i think it was under Transfer & Pay > Direct DebitsMarseille07 wrote: ↑Mon Sep 13, 2021 10:34 amThis thing is extremely confusing.klaus14 wrote: ↑Thu Sep 09, 2021 4:56 amif it is over $1000 you need to approve it in mobile app. They send you a SMS for it.Marseille07 wrote: ↑Wed Sep 08, 2021 10:39 pm I scheduled a CC payment out of IBKR. I think it'll go through but if not, I likely have to pay a penalty.
I'll check my balance at the ATM when I have cash and an equity position in the same account. I expect to see the amount of settled cash.
In "Transaction Status & History," I see "Your Direct Debit withdrawal of USD XXX has been sent and should arrive at your bank shortly."
However, I just received an SMS saying "Use IBKR mobile to authorize by XYZ or it will be rejected." I open the app, I don't see anything obvious how to authorize this transaction.
Interactive Brokers (Best Kept Secret)
Re: Interactive Brokers (Best Kept Secret)
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
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Re: Interactive Brokers (Best Kept Secret)
i think the logic is that mobile device is a separate device you physically possess.Marseille07 wrote: ↑Mon Sep 13, 2021 11:04 amThank you very much, I found the menu. I wish I could do this from the browser too, I don't see why they need to make it mobile only.
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
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Re: Interactive Brokers (Best Kept Secret)
I mentioned this elsewhere, but the 44-day rule only applies when you initiate ACH at IB.occambogle wrote: ↑Thu Mar 18, 2021 8:52 amThis happened to me. I did a backdoor Roth which involved transferring funds from bank account > Trad IRA, then tried to do a conversion and transfer to Roth IRA. I got tripped up by the ACH 44 day rule because they consider moving funds from one account at IB to another account at IB, even when you are the holder of both accounts and they are all in your name, to be a "withdrawal" from the first account.... so.... 44 days. My advisor escalated the matter up the chain within IB and they eventually agreed to make a manual exception - but their policy is nuts.
As a result I never use ACH at IB anymore... I'll use Online Billpay for amounts under $10k and it works great if your bank sends it electronically. And for any larger amounts I would just do bank/wire transfer.
I just did an ACH pull initiated at IB from Bank A (subject to 44-days); then another ACH pull initiated at Bank B to pull the said money. IB let the money pulled without complaining about 44-days.
I don't know if this trick solves your situation but it worked in my use case.
Re: Interactive Brokers (Best Kept Secret)
hmm this seems pretty crazy, my initial deposit had a 1 week hold and the most recent one settled in 1 day.Marseille07 wrote: ↑Thu Jan 06, 2022 11:17 amI mentioned this elsewhere, but the 44-day rule only applies when you initiate ACH at IB.occambogle wrote: ↑Thu Mar 18, 2021 8:52 amThis happened to me. I did a backdoor Roth which involved transferring funds from bank account > Trad IRA, then tried to do a conversion and transfer to Roth IRA. I got tripped up by the ACH 44 day rule because they consider moving funds from one account at IB to another account at IB, even when you are the holder of both accounts and they are all in your name, to be a "withdrawal" from the first account.... so.... 44 days. My advisor escalated the matter up the chain within IB and they eventually agreed to make a manual exception - but their policy is nuts.
As a result I never use ACH at IB anymore... I'll use Online Billpay for amounts under $10k and it works great if your bank sends it electronically. And for any larger amounts I would just do bank/wire transfer.
I just did an ACH pull initiated at IB from Bank A (subject to 44-days); then another ACH pull initiated at Bank B to pull the said money. IB let the money pulled without complaining about 44-days.
I don't know if this trick solves your situation but it worked in my use case.
Both ACH initiated from IB side
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Re: Interactive Brokers (Best Kept Secret)
It's not the settlement time, it's that they don't let you ACH out the same money other than where it came from.
Unless you initiate an ACH pull from the outside.
Re: Interactive Brokers (Best Kept Secret)
Transferring some ETFs to IBKR from Fidelity via ACATS transfer, I just selected the ticker and the number of shares (a subset of my total holding).
