Interactive Brokers Forex Review 2020 - ForexBrokers.com

Has anyone here opened an SIPP account at Interactive Brokers?

Hey all,
I have a pension with Aviva through my employer but recently realized that the 0.5% fees they're charging are a bit high. For the size of my pension portfolio (~£300k) this comes to about £1500 per year. Moreover, I've recently started to take a bit of interest in managing my investments and I find myself limited by the funds they provide. They also take too long (~upto a week) to process requests for moving investments.
For these reasons, I've been looking at opening an SIPP. An SIPP would hopefully give me a bit more control and also cost less. I'm primarily interested invest in US Shares & ETFs. I compared some of the popular pension providers like HL, Interactive Investor, iWeb.
My observations about the fee structure:
So now, I'm looking for an SIPP which ideally has the following:
During my search, I stumbled upon a lesser known route using which you can get an SIPP account at Interactive Brokers - https://www.interactivebrokers.co.uk/en/index.php?f=38149. IB themselves are not SIPP administrators so you need to register with an SIPP administrator who has a master account at IB and then you can get an IB Cash sub-account under that administrator.
IB appears to be checking all my boxes, but I'm just not very sure about the SIPP Administrators that I might need to use. I found a few: https://www.atsipp.co.uk/, http://www.candpsipp.co.uk/, https://www.optionspensions.co.uk/personal-pensions. They all appear to be somewhat less popular names and small in size.
Has anyone here done this? Do you have any recommendations on which SIPP Administrator I should use? Any gotchas?
Or maybe there's another SIPP that provides the features I'm looking for?
submitted by nearly_wed to UKPersonalFinance [link] [comments]

APIs offered by brokers and data platforms

I’ve been looking for a broker that has an API for index futures and ideally also futures options. I’m looking to use the API to build a customized view of my risk based on balances, positions, and market conditions.
Searching the algotrading sub I found many API-related posts, but then when I actually read them and their comments, I found they’re often lacking in real substance. It turns out many brokers or data services that have APIs don’t actually support index futures and options via the API, and instead they focus on equities, forex, or cypto. So here’s the list of what I’ve found so far. This isn’t a review of these brokers or APIs and note that I have a specific application in mind (index futures and futures options). Perhaps you’re looking for an API for equities, or you just want data and not a broker, in which case there may be a few options. Also, I’m based in the US so I didn’t really look for brokers or platforms outside the US.
If you have experience with these APIs, please chime in with your thoughts. Also, I may have missed some brokers or platforms. If I did or if you see anything that needs correction please let me know.

