Interactive Brokers vs Easy Equities

[r4nd0m]

The downside I am also reading is high cost of withdrawal's from IB?

Not sure about this, because I'm a long term buy-and-hold sort of investor, but why don't you look at TD Ameritrade + Shyft?

- No minimum for TDA and no brokerage commission
- Shyft gives pretty good forex rates (better than FNB at least) and flat transfer fee via ACH ($14)

Just pointing you at other possibilities. I encourage you to fully research them yourself.

 

[Kashman]

Not sure about this, because I'm a long term buy-and-hold sort of investor, but why don't you look at TD Ameritrade + Shyft?

- No minimum for TDA and no brokerage commission
- Shyft gives pretty good forex rates (better than FNB at least) and flat transfer fee via ACH ($14)

Just pointing you at other possibilities. I encourage you to fully research them yourself.

thank you for this, I will have a look at them. I get some preferential rates at one of the banks so creating an account and transferring offshore is a bit cheaper. So I guess for me it boils down to the right platform/partner as I am looking at a 20yr horizon if possible.

 

[Kashman]

If I am not mistaken you need to be a US citizen for the lite version.

Well thats not good.. dammit, scratch them off the list for now anyway. lol. Was still busy going through their literature and FINE PRINT. lol

 

[Scooby_Doo]

Well thats not good.. dammit, scratch them off the list for now anyway. lol. Was still busy going to their literature and FINE PRINT. lol

You could invest with EE until you get to $100k then transfer your holdings to IB for a few bucks.

 

[Kashman]

You could invest with EE until you get to $100k then transfer your holdings to IB for a few bucks.

I did see that thank you, that was going to be a backup option if I cant invest straight from the beginning. Guess I still have a lot of research to do

 

[Lukcydog]

I did see that thank you, that was going to be a backup option if I cant invest straight from the beginning. Guess I still have a lot of research to do

You need to check what the cost is of transferring the shares from EE to IB (there is typically a charge per equity to transfer) and compare the cost of going to IB as a start. Unless you plan on liquidating your shares -> cash and then transfer to IB.

Just checked the EE website: A fee of $25 per counter will be charged for the transfer of Whole Securities of US-listed instruments to another FSP, as set out in the USD Cost Profile.

This is about in line what i paid when i moved my portfolio in 2018 to IB. Cost me about $125 for 5 different shares/ETF's.

 

[Cage Rattler]

ZacksTrade .. IB white label with no monthly fee

 

[Scooby_Doo]

You need to check what the cost is of transferring the shares from EE to IB (there is typically a charge per equity to transfer) and compare the cost of going to IB as a start. Unless you plan on liquidating your shares -> cash and then transfer to IB.

Avoid liquidating your shares, transaction cost, capital gains will be a concern.

 

[Lukcydog]

Avoid liquidating your shares, transaction cost, capital gains will be a concern. <- Agreed.

 

[Lukcydog]

ZacksTrade .. IB white label with no monthly fee

Except, all the other fees you'll be paying:
For example: Forex conversion fee: $2-2.50,
or
Investing in another country (Europe = EUR12 minimum).

 

[zerocool2009]

Nice topic. I also started investing to invest in usd now and need options going forward

 

[BBSA]

Just received the following email from interactive brokers :

Dear Client,

While many of our clients actively trade or maintain substantial equity in their account, we have decided to eliminate our monthly inactivity fee so there are no impediments to maintaining an account with IBKR.

Effective July 1, 2021, you will no longer be charged USD 10 for not maintaining a minimum balance or transaction activity for account U****. This change will be reflected in your August 2021 account statement.

Our decision to remove inactivity fees aligns us with industry standards and reflects our ongoing commitment to provide clients with low-cost trading solutions.

 

[Dylan_G]

Thread resurrection.

Anyone know how to move funds (dollars, not necessarily shares) from EE USD to IBKR?

I already have deposits from my Shyft account set up... But not sure if I am forced to withdraw from EE USD to Shyft and then send to IBKR from Shyft. Or even worse, do EE USD -> FNB -> Shyft -> IBKR.