How do the brokerages decide which lots are moved?
How do the brokerages decide which lots are moved?
Crom laughs at your Four Winds
Re: Interactive Brokers (Best Kept Secret)
Is this something that can be done from IBKR interface with no need to make phone calls?
I'm thinking of opening an IBKR account for their lower margin rates. Fidelity charges almost 3x more and just refused to negotiate a lower rate.
I wonder if the ACATS transfer also accounts for margin or if I would need to sell stock to settle the margin debt at Fidelity and re-open margin debt at IBKR.
Re: Interactive Brokers (Best Kept Secret)
Be sure to check out the "Box spreads as loans" thread. It kind of makes your broker's margin rates irrelevant if you can roll boxes. We are regularly getting below 1% on any size balance.
Re: Interactive Brokers (Best Kept Secret)
I transferred a few shares of an ETF as a test and it was just a few clicks, no calls. I imagine transferring margin could be different?slbnoob wrote: ↑Fri Jan 07, 2022 4:11 pmIs this something that can be done from IBKR interface with no need to make phone calls?
I'm thinking of opening an IBKR account for their lower margin rates. Fidelity charges almost 3x more and just refused to negotiate a lower rate.
I wonder if the ACATS transfer also accounts for margin or if I would need to sell stock to settle the margin debt at Fidelity and re-open margin debt at IBKR.
Crom laughs at your Four Winds
Re: Interactive Brokers (Best Kept Secret)
my transfer of some shares of NTSX was successful.
Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?
There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?
There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
Crom laughs at your Four Winds
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Re: Interactive Brokers (Best Kept Secret)
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Re: Interactive Brokers (Best Kept Secret)
Hey does anyone know if you can use the bill-payment function with margin? It's a pretty risky idea, but I'm wondering if I can pay my rent with money earning 10%+ dividends
Re: Interactive Brokers (Best Kept Secret)
it takes some time to ibkr show cost basismuffins14 wrote: ↑Thu Jan 13, 2022 10:31 am my transfer of some shares of NTSX was successful.
Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?
There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
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Re: Interactive Brokers (Best Kept Secret)
IB has a lot of features but I got better spreads and order execution with Alpaca:
https://alpaca.markets/
The problem with IB is that the $1 commissions really add up with pro, and I actually think not using PFOF might lead to bigger spreads.
Alpaca is aimed at developers, which is good and bad. For most non programmers, you really need to use a front end with it. There are a number of tools that have Alpaca integrations now. I really like Composer with Alpaca:
https://www.composer.trade/
It's a bit like Portfolio Visualizer meets M1 on steroids.
https://alpaca.markets/
The problem with IB is that the $1 commissions really add up with pro, and I actually think not using PFOF might lead to bigger spreads.
Alpaca is aimed at developers, which is good and bad. For most non programmers, you really need to use a front end with it. There are a number of tools that have Alpaca integrations now. I really like Composer with Alpaca:
https://www.composer.trade/
It's a bit like Portfolio Visualizer meets M1 on steroids.
Re: Interactive Brokers (Best Kept Secret)
Thanks -- they showed up eventually. IBKR does make me appreciate how easy Fidelity is to use, especially for identifying TLH opportunities during a day.klaus14 wrote: ↑Tue Jan 25, 2022 1:47 amit takes some time to ibkr show cost basismuffins14 wrote: ↑Thu Jan 13, 2022 10:31 am my transfer of some shares of NTSX was successful.
Shouldn't IBKR tell me when the lot was purchased so I know the Long-term vs short-term status of the gain?