Platform Notes
ADM Investor Services No API
Ally Invest Does not support futures instruments
Alpaca Only supports US Equities
Alpha Vantage Does not support futures instruments
AMP Broker with a huge number of platforms available including some with APIs
ApexFutures No API
Arcade Trader No API
AvaTrade Does not support futures instruments
Backtrader Not a data feed; otherwise looks cool but also looks like a one-man shop
Cannon Trading Broker with a variety of platforms, some have API access such as TT
Centerpoint No API
Charles Schwab API does not support futures instruments
Cobra No API
Daniels Trading No API
Discount Trading Broker with a variety of platforms including CQG, Rithmic, TT, some with APIs
Edge Clear Broker with a variety of platforms including CQG, Rithmic, TT, some with APIs
Eroom Now part of Dashprime. Offer a variety of APIs including CQG, TT, CBOE's Silexx, and others via FIX.
ETNA Trader Only supports equities, options (including multi-legs), ETFs, Mutual Funds (Forex with cryptocurrencies coming soon)
ETrade API seems robust but OAuth authorization needs to be refreshed via login once per 24 hours
Futures Online No API
Gain Capital Futures API available, based on .NET; unsure if they are open to retail clients
GFF Brokers Broker with a large number of platforms including some with API access
High Ridge Futures Broker with a variety of platforms including CQG, Rithmic, TT, some with APIs
iBroker API available; contact them for more info
IEX Cloud Looks great but does not support futures instruments
Infinity Futures JSON API available; contact them for more info
Interactive Brokers Client Web API looks promising if clunky
Intrinio Supports futures instruments but is expensive
Koyfin No API
Lightspeed C++ API available
marketstack API for equities available. Does not support futures instruments.
Medved Trader Windows app with a streaming API to various data sources and brokers. See comment below about API beta access.
NinjaTrader Does not support futures options
Norgate Data Not a broker; supports futures data for $270/year
Oanda Forex only; API last updated in 2018
Optimus Futures Broker with a large number of available platforms including some with API access
Phillip Capital Broker with a large number of available platforms including some with API access
polygon.io Expensive but looks slick; does not support futures instruments
Quandl API looks solid; $49/monthly for personal use, does not allow distributing or sharing data; not a broker
Quantconnect Does not expose raw data
Quantopian Does not expose raw data
Quantower Software that connects to multiple brokers and data feeds; API to their software via C# interface
Saxo Markets Broker with extensively documented API
Stage 5 Trading API available through Trading Technologies
Straits Financial Broker with several platforms available including some with APIs such as CQG, R
Sweet Futures Broker with a large number of available platforms including some with API access
TastyWorks There's an unofficial Python API
TenQuant.io Does not support futures instruments
ThinkorSwim Does not support futures instruments via the API
Tiingo Free account tier but does not support futures instruments
TradePro Broker with a number of platforms available; unclear if any are available with API access
Tradier Free developer API account for delayed data but does not support futures instruments
TradeStation Nice looking API docs and supports futures instruments; requires opening an account and a minimum balance of $100k and there’s no trial available
TradeFutures4Less Broker with a variety of platforms including CQG, Rithmic, TT, some with APIs
TradingTechnologies API looks robust; pricing starts at $700/month
TradingView Does not expose data API
Tradovate Technologies API exists, documentation unknown; need to talk to their account team
Wedbush Futures Broker with several platforms offered, a few of which have API access
WEX .NET/COM only; pricing not disclosed on website
Xignite Pricing not disclosed on website but they do support futures instruments
Yahoo Finance API Available through RapidAPI or via direct access; but it’s discontinued and unreliable
Zaner Broker with a variety of platforms including CQG, Rithmic, TT, some with APIs

Wow, this list grew longer than I originally thought it would be. If you spot a mistake, please let me know and I’ll correct it.
Edit:
- added Lightspeed API - updated Dashprime to indicate some of the APIs available - added Medved Trader to table - added marketstack to table
submitted by theloniusmunch to thewallstreet [link] [comments]

¿Replicar mi portfolio en otra divisa es una buena idea?

Estoy re-armando mi "lazy-portfolio" que básicamente va a consistir en IWDA + EIMI (entre ambos al 90%) y eventualmente en unos años AGGU (bonos, hasta el 10% e ir subiendo a medida que pasen los años). Mi objetivo es quedarme comprado de acá a 10 o 15 años COMO MINIMO y comprar todos los meses mi cuota de tickers.
Como tenía armada una posición en VTI (all US market), al desarmarla me quedaron USD que usé para empezar a armar IWDA (USD) y acá me surgió una duda para la cual no encontré grandes fuentes de referencia.
IWDA también cotiza en EUR, bajo otro ticker, y yo podría armar mi posición (o replicarla) en esta divisa, o simplemente quedarme en USD. Es el mismo caso para los otros dos tickers, todos cotizan en EUR y yo podría comprarlos en esta moneda.
Mi método de fondeo al broker es en EUR ya que las transferencias SEPA me son mucho más baratas que las SWIFT, con lo cual si yo persiguiera un portfolio en USD, debería sumar un costo de FOREX para salir de mi banco (ya que mi dinero está en USD) y luego nuevamente pasar a USD en el broker para comprar el ticket de IWDA. Si bien las comisiones por estas transformaciones son "bajas", mi plan es a largo plazo y quiero intentar optimizarlo donde se pueda.
Entonces, me surgieron estas dudas:
1 - ¿es mejor que evite el doble forex e ir directo al ticker en EUR? Este cotiza en el exchange de Amsterdan, pero yo entiendo que el ETF sigue igual domiciliado en Irlanda, con lo cual a nivel taxes sigue conviniendo, indistintamente de la moneda en la que compre el ticker.
2 - ¿Sería buena estrategia diversificar la divisa de este portfolio? Podría replicar mi posición de manera de que quede 50% en USD y 50% en EUR. A priori me suena que es mala idea por fees, pero quiero entender todo el panorama. Para poner un ejemplo, vi en otros subs gente "enojada" porque la ganancia por la suba del ticker de IWDA se la comió la caída del USD con respecto al EUR (siendo ellos residentes europeos).
3- Estoy en el fixed price tier de Interactive Brokers. Cada compra cuesta 5USD (precio fijo, no importa la cantidad) y de forex tendré entre 2/3 USD más. Y si no compro nada en un mes me cobran 10USD. Esto me hizo pensar que a la hora de rebalancear, quizas sería mejor idea tener un portfolio con solo dos ETF, como VWRA + AGGU. ¿Qué opinión les parece esto? Igual la pregunta 1 es válida para este caso también.
Les dejo links a los diferentes ETFS:
IWDA (todo el mercado en paises desarrollados):
https://www.ishares.com/uk/individual/en/products/251882/
EIMI (todo el mercado en paises emergentes, es casi todo china):
https://www.ishares.com/uk/individual/en/products/264659/ishares-msci-emerging-markets-imi-ucits-etf
AGGU (bonos)
https://www.ishares.com/uk/individual/en/products/291772/ishares-core-global-aggregate-bond-ucits-etf-fund
VWRA (de Vanguard, todo el mercado, pero sigue otro indice)
https://global.vanguard.com/portal/site/loadPDF?country=nl&docId=21869
submitted by dddmmmx to merval [link] [comments]

