Anyone use Interactive Brokers?

plasmin

Ryaner wrote: »

Revolut is a full bank account these days so yeh that works fine. IB don't appear to process the transactions any quicker than normal Irish bank transfers however even though Revolut do use SEPA instant.

I have used my KBC account to transfer funds to IB account and it transfers same day, takes few hours

I transferred money from my Revolut to IB at around 5pm yesterday, was in my IB account ready to go first thing this morning. One thing to be careful about is that IB appears to default to fixed pricing, rather than the cheaper (for me anyway, unless you are using big money tiered is cheaper).

Having changed to tiered, that will only "kick in" from tomorrow for me.

Treppen

Ok I tried to register and it emailed back looking to resubmit selfie with licence.
I clicked on the link and it brought me to the log in page again... Where the heck do I reupload after logging in?

Treppen

Treppen wrote: »

Ok I tried to register and it emailed back looking to resubmit selfie with licence.
I clicked on the link and it brought me to the log in page again... Where the heck do I reupload after logging in?

Try logging in, then click on the notifications bell on the top right, it should be there. Click that. I think had to scan a QR code with my mobile and upload via the phone.

Bob24

Does anyone know if it makes an actual difference which of their websites you sign-up on: https://www.interactivebrokers.eu/ (Luxembourg entity), https://www.interactivebrokers.ie/ (Irish entity), https://www.interactivebrokers.com/ (US entity), etc.

Does which website you are using to sign-up actually affects which entity you are becoming a customer of, and does it make a material difference from the customer’s perspective?

Ryaner

pioneerpro wrote: »

DeGiro won't take them, and any number of banks/utilities have trouble with it. Hell, a lot of Irish companies won't pay wages into Revolut or even N26 sometimes for whatever mad reasons - and there's been no test case taken against anyone for refusal to do so.

I'm pretty sure this is a stance from before Revolut actually had bank accounts. Since DeGiro only appear to allow one bank account for transfers. Once they confirmed they don't support SEPA instance, I didn't try removing my main account to test. All going well, Revolut with have Irish IBANs too before the end of the year.

Bob24 wrote: »

Does anyone know if it makes an actual difference which of their websites you sign-up on: https://www.interactivebrokers.eu/ (Luxembourg entity), https://www.interactivebrokers.ie/ (Irish entity), https://www.interactivebrokers.com/ (US entity), etc.

Does which website you are using to sign-up actually affects which entity you are becoming a customer of, and does it make a material difference from the customer’s perspective?

It shouldn't matter and will transfer you to the other domain after start. Being from Ireland they will nearly certainly process the application through the Irish entity.
The different domains is a new(ish) thing too. They used to run everything from the .com.

Treppen

Ok I think I'm nearly set up!... I've enabled all my Trading permissions but still getting this restriction.
Can anyone illuminate?

Bob24

One more question for people who have been using IB for some time: do they provide tax reports tailored for Irish tax rules (I.e. 2 CGT reports each year based on our CGT calculation rules at our 2 CGT payment deadlines, and a yearly dividends report; with all amounts converted into euro).

I created a demo account to get a feel for the platform and I see there is a reporting section on the website with an area doe tax forms, but there is nothing available there as it is a demo account.

pioneerpro

Ryaner wrote: »

I'm pretty sure this is a stance from before Revolut actually had bank accounts. Since DeGiro only appear to allow one bank account for transfers. Once they confirmed they don't support SEPA instance, I didn't try removing my main account to test. All going well, Revolut with have Irish IBANs too before the end of the year.

It's the lack of Irish IBANs would you believe it - even though its in breach of EU law. Some stuff on the Electric Ireland forum about it before IIRC

fritzelly

I just got back into this and been using the past month or so XTB (EU centric) - is there a better alternative available in Ireland? Tried DeGiro and hated their platform

Ryaner

Treppen wrote: »

Ok I think I'm nearly set up!... I've enabled all my Trading permissions but still getting this restriction.
Can anyone illuminate?

Some trading permissions don't even show unless you answer some of the knowledge questions a certain way. As an example I have no ability to trade certain options and no setting to enable it on the trading permissions because I have said I've zero experience in this area.

Bob24 wrote: »

One more question for people who have been using IB for some time: do they provide tax reports tailored for Irish tax rules (I.e. 2 CGT reports each year based on our CGT calculation rules at our 2 CGT payment deadlines, and a yearly dividends report; with all amounts converted into euro).

I've not see any Irish specific reports from them. They do also custom versions of the reports so you can select the date range and generate the required output for CGT.
Be warned if you are buying ETFs as they only have reports going back 5 years so you will be calculating this manually for deemed disposal purposes.

Bob24

Ryaner wrote: »

I've not see any Irish specific reports from them. They do also custom versions of the reports so you can select the date range and generate the required output for CGT.
Be warned if you are buying ETFs as they only have reports going back 5 years so you will be calculating this manually for deemed disposal purposes.

Thanks. A bit of a shame that you have to do some manual work. DEGIRO spits out reports with the total amounts of dividends per country and the aggregated capital gains which you can directly use for your tax return with no manual calculations.

Treppen

Ryaner wrote: »

Some trading permissions don't even show unless you answer some of the knowledge questions a certain way. As an example I have no ability to trade certain options and no setting to enable it on the trading permissions because I have said I've zero experience in this area.

I changed everything to 25 years of experience , exceptional knowledge and 1 million liquid assets etc. Gordon Gekko would be proud.

All sorted now.

Ryaner

Bob24 wrote: »

Thanks. A bit of a shame that you have to do some manual work. DEGIRO spits out reports with the total amounts of dividends per country and the aggregated capital gains which you can directly use for your tax return with no manu calculations.

That sort of report exists and is generated in January. I've not seen one, even on DeGiro, that breaks the year in two, the same way Revenue want things paid. It is just the single year report.

Bob24

Ryaner wrote: »

That sort of report exists and is generated in January. I've not seen one, even on DeGiro, that breaks the year in two, the same way Revenue want things paid. It is just the single year report.

Thanks.

DEGIRO definitely produces a first report covering transactions up to the end of Nov which is issued in early Dec. And then a second report which includes the full year and is issued in Jan. They are available in the reports section of the website or the App.

But to come back to IB, I get it right that the January report shows the full capital gains calculated based on the FIFO rule and the 4 weeks exception?

bawnBeag

Question on Interactive Brokers, for call/put options trading, does it matter if its a cash or margin account?