There is cost basis information, but I can't know if it's correct since I don't know what lot was removed from my Fidelity account
It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Crom laughs at your Four Winds
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Re: Interactive Brokers (Best Kept Secret)
You can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.muffins14 wrote: ↑Tue Jan 25, 2022 8:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Re: Interactive Brokers (Best Kept Secret)
Yeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.Startled Cat wrote: ↑Tue Jan 25, 2022 9:00 amYou can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.muffins14 wrote: ↑Tue Jan 25, 2022 8:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
Crom laughs at your Four Winds
Re: Interactive Brokers (Best Kept Secret)
yep. every other broker i've dealt with has an easy way to view all the lots. with IBKR you have to hunt for this information. you have to create a custom report and turn off grouping on the symbol. problem though, is it's delayed. any trades done on the same day will not appear here.muffins14 wrote: ↑Tue Jan 25, 2022 9:10 amYeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.Startled Cat wrote: ↑Tue Jan 25, 2022 9:00 amYou can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.muffins14 wrote: ↑Tue Jan 25, 2022 8:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
alas, i ended up tracking every lot individually on a spreadsheet. pretty annoying, but now that i've put in the effort i can see every lot across every broker so i guess it wasn't all bad.
Re: Interactive Brokers (Best Kept Secret)
It also feels like I have a lot of commissions in general... I'm using tiered pricing.
For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.
Am I missing some way to actually reduce the commissions?
For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.
Am I missing some way to actually reduce the commissions?
Crom laughs at your Four Winds
Re: Interactive Brokers (Best Kept Secret)
with tiered you get charged fees by the exchange, so it fluctuates. you also get rebates if you add liquidity and IBKR will pass some of that to you.muffins14 wrote: ↑Wed Jan 26, 2022 12:52 pm It also feels like I have a lot of commissions in general... I'm using tiered pricing.
For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.
Am I missing some way to actually reduce the commissions?
Re: Interactive Brokers (Best Kept Secret)
I have been with IBKR for about a year now (Pro) and I have a real problem with how clunky the software is...also, I am not sure about the real value add...I get charged a lot of commissions for supposedly low margin rates...but I would prefer box spread anyway...I would say my biggest problem is the UI and not feeling that I have all the info I need at my fingertips.
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Re: Interactive Brokers (Best Kept Secret)
For people with smaller balances, M1, especially M1 Plus is probably a better option for margin accounts, but if you're dealing with a large balance, then Interactive Brokers is probably better. It would really depend on the size and number of transactions and how much you plan to borrow for leverage.
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Re: Interactive Brokers (Best Kept Secret)
Is it just 2% for any amount, as long as you have M1 Plus ($125/year)gtwhitegold wrote: ↑Tue Feb 01, 2022 9:57 pm For people with smaller balances, M1, especially M1 Plus is probably a better option for margin accounts, but if you're dealing with a large balance, then Interactive Brokers is probably better. It would really depend on the size and number of transactions and how much you plan to borrow for leverage.
IB has a max 1.58% margin rate, for $120/year
How can M1 be better?
Re: Interactive Brokers (Best Kept Secret)
With stocks and tiered commissions, you will have much lower commissions if you place a (non-marketable) limit order instead of a marketable order. Of course there’s some risk you might not get filled doing this, but if you do, you get a lower price than the ask and a lower commission.muffins14 wrote: ↑Wed Jan 26, 2022 12:52 pm It also feels like I have a lot of commissions in general... I'm using tiered pricing.
For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.
Am I missing some way to actually reduce the commissions?
Re: Interactive Brokers (Best Kept Secret)
Why would the commission be lower?Tanelorn wrote: ↑Sun Feb 06, 2022 6:33 pmWith stocks and tiered commissions, you will have much lower commissions if you place a (non-marketable) limit order instead of a marketable order. Of course there’s some risk you might not get filled doing this, but if you do, you get a lower price than the ask and a lower commission.muffins14 wrote: ↑Wed Jan 26, 2022 12:52 pm It also feels like I have a lot of commissions in general... I'm using tiered pricing.
For example I submitted an order for like 800 shares of ITOT, and the total commission divided by the number of shares comes to 0.0067 per share, when I thought tiered pricing was 0.0035 per share.
Am I missing some way to actually reduce the commissions?