Saxo vs SCB

Hello I'm 21 going in army soon and plan to invest 500 every month into SWRD(90%) + EIMI(10%) which broker should I use?
The fees
SCB - (10 dollar min commission fee or 0.2%, 0.2% trading fee, and a 0.43% forex spread)
Saxo - (10 dollar min commission fee or 0.06%, 0.08% trading fee, custody fee of 0.12% and a forex spread of 0.75%)
Also what do you guys think of investing in IT etfs like QQQ or healthcare etfs with low expense ratio.
Do let me know if I'm missing out something or there's a better way of investing like investing every 2 months instead or robos.
Thank you for reading.
Edit - Thanks all for the feedback I really appreciate it. I have decided on Interactive brokers. I forgot to mention that after 2 years of NS I will be in uni for another 4 years and I probably won't be investing during this time. Assuming I liquidate my investment at 27 from SCB and transfer to IB, I calculated that I'm at a gain of 60 sgd by not going with IB which is really nothing and it seems kind of troublesome to do that so I'll just stick with IB. Thanks all
submitted by meltingcurry to singaporefi [link] [comments]

IB for Vietnamese citizen in Vietnam.

Can a Vietnamese citizen open IB broker account in Vietnam? We have a very large community of American CFDs and Forex traders. Most them have account with TRADEZERO, which is quite expensive in fees and commission compare Interactive Brokers. Thanks.
submitted by TAO369 to interactivebrokers [link] [comments]

What is the best way to invest in index funds and ETFs while living in Germany?

Background: My wife and I live in Germany. She is a EU citizen and I'm American. The account would be in her name to make things easier tax wise. We're interested in investing in index funds and ETFs. We're trying to decide on a platform to go with but are having trouble figuring out the best option for us. Ideally we'd like a platform that offers a wide selection of ETFs and index funds, but it does not need to offer FOREX, cryptocurrency, etc.
Which potential option would you recommend for our situation? It'd be nice to hear anyone's feedback who has used any of these platforms.
  1. Fonds Spärlane or Savings plan - The DKB Sparpläne https://www.dkb.de/privatkunden/wertpapiersparen/fonds/. This seems like a good option. They have a decent selection of products and offer the ability to automatically purchase into a fund/ETF each month. Since they are a German Bank they have to offer tax forms as well, which makes life easier.
  2. International Broker - Interactive Brokers or Fidelity International. We don't have 100k to invest so I don't think IB is the right option due to the 10 euro per month fee. Fidelity Int'l has a wide selection but I need to do more research to see what tax info they provide.
  3. German Broker - I haven't come across one that I'm crazy about yet so any recommendations would be helpful.
  4. German Depot Konto - Commerzbank https://www.commerzbank.de/portal/de/privatkunden/sparen-anlegen/produkte/depotmodelle/depot-eroeffnen/depot-eroeffnen.html?gclid=CjwKCAjw5Kv7BRBSEiwAXGDElRF5GnUm8exUdl4NjmQ5eT3lBc6ypA4Xhmc_rn4Dclfs9oRlm8o3ZRoCnysQAvD_BwE. We're already customers there so it would be easy to setup an account. The costs here seem quite high and I don't know yet what kind of product range they offer.
submitted by thesog to eupersonalfinance [link] [comments]

