Interactive Brokers

How are people funding their IB account nowadays, still using Shyft? Anyone tried the Capitec option?
 
IB is extremely user-unfriendly, difficult to use, but once you get used to jumping through hoops to fund and get the account up and running, it is probably one of the last and only options Saffers have to trade in shares and forex abroad.
 
rvZA said:
IB is extremely user-unfriendly, difficult to use, but once you get used to jumping through hoops to fund and get the account up and running, it is probably one of the last and only options Saffers have to trade in shares and forex abroad.
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Been using it for a while now. How you funding it is what I'm interested in?
 
SergioDomngos said:
Been using it for a while now. How you funding it is what I'm interested in?
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I have been trying it out some years ago, but gave up and dropped it due to the difficulty in funding the account, then getting the funds inside the account converted to Dollars before the account can be used. At the time, the only option you had was to make a foreign payment to their bank account, which means you had to have a local bank account supporting forex payments and payments used to cost you a fortune in fees. Back then you were not allowed to use your foreign accounts to fund your IB account either and it had to come from SA. Nonetheless, back then, if you did not transfer huge sums of money to IB, it was not worth the while using them. It would have taken you a very long time just to make up the losses incurred in funding the account. Don't know if their things changed today, but I suspect it may still be the same.
 
Yes, I just do an international transfer from my bank, yes it costs R500 but I send a decent amount.

IB is more for trading, than investing in stocks. Rather use local EasyEquities USD Account to invest in stocks.
 
Gaz{M} said:
Yes, I just do an international transfer from my bank, yes it costs R500 but I send a decent amount.

IB is more for trading, than investing in stocks. Rather use local EasyEquities USD Account to invest in stocks.
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Thanks. If EE offered a EUR etf option I'd be pleased, so until then its IB.
 
Gaz{M} said:
Yes, I just do an international transfer from my bank, yes it costs R500 but I send a decent amount.

IB is more for trading, than investing in stocks. Rather use local EasyEquities USD Account to invest in stocks.
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R500? Ouch.

If you use Shyft to transfer (which will be an ACH push) to their US account, $14. Fixed fee, irrespective of amount.

Shyft's also good for timing and buying USD. Accrue a decent amount and then transfer it yonder.
 
r4nd0m said:
R500? Ouch.

If you use Shyft to transfer (which will be an ACH push) to their US account, $14. Fixed fee, irrespective of amount.

Shyft's also good for timing and buying USD. Accrue a decent amount and then transfer it yonder.
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I have been using Shyft to fund my IB, I just find that their exchange rate isn't great, unless I am wrong.

Side note: I see you can fund your IB with Wise now, but adding funds to your Wise account via a debit card has some hefty fees.
 
SergioDomngos said:
I have been using Shyft to fund my IB, I just find that their exchange rate isn't great, unless I am wrong.
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You well may be right there, but compared to my own bank (FNB), they're pretty good. I haven't shopped around.

SergioDomngos said:
but adding funds to your Wise account via a debit card has some hefty fees.
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Yeah, that's the thing right. I don't think you'll escape fees in general, whether it's charged through the spread or through usage.
 
May as well use IG markets or think trader change leverage all way down to 1 if you want then no fx issues etc.
 
Gaz{M} said:
Yes, I just do an international transfer from my bank, yes it costs R500 but I send a decent amount.

IB is more for trading, than investing in stocks. Rather use local EasyEquities USD Account to invest in stocks.
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Definitely disagree. Been using them for my investments since 2016.
 
SergioDomngos said:
Been using it for a while now. How you funding it is what I'm interested in?
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There is a detailed thread that's ive commented on in the business and finance section of the forum. I use shyft. Do the payment in the morning, at 7pm in the evening it reflects in my IB account.

Interactive Brokers - Deposit Funds

Did you manage to get access to your last statement? Once they transfer they lock you out. Tried emailing them, but apparently I have to phone. :\ No issues on my side, perhaps because I left 1 small caps position there, just so I can use the thinkorswim platform which I feel is the best out...
mybroadband.co.za
 
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