Re: Interactive Brokers (Best Kept Secret)
Because limit orders get exchange rebates for providing liquidity to the market, and IB passes thru most of this rebate to reduce your commission under the tiered commission. Nasdaq for example you would get back about 0.2 cents/share, which would make the normal 0.2-0.3 cents/share commission much lower and/or close to zero. You can even get them negative if you trade enough and are in the higher tiers.
https://www.interactivebrokers.com/en/i ... =936&nhf=T
https://www.interactivebrokers.com/en/i ... &p=stocks2
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Re: Interactive Brokers (Best Kept Secret)
The 1.58% is dependent upon someone having a Pro account not a Lite account. The Lite rate is currently 2.58%. There are other possible costs associated with a Pro account that also must be taken into consideration before choosing a Pro account over a Lite account. Choosing between IBKR or M1 for a margin account is highly dependent upon what an individual's circumstances are.international001 wrote: ↑Sun Feb 06, 2022 6:07 pmIs it just 2% for any amount, as long as you have M1 Plus ($125/year)gtwhitegold wrote: ↑Tue Feb 01, 2022 9:57 pm For people with smaller balances, M1, especially M1 Plus is probably a better option for margin accounts, but if you're dealing with a large balance, then Interactive Brokers is probably better. It would really depend on the size and number of transactions and how much you plan to borrow for leverage.
IB has a max 1.58% margin rate, for $120/year
How can M1 be better?
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Re: Interactive Brokers (Best Kept Secret)
Is there a way to always allow ACH transactions? This is the only institution asking to approve / reject ACH transactions, and it's confusing because there are 3 scenarios:
a) I have to approve or else rejected
b) I have to reject or else goes through
c) I have to approve, and someone calls me to confirm
a) I have to approve or else rejected
b) I have to reject or else goes through
c) I have to approve, and someone calls me to confirm
Re: Interactive Brokers (Best Kept Secret)
c) never happened to me. i don't even respond to calls from unknown numbers. is it when transaction is huge?Marseille07 wrote: ↑Wed Feb 09, 2022 11:40 am Is there a way to always allow ACH transactions? This is the only institution asking to approve / reject ACH transactions, and it's confusing because there are 3 scenarios:
a) I have to approve or else rejected
b) I have to reject or else goes through
c) I have to approve, and someone calls me to confirm
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
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Re: Interactive Brokers (Best Kept Secret)
What are those big PRo costs?gtwhitegold wrote: ↑Sun Feb 06, 2022 10:47 pmThe 1.58% is dependent upon someone having a Pro account not a Lite account. The Lite rate is currently 2.58%. There are other possible costs associated with a Pro account that also must be taken into consideration before choosing a Pro account over a Lite account. Choosing between IBKR or M1 for a margin account is highly dependent upon what an individual's circumstances are.international001 wrote: ↑Sun Feb 06, 2022 6:07 pmIs it just 2% for any amount, as long as you have M1 Plus ($125/year)gtwhitegold wrote: ↑Tue Feb 01, 2022 9:57 pm For people with smaller balances, M1, especially M1 Plus is probably a better option for margin accounts, but if you're dealing with a large balance, then Interactive Brokers is probably better. It would really depend on the size and number of transactions and how much you plan to borrow for leverage.
IB has a max 1.58% margin rate, for $120/year
How can M1 be better?