What is the best way to invest in ETFs while living in Germany?

Background: I posted this question on /eupersonalfinance https://www.reddit.com/eupersonalfinance/comments/iy7ay6/what_is_the_best_way_to_invest_in_index_funds_and/ and they said I should post here as well. I've made some changes to the question after more research.
My wife and I live in Germany. She is a EU citizen and I'm American. The account would be in her name to make things easier tax wise. We're interested in investing in ETFs. We're trying to decide on a platform to go with but are having trouble figuring out the best option for us. Ideally we'd like a platform that offers a wide selection of ETFs and it does not need to offer FOREX, cryptocurrency, etc.
Which potential option would you recommend for our situation? It'd be nice to hear anyone's feedback who has used any of these platforms.
  1. International Broker - Interactive Brokers or Fidelity International. We don't have 100k to invest so I don't think IB is the right option due to the 10 euro per month fee. Fidelity Int'l has a wide selection but I need to do more research to see what tax info they provide.
  2. German Brokers - Scalable Capital and Smartbroker look intriguing. I'm leaning towards the latter since they have been around longer.
  3. German Depot Konto - Commerzbank https://www.commerzbank.de/portal/de/privatkunden/sparen-anlegen/produkte/depotmodelle/depot-eroeffnen/depot-eroeffnen.html?gclid=CjwKCAjw5Kv7BRBSEiwAXGDElRF5GnUm8exUdl4NjmQ5eT3lBc6ypA4Xhmc_rn4Dclfs9oRlm8o3ZRoCnysQAvD_BwE. We're already customers there so it would be easy to setup an account. The costs here seem quite high and I don't know yet what kind of product range they offer.
We tried setting up an account with DKB since we read and heard good things about them and their Sparpläne is a solid price. Our account was rejected so we contacted customer service for their help. To put it nicely their customer service is terrible and we've decided to continue our search for a different company.
submitted by thesog to Finanzen [link] [comments]

Picking an online broker for investing for a non-US Non-EU investor

I live in Turkey and picked up an interest in investing to be able to feel financially safe and hopefully free in the future, two years ago.
I picked a couple of divident paying stocks and bought small amounts. I also picked a couple of funds and invested even smaller amounts to see how they perform.
One thing I noticed is that, the market is not likely to beat the inflation (if it can, it will be barely - and statistics are not very reliable at the moment), and nobody in the country remembers a period where USD lost power to Turkish lira in a persistent way, but we are seeing the reverse right now. This is so obvious and certain for most of our people that just buying USD alone is an investment form which will not fail you.
Obviously unless I happened to pick up the stocks that will constantly outperform the whole market, it's unlikely that I gain a financial freedom in this way. And I can't do day trading or short term investment because I can't sit in front of a screen and monitor the market. Also, dividends are not reliable as a company might decide to skip a year or stop paying it altogether. And the divident performance of the whole market is around 1%.
So, I don't feel like this environment is the right one for long term investment. That's why I am planning to invest in the US and maybe the UK stock markets.
There are a couple of banks that let me invest in those markets, but their commission rates are insane. The minimum they will get for one transaction is $25. I was planning to start with something like $250-300 and if I invest with them, there goes one-tenth of my money. However, transferring money to a foreign account costs 40-50 Turkish liras, which roughly translates to $7-8. Considering that I'm planning to put small amount of money and buy stocks with it, transferring money to a broker makes sense.
However this arises safety issues as I'm going to invest with an American or British broker. Moreover it will have to be an online broker because others don't accept foreigner investors. Risk increases.
While I was doing research, I learnt that Saxobank, Tradestation Global and Interactive Brokers accept Turkish citizens. I can't pick Saxobank as they have a minimum of $10,000 which I won't have for a while.
I checked them out to see if they are safe, but apart from obvious advertisement websites, it is very confusing.
For instance, https://www.forexpeacearmy.com/forex-reviews/165/tradestation-stock-broker and https://www.forexpeacearmy.com/forex-reviews/165/tradestation-stock-broker They both are slammed here. But check this out: https://www.tradingview.com/brokeTradeStation/reviews/
Here, where the company can answer, there is a different story: https://www.trustpilot.com/review/interactivebrokers.com This one is another: https://www.trustpilot.com/review/tradestation.com?languages=en
So, what are your thoughts about these two brokers? Are there any alternatives I am missing? Or should I just not invest in these markets?
EDIT: I'm also worried about inactivity fees as I plan to buy and forget whether stocks or funds.
submitted by kutubira to personalfinance [link] [comments]

