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In this video I will give an honest review on Interactive Brokers (IBKR). Like is IBKR good? Should you use it? What I like about it? What’s about it? Enjoy 🙂
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0:00 – Intro
IBKR was founded in 1977. It’s is well known for its low commission fees and has access to alot of markets around the world. In July 2020, IBKR also opened their office in singapore, which meant that you can finally use it to invest in singapore stocks.
1:07 – Interactive Broker fees
For US stocks, IBKR charges $0.005 per share, with a $1 minimum every trade. For Singapore stocks, they charge 0.08% of trade amount, with minimum of $2.50. It also has a maintenance fee. If your account has lesser than $100k in total assets, IBKR will charge you $10 maintenance fee every month. This fee can be offset by trading commissions.
IBKR has also one of the lowest margin fees among the brokerages.
2:42 – Is IBKR safe?
IBKR is insured by SIPC up to $500k. So it’s quite safe
3:39 – Sign up process
If you are married, it’s better to choose joint account. Just in case anything happens to you, you spouse can inherit the account. Account opening will take anywhere within 1-5 working days.
4:14 – UI review
IBKR has lots of features. One of which is it is super customizable.
6:20 – What I like
1. Low fees. Tiger Broker has low fees, but it only has access to a few markets. TD Ameritrade has $0 commission, but it only has access to US market and account opening takes a few weeks.
2. Good conversion rate. IBKR conversion rate is almost similar to actual rates shown in Google.
3. Fractional share. IBKR allows you to buy lesser than 1 share. That’s useful if you need to buy an expensive stock.
4. Access to lots of markets.
8:28 – What I don’t like
1. Monthly fees. The $10 maintenance fee can be costly if you are just starting out.
2. Takes a while to get used to. As IBKR is a professional broker, it’s UI may not be intuitive. It may take you a while to get used to using it.
3. Prices are delayed. If you want live prices, you would have to pay some money.
4. Occasional bugs and downtime. IBKR also encounters technical issues from time to time.
Should I Use Interactive Brokers, Interactive Brokers Review | Best Singapore Broker?.
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Whether you start investing with penny stocks or costly stocks like Google, or the many-priced stocks in between, you need a brokerage account. An online account uses the cheapest way to trade. This is a plus. Nevertheless, if you desire your hand held, this might not be the route for you. Online brokerage trading accounts are inexpensive because they offer limited services.
Selecting the best broker will depend on your needs. It is essential to consider your situation before opening an account with the first broker you find. Things to think about are; how much cash you have available to invest. This will determine which broker you can deal with. Most brokers have a minimum amount that they accept prior to opening a represent you. Some will start from $ 500 and $2000 upwards. Usually, the majority of require around $1000. Some brokers may charge a cost if your account goes listed below a particular level. Some charge a cost if you do not trade often. If you do intend on making many trades, discover one who has a low expense per trade.
Attempt to set some time aside to buy your system. While there are some systems that just require you to dedicate a short amount of time, there are other systems that require a good Interactive Brokers trade amount of time. You need to make sure you can do one or the other. Certainly, the more you devote the more opportunity you have at succeeding.
It would be a great idea from time to time to have breaks from trading. Opportunities exist constantly so stopping trading when losses of 10-20% optimum of trading capital have built up is a good way to reassess what is going on before a big amount of capital is lost. Trading is not gambling it is a method of investment. The viewpoint ought to be to specify sensible objectives such as a variety of pips each day and if achieved then stop trading. Greed is another bad opponent of traders. On the contrary the idea of intensifying profits and retiring a portion of them every month is an excellent way to construct a solid account and keep monitoring its growth.
You must consider that if you don’t quickly have access to a computer system with an internet connection, you will not constantly have the ability to browse the web Interactive Brokers to make a trade.If this is the case, you must have a back up strategy to be able to call and speak with your broker. This is ought to be the case whether you are an advanced or a newbie trader.
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