Re: Interactive Brokers (Best Kept Secret)
unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
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Re: Interactive Brokers (Best Kept Secret)
Not everyone has a very large taxable portfolio, so that's what I meant. Most of my portfolio is tax advantaged, so it might not make much sense to use IBKR Pro, at least in the beginning. You can always upgrade to a pro account later though.bling wrote: ↑Thu Feb 10, 2022 6:07 am unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
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Re: Interactive Brokers (Best Kept Secret)
The biggest pain however is that for international stocks, they show the tax lots in foreign currency only. But for the 1099 tax form and the tax return, the cost basis needs to be converted to USD with the exchange rate at the time of purchase. So if the currency fluctuates, you can have a loss on your tax form, while IB Tax Optimizer shows a gain, or vice versa.muffins14 wrote: ↑Tue Jan 25, 2022 9:10 amYeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.Startled Cat wrote: ↑Tue Jan 25, 2022 9:00 amYou can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.muffins14 wrote: ↑Tue Jan 25, 2022 8:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
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Re: Interactive Brokers (Best Kept Secret)
I’ve been trying to decide whether to go with Pro or Lite. Do you have any thoughts on the breakeven point? I’ve got about $150k in tax-advantaged and $60k in taxable at the moment. I’m running a lifecycle investing strategy with a handful of ETFs (that I rebalance monthly) and box spreads (that I roll every 3-6 months).bling wrote: ↑Thu Feb 10, 2022 6:07 am unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
1.5x leverage | 45% market-cap [VTI, VEA, VWO] + 45% factor tilted [AVUV, AVDV, AVES] + 10% trend following [KMLM, DBMF]
Re: Interactive Brokers (Best Kept Secret)
IMO, the only reason to use IBKR over other brokers is for margin, which automatically means pro.jshaffer740 wrote: ↑Fri Feb 11, 2022 9:27 amI’ve been trying to decide whether to go with Pro or Lite. Do you have any thoughts on the breakeven point? I’ve got about $150k in tax-advantaged and $60k in taxable at the moment. I’m running a lifecycle investing strategy with a handful of ETFs (that I rebalance monthly) and box spreads (that I roll every 3-6 months).bling wrote: ↑Thu Feb 10, 2022 6:07 am unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
if you're not using margin, other brokers are better because they offer a much better well-rounded package (fidelity, schwab), or offer credit card perks (boa+merrill edge), or superior software (tdameritrade).
Re: Interactive Brokers (Best Kept Secret)
Has anyone tried IBKR’s new tax loss features within the Order Allocation tool? This may be what you are looking for.muffins14 wrote: ↑Tue Jan 25, 2022 9:10 amYeah definitely not ideal. I can open the TWS on desktop and open the tax optimizer for a security, then I see all my lots.Startled Cat wrote: ↑Tue Jan 25, 2022 9:00 amYou can see lots under "tax optimizer" in the mobile app but it's an extremely ridiculous and clunky UI that doesn't even show which lots have gains/losses. It's so bad that it's one of the main reasons I'm looking to leave IBKR.muffins14 wrote: ↑Tue Jan 25, 2022 8:18 am It seems like with IBKR I have to have a separate place (outside IBKR) to log all my tax lots / cost bases and tell me when they are at a loss. At least that's what I seem to be able to find -- aside from looking at my transfer statements, it's like I can't see cost basis until I place a trade and am looking to identify which lot I want it to use.
On Fidelity I can see all lots on the position with like 1 click, and then choose to sell if I want to rather than the other way around. What's up with that?
Then I have to open a separate page to see the current price of that asset, and I have to do my own subtraction for each of them to find losses
I am considering IBKR for a new, large taxable account and TLH is important to me. Don’t have my account setup yet otherwise I’d test it.
This may need to be done in an advisor / client hierarchy (link your trading account to your own friends and family advisor account and access this tool from the friends and family advisor account)
https://fxnewsgroup.com/forex-news/plat ... rder-tool/
https://www.interactivebrokers.com/en/g ... s_1012.php (2nd heading down)
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Re: Interactive Brokers (Best Kept Secret)
That makes sense. Though I do plan to explore futures trading in my tax-advantaged accounts, since margin isn’t an option there. And unfortunately Fidelity (which I’ve been happy with for my HSA) doesn’t permit futures trading. That is one thing I like about IB—they treat you like a grown up and don’t artificially restrict you from trading certain products.bling wrote: ↑Fri Feb 11, 2022 9:50 amIMO, the only reason to use IBKR over other brokers is for margin, which automatically means pro.jshaffer740 wrote: ↑Fri Feb 11, 2022 9:27 amI’ve been trying to decide whether to go with Pro or Lite. Do you have any thoughts on the breakeven point? I’ve got about $150k in tax-advantaged and $60k in taxable at the moment. I’m running a lifecycle investing strategy with a handful of ETFs (that I rebalance monthly) and box spreads (that I roll every 3-6 months).bling wrote: ↑Thu Feb 10, 2022 6:07 am unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
if you're not using margin, other brokers are better because they offer a much better well-rounded package (fidelity, schwab), or offer credit card perks (boa+merrill edge), or superior software (tdameritrade).