[Beginner Investor] Need help vetting my thoughts!

Hi Everyone!

Been doing quite a bit of reading these past couple weeks to finally start off on my investment path, but still feel uncertain on a few points, and I was hoping some kind soul could help vet my thoughts?

  1. Due to risk apetite, current situation, 15% DWT, and pursuit of a globally diversified passive investing strategy i've narrowed it down to starting off with IWDA (Might read up more on SWRD) + EIMI for now.a. Although these ETF's are bought in foreign fx, they're still the best option in terms of TER.ie. in comparison to SGX traded alternatives for global exposure (ex. sgx s27 for S&P500)
  2. I've opened a Saxo account which i intend to grow till i hit 100K, at which point I should swap to IB.
  3. My Saxo account is set to SGD, but ultimately that setting won't really matter as IWDA and EMIM are bought on LSE so i'll have to take the forex risk regardless.
  4. Due to all the fees involved, it makes more sense to DCA into these ETF's on a quarterly basis vs for example 1K SGD on a monthly basis.
Do the above four points seem reasonable?
I'm also curious, I've got quite a bit of savings in an Irish bank account.... I'm thinking of moving that over to my SG bank using transferwise to function as my emergency fund. Or would it make more sense transferring it to SAXO to use for investing in the LSE based ETF's?

Thank you so much for any advice, i'd really really appreciate someone helping to sort out my thoughts!

[EDIT] To help clarify on the excessive acronyms
submitted by Amagahdz to singaporefi [link] [comments]

Is Charles Schwab the best broker for Europeans.

Hey guys, I am currently in the process of picking a brokerage account. I know Interactive brokers is the commonly advised broker for Europeans, but is this outdated information? Now that brokerages like Charles Schwab have removed any transactions fees on stocks and ETF why would I pick IB over them?
One upside I can see to IB is the lack of forex fees, but if I use revolut for example as a way to change currencies for free what benefit does IB have over the likes of Schwab or other American brokers with 0 transaction fees?
I'm aware there is a minimum balance to open a Schwab account, but if that is not an issue am I missing something else that makes them unnatractive as a European investor.
Cheers.
submitted by EuroFI to EuropeFIRE [link] [comments]

Which broker should I use now in Europe for long term investment?

So I have previously used Plus500 for forex trading and Etoro for a little bit of stock trading.
I want to start regularly investing in mainly (growth-stock) mutual funds for long term (20+ years), but I don't know which app/site/broker I should use for this. Robinhood is not avaliable here, and Plus500 is charging all kinds of fees. I signed up and tried Interactive Brokers and Degiro because I read a lot about them here. Frankly, IB is a bit intimidating even after having played around with it. I also really like the simplicity of Etoro for example, but even when stock-trading there were a lot of stocks I couldn't find on there.
I guess my main concern is, I want something that 1) Is not over complicated like IB, 2) is avaliable in Europe (Hungary), 3) Doesn't have crazy fees (or maybe even no fees) for long term mutual fund investing and 4) is likely to be around in the future for long term.
I would appreciate some tips from you more experienced redditors :)
submitted by Regenyboy to eupersonalfinance [link] [comments]

