:

I assume you went with portfolio margin?

[SBQ]

I assume you went with portfolio margin?

Yes. There's also the option (pending review and after partial ACAT transfer) for long position shares to be shorted (you lend it). I am eager to see how this works and what benefits IB offers.

[Relaxed]

great SBQ

I think you're talking about IBKR borrowing your long shares and loaning them to some other to short.
I saw somewhere that you get 50% of the fee they charge the short seller.

Is that right?

[SBQ]

great SBQ

I think you're talking about IBKR borrowing your long shares and loaning them to some other to short.
I saw somewhere that you get 50% of the fee they charge the short seller.

Is that right?

Yes. But not sure on the fee structure. In my early years of Finance studies, brokers typically don't want small accounts to do such lending. The large accounts make lending simpler and there are requirements that when you lend, you can not sell your position.