1.5x leverage | 45% market-cap [VTI, VEA, VWO] + 45% factor tilted [AVUV, AVDV, AVES] + 10% trend following [KMLM, DBMF]
Re: Interactive Brokers (Best Kept Secret)
You overlooked the free $1k in stock they were giving out for putting in $100k. once my shares vest, I'll probably transfer out.bling wrote: ↑Fri Feb 11, 2022 9:50 amIMO, the only reason to use IBKR over other brokers is for margin, which automatically means pro.jshaffer740 wrote: ↑Fri Feb 11, 2022 9:27 amI’ve been trying to decide whether to go with Pro or Lite. Do you have any thoughts on the breakeven point? I’ve got about $150k in tax-advantaged and $60k in taxable at the moment. I’m running a lifecycle investing strategy with a handful of ETFs (that I rebalance monthly) and box spreads (that I roll every 3-6 months).bling wrote: ↑Thu Feb 10, 2022 6:07 am unless your portfolio is tiny, you should always get a pro account.
the free trades and free streaming data is a gimmick.
one major difference between lite and pro is PFOF. lite has it, pro doesn't. that's where they make the money.
great! your trade was free. you probably also got filled at a worse price compared to their better execution algo available in pro.
if you're not using margin, other brokers are better because they offer a much better well-rounded package (fidelity, schwab), or offer credit card perks (boa+merrill edge), or superior software (tdameritrade).
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Re: Interactive Brokers (Best Kept Secret)
Does this mean that you get a worse price when trading? I don't think how it would make a big impact for a buy and hold portfolio
Would it make a difference if you transfer your ETFs to PFOF
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Re: Interactive Brokers (Best Kept Secret)
I like IBKR's mobile watch lists better than the competition so I went with Lite. I hold a fairly small position with a small amount on margin. The interest rate difference doesn't really matter if I don't have to pay for market data.
Re: Interactive Brokers (Best Kept Secret)
here's a good summary: https://www.thebalance.com/payment-for- ... ow-5191754international001 wrote: ↑Fri Feb 11, 2022 6:37 pmDoes this mean that you get a worse price when trading? I don't think how it would make a big impact for a buy and hold portfolio
Would it make a difference if you transfer your ETFs to PFOF
Re: Interactive Brokers (Best Kept Secret)
there's a reason it's free. the market data from lite comes from the CBOE One feed, which represents a small portion of all trading volume. it's fine for buy/hold, but if you do any kind of active trading where real-time price matters, you should upgrade.
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Re: Interactive Brokers (Best Kept Secret)
Can you please let me know what are the credit card perks benefits if you have a BoA or Merrill investment account, and in which way is TD Ameritrade software better than IB?bling wrote: ↑Fri Feb 11, 2022 9:50 am IMO, the only reason to use IBKR over other brokers is for margin, which automatically means pro.
if you're not using margin, other brokers are better because they offer a much better well-rounded package (fidelity, schwab), or offer credit card perks (boa+merrill edge), or superior software (tdameritrade).
Re: Interactive Brokers (Best Kept Secret)
There's like a 100 page thread on the BofA/Merrill Preferred Rewards.comeinvest wrote: ↑Mon Feb 14, 2022 4:05 pmCan you please let me know what are the credit card perks benefits if you have a BoA or Merrill investment account, and in which way is TD Ameritrade software better than IB?bling wrote: ↑Fri Feb 11, 2022 9:50 am IMO, the only reason to use IBKR over other brokers is for margin, which automatically means pro.
if you're not using margin, other brokers are better because they offer a much better well-rounded package (fidelity, schwab), or offer credit card perks (boa+merrill edge), or superior software (tdameritrade).
https://www.bankofamerica.com/preferred-rewards/
Re: Interactive Brokers (Best Kept Secret)
My 1099 did not include the free unvested stock of IKBR. Presumably the value of the shares will be on my 2022 1099. And I suspect the cost basis value will be the value on date of vesting?