[Spain] Freaking out about my plan to FIRE

I'm a Canadian getting married to a Spaniard and we're planning to live in Spain to be close to her family.
Most of my savings are in CAD and USD and at current rates, they total around 1.5 Million EUR. At a 2% withdrawal rate that would give me around 30k EUyear which is probably enough to cover our cost of living.
I work remotely and can pull in 50-200k EUyear but given Spanish tax rates I'll probably be aiming to make less than <100k EUyear given how high the tax rates are for 60k EUR+. I'll consider it a "semi-FIRE" for the next few years. I still haven't decided whether to go SL or Autonomo but it doesn't seem like there is much difference between the two if I make around 100k EUR based on my calculations.
We don't have a house or plan to buy one right now as we love living internationally and will likely move somewhere new in 5-10 years.
Based on the above, I thought I was in good shape but the more I research Spanish tax rates (which must have evolved from the colonial methods of raping and pillaging all those who are not nobles) the more I'm freaking out about my tax and investment situation here.
  1. We'll live in Castilla y Leon and I understand the wealth tax kicks in at 700k Euros. Can my future wife and I share the allowance (i.e. 1.4 million Euros between the two of us?) or will I get hit for my savings over 700k unless I transfer half of my savings to her?
  2. I historically traded/invested through InteractiveBrokers with long-term passive strategies (Index funds). I'm now reading that USD/CAD ETFs are typically not available to Europeans due to EU laws. I'd rather keep my investments in a diverse mix of currencies - any recommendations on how to do that or the best low management fee ETFs in Europe?
  3. I've read on here that some types of investments can be reinvested in similar funds without being taxed on dividends/ETFs. Does anyone have a link or more information I can read on that? I'm definitely looking for tax-efficient strategies, both with respect to withholding taxes and taxes when I rebalance.
  4. How do ForEx savings/investments get converted for taxes? Is it the spot price on Dec. 31 or average in Q4 of the year or average over the entire year?
    I know a lot about investing and prefer to DIY but I really need to wrap my head around the tax situation here. There seems to be a ton of incorrect opinions and false information spread about and my lack of Spanish ability (I'm learning - but not conversant in technical stuff yet) doesn't help. My fiance and her family are pretty simple and don't seem to have a clue about the world of investing.
If anyone can recommend an English speaking tax lawyer / investment advisor who works on a reasonable fee basis that would be great too.
submitted by Baldpacker to EuropeFIRE [link] [comments]

Exchange rate concerns

I am a US and canadian citizen looking into investment optionsfor taxable account. Can't do Canadian ETF as its a pfic and causes complications with US taxes. US ETFs are safe but exchange rate not favorable right now and I am worried I might lose portfolio value if exchange rate goes from current 1.4 to 1.2 twenty years later which is very much possible as 1.2 is the mean so I have to assume that. Will be investing 70k CAD annually for next 20 years so need a good strategy. I am not concerned about forex fee as I will use interactive brokers. TIA!
submitted by StrangeTough to PersonalFinanceCanada [link] [comments]

Exchange rate concerns

I am a US and canadian citizen looking into investment optionsfor taxable account. Can't do Canadian ETF as its a pfic and causes complications with US taxes. US ETFs are safe but exchange rate not favorable right now and I am worried I might lose portfolio value if exchange rate goes from current 1.4 to 1.2 twenty years later which is very much possible as 1.2 is the mean so I have to assume that. Will be investing 70k CAD annually for next 20 years so need a good strategy. I am not concerned about forex fee as I will use interactive brokers. TIA!
submitted by StrangeTough to investing [link] [comments]

How does IBKR exchange currency when buying US stocks/options?

I bought/sold US options. But I have only transferred in CAD and I can't find anywhere in the app or site where anything was converted to USD or fees and such. Their faq says conversion isn't done automatically and you need to change currency with forex.
Anyone have an answer? Also anyone using interactive brokers, do you find the app works much better than their website? I've tried a couple different browsers but find it doesn't always load or is slower than the app.
submitted by toasting2oblivion to CanadianInvestor [link] [comments]

