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Broker Platforms

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  • Broker Platforms

    For Moosie and others interested.

    I opened an Interactive Brokers (IB) account a little over 2 years ago and use it every day as it’s a great platform for trading.

    It took me a good couple of weeks to customise the layout, charts and watchlists (I watch around 800 stocks), but once this was sorted, I was away (plus I had some guidance from KW who was already using the platform).

    Apart from the platform being far superior to ANZ or ASB, other benefits include:
    • Access to global markets at a cheaper brokerage
    • Access to Wholesale exchange rates (no more banks clipping a 1% each way)
    • Cheaper brokerage for smaller trades (brokerage is $6 for trades less than $8k)
    • Ability to short around 200 ASX stocks (once approved for margin with IB)
    • Orders instantly get submitted to the market depth feed (ANZ sometimes takes 5 mins)
    • Can set conditional stops or limit buys/sells
    • Facilitates all corporate actions (rights, dividends, SPP ect)
    • Ability to customise platform to your needs
    • Stock screeners
    • Heaps of TA tools and indicators
    There were no issues setting up the account once I had submitted all the required documentation, and no issues transferring funds in/out (often received within 24 hours).

    • Calling support when you have an urgent trading issue (often dealing with someone around the world who doesn’t understand the ASX or your issues)
    • Setting orders pre-open that are ‘outside’ IB’s limits on previous price (so you must wait for the market to open to cut say a downgraded stock)
    • Have to pay to see the depth feed and live charts ($20 per month NZD), otherwise charts are 20 mins delayed
    I have a NZ account and deposit NZD which I then exchange (via wholesale rates) to the currency which I wish to purchase stock in (AUD in my case). All proceeds from selling stocks then stay in that currency until you wish to move it to other currency.

    Small amounts of interest get paid on any cash holdings.

    I enjoy IB for the above aspects as a trading platform, but I still hold my ANZ Securities account for investing and NZX stocks.

    A screenshot of the platform set up in one of my configurations.

    Click image for larger version

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  • #2

    Hi there, I am looking also to IB. What happens with your Australian stock once you have bought? Is it on an SRN or are they CHESS sponsored? Or is there some other custody arrangement?
    Last edited by Blackcap; 14-11-18, 06:29 AM. Reason: Got rid of a big large graph that had no purpose in my post.


    • #3
      Hi Blackcap, it's the latter.

      Click image for larger version

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