Looking for safe and inexpensive solution for holding/exchanging NOK/EUR/USD

I'm looking for:
Any ideas?
Some background in case you're wondering:
I'm a self-employed IT consultant and I'm currently working for a Norwegian customer via an agency in Estonia. I'm originally from Germany, but now traveling full-time.
Usually, my client (the agency) has simply paid me in EUR into my German bank account because it was easier, but now that NOK has devalued so much and I don't need the money immediately, I'd prefer to be paid in NOK. So that I can store/invest it and maybe exchange it to EUUSD some time in the future when the exchange rate is better.
However, I don't really trust German banks because of the Euro crisis and I'd prefer to have my money elsewhere. I actually also have a Norwegian bank account from many years ago when I used to work there, but I'd prefer not to use that either as I'd like to avoid issues with the Norwegian tax office ("Why is there so much of our currency in your account when you don't live or work in Norway?!").
I've thought about Swissquote, which seems to offer a multi-currency account, as well as the option to invest in ETFs/stocks. But they seem to have high fees.
Interactive Brokers is supposed to be very cheap, and they allegedly have even better asset protection. But their user interface is supposed to be difficult to use for beginners? And I guess they also don't have individual IBAN account numbers?
Saxo Bank looks very nice, but it seems a bit more expensive, too? On the plus side, they seem to support funding the account with European credit cards without a fee.
According to https://brokerchooser.com/compare-brokerage , for example Lynx is even cheaper than Interactive Brokers when it comes to forex.
Revolut is great for cheap currency exchange (I use it all the time), but they have terrible support (they once froze all my money for over a week and you can only communicate with them through their app's chat feature) and I don't really trust them as they don't have a banking license yet.
In case it matters, I have a US ITIN (taxpayer ID/"SSN" for non-residents) and credit score, and a Norwegian "D number" (basically the Norwegian equivalent of an ITIN), in addition to a German passport etc.
submitted by NordicJesus to investing [link] [comments]

Exchange rate concerns

I am a US and canadian citizen looking into investment optionsfor taxable account. Can't do Canadian ETF as its a pfic and causes complications with US taxes. US ETFs are safe but exchange rate not favorable right now and I am worried I might lose portfolio value if exchange rate goes from current 1.4 to 1.2 twenty years later which is very much possible as 1.2 is the mean so I have to assume that. Will be investing 70k CAD annually for next 20 years so need a good strategy. I am not concerned about forex fee as I will use interactive brokers. TIA
submitted by StrangeTough to USCitizensInCanada [link] [comments]

ETORO vs INTERACTIVE BROKERS vs OANDA vs CORE SPREADS

Hi guys, just want to compare brokers. I am looking for a broker that allows users here in the philippines
I want to open an account to trade in the global market. I've been using ETORO for some months already and there's a lot of negative reviews with regards to their withdrawal process/fee.
Then the trader that I am following uses Core Spreads which is why I want to consider it. I also saw Interactive Brokers allows API calls which is also good since I also want to automate my trades.
I see OANDA from some posts here and they say it's also good.
What you think guys? Pros and Cons?

EDIT: I am now reviewing this brokers: pepperstone, IG and Forex.com. Those brokers had the best reviews made by pinoy bloggers
submitted by JPAO15 to phinvest [link] [comments]

Personal Experience: Change brokerage from RBC&TD to interactive broker

I just want to share my personal experience change brokerage from RBC&TD to interactive broker since late 2019. I found interactive broker much better than TD/RBC for my US equity investment. I invest predominantly in US stocks, including Canadian companies dual listed in NYSE/NASDAQ.
Some of the big Pros:
  1. Very low commission compared to RBC/TD. 1USD for fixed pricing, 0.35 for tired pricing.
  2. Participation in pre-market and after-market. This help me to fill my aggressive limit order.
  3. USD/CAD forex is 2USD, even cheaper than Nombert Gambit.
  4. Fractional shares allow me to invest in Google/Amazon/Tesla in a more reasonable pace.(buy 500 dollars for four times vs buy 2000 at one time)
Some Cons:
  1. They have several platforms which is very confusing. TWS is most powerful but look ugly on Mac. Client portal is nice looking but function-lacking. I actually found IBKR IOS to be powerful but also nice looking, so end up mostly use IBKR IOS.
  2. Be careful using EFT deposit. There is a 60 business day holding period if withdrawal to a different bank.
  3. One might need to spend some time research on their fee structure, deposit/withdrawal procedure.
I have ignored IB for years due to it being an American brokerage and do not have physical locations. Finally tried it and now think it is the best for US equity investment in Canada. Hopefully if we move more investment to online brokerage such as Questrade/IB/Wealthsimple, eventually will shake the big 5 and force them to lower their ridiculous commission.(It is still nice to have one of the big 5 for some portfolio.)
submitted by LeoWgl123 to PersonalFinanceCanada [link] [comments]

Have a multicurrency account and want to convert without using poor bank rate

So I have a multicurrency account with £, $ and € (each have their own unqiue account number within the multicurrency account). I want to convert a fair chunk of £ to $, but the rate the bank gives is not great. I was wondering what my options are? I was thinking either:
  1. Use transferwise. Usually I've used transferwise when moving money from one country to another, but this would just be moving within the same country and just to a different account. I guess that should be possible but will have to check with them.
  2. Open an account with interactive brokers and have it set up for multiple currencies. Deposit £, then use their forex markets to convert to $, then withdraw the $. Will have to see if this is possible and if they allow withdrawing to a different account that was deposited to.
  3. Using Norbert's Gambit. This is where you buy a stock in the currency you want to sell, and immediately sell the stock in the currency you want to buy. If it's a stock with a ton of liquidity you only lose on stock market fees. I'll have to see if this is possible with Interactive Brokers and I can use this for converting £ to $ https://www.theglobeandmail.com/globe-investonorberts-smart-way-to-convert-dollars-across-the-bordearticle20279926/
Which of these options do you think is both possible and would provide the best value? Or are there any other options I should be considering?
submitted by recaptcha223 to FinancialPlanning [link] [comments]

Have a multicurrency account and want to convert without using poor bank rate

So I have a multicurrency account with £, $ and € (each have their own unqiue account number within the multicurrency account). I want to convert a fair chunk of £ to $, but the rate the bank gives is not great. I was wondering what my options are? I was thinking either:
  1. Use transferwise. Usually I've used transferwise when moving money from one country to another, but this would just be moving within the same country and just to a different account. I guess that should be possible but will have to check with them.
  2. Open an account with interactive brokers and have it set up for multiple currencies. Deposit £, then use their forex markets to convert to $, then withdraw the $. Will have to see if this is possible and if they allow withdrawing to a different account that was deposited to.
  3. Using Norbert's Gambit. This is where you buy a stock in the currency you want to sell, and immediately sell the stock in the currency you want to buy. If it's a stock with a ton of liquidity you only lose on stock market fees. I'll have to see if this is possible with Interactive Brokers and I can use this for converting £ to $ https://www.theglobeandmail.com/globe-investonorberts-smart-way-to-convert-dollars-across-the-bordearticle20279926/
Which of these options do you think is both possible and would provide the best value? Or are there any other options I should be considering?
submitted by recaptcha223 to investing [link] [comments]

Have a multicurrency account and want to convert without using poor bank rate

So I have a multicurrency account with £, $ and € (each have their own unqiue account number within the multicurrency account). I want to convert a fair chunk of £ to $, but the rate the bank gives is not great. I was wondering what my options are? I was thinking either:
  1. Use transferwise. Usually I've used transferwise when moving money from one country to another, but this would just be moving within the same country and just to a different account. I guess that should be possible but will have to check with them.
  2. Open an account with interactive brokers and have it set up for multiple currencies. Deposit £, then use their forex markets to convert to $, then withdraw the $. Will have to see if this is possible and if they allow withdrawing to a different account that was deposited to.
  3. Using Norbert's Gambit. This is where you buy a stock in the currency you want to sell, and immediately sell the stock in the currency you want to buy. If it's a stock with a ton of liquidity you only lose on stock market fees. I'll have to see if this is possible with Interactive Brokers and I can use this for converting £ to $ https://www.theglobeandmail.com/globe-investonorberts-smart-way-to-convert-dollars-across-the-bordearticle20279926/
Which of these options do you think is both possible and would provide the best value? Or are there any other options I should be considering?
submitted by recaptcha223 to personalfinance [link] [comments]

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daytradr for Interactive Brokers TWS - YouTube

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