Investing

Some questions about Interactive Brokers

  • Last Updated:
  • Feb 10th, 2020 3:04 pm
[OP]
Jr. Member
Aug 21, 2017
195 posts
132 upvotes

Some questions about Interactive Brokers

About to open an account but have some questions:
1. How does the delayed free data work? I cannot seem to find how long it's delayed for NYSE/TSX stocks. If you're not an active trader and don't want to pay for additional data pacakges, where can you get free data? Are websites such as Google, Yahoo and Tradingview real time?
Also Questrade seems to provide free real-time data?
2. What's the best way to deposit funds into IB? Wire seems to faster (2 days?) but rather expensive compared to EFT (3 days?) while free?
3. Best way for Forex - is it better to get USD from the banks then transfer in or buy Forex within IB?

Thanks!
8 replies
Sr. Member
May 18, 2017
544 posts
474 upvotes
Toronto, Ontario
1) 15min delayed. Most apps have free real time quotes for US stocks... For example CNBC...webull..yahoo..if you aren't active, don't bother pay the extra few dollars. They'll give you a good fill from my experience
2) I use EFT and online bill pay. The later is new and pretty convenient
3) for mobile.app, search USD , you'll then see USD ideal pro, chose forex, choose USD.CAD, proceed to buy USD. You'll get the real time rate and commission is $2.
Deal Addict
Jun 28, 2018
1031 posts
788 upvotes
Toronto
whatyoulookinatbud wrote: 2) I use EFT and online bill pay. The later is new and pretty convenient
#2 their fund transfer in capabilities work, but not as convenient as say Questrade's in that you do need to notify IBKR of the amounts to be expected.

On the technical side, it does not appear they are fully utilizing/reconciling the online bill payment data file from the sending bank/institution. Hence, we need to go through the added process of keying in the expected amount and then waiting for its acknowledgement before they start clearing the funds.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Member
Jan 31, 2008
488 posts
204 upvotes
Montreal, Quebec
EFT takes longer then 3-days. It usually takes at least one week (5 business days plus a day or two) to access your funds.

BNN offers real time for Canadian stocks. To my knowledge, Google provides real time data for NYSE listed equities (not Canadian)

Forex rates for USD on Interactivebrokers are the best spread you will get.
"It is never too late to be what you might have been. "
Sr. Member
May 5, 2016
530 posts
541 upvotes
johnnychi wrote: #2 their fund transfer in capabilities work, but not as convenient as say Questrade's in that you do need to notify IBKR of the amounts to be expected.

On the technical side, it does not appear they are fully utilizing/reconciling the online bill payment data file from the sending bank/institution. Hence, we need to go through the added process of keying in the expected amount and then waiting for its acknowledgement before they start clearing the funds.
I've sent bill payments to IB without notifications, it works fine.
[OP]
Jr. Member
Aug 21, 2017
195 posts
132 upvotes
Does bill payment take shorter time than EFT? How much is the fee?

I read from IB and other sources it can take about a week to deposit the funds - that sounds crazy!

whatyoulookinatbud wrote: 1) 15min delayed. Most apps have free real time quotes for US stocks... For example CNBC...webull..yahoo..if you aren't active, don't bother pay the extra few dollars. They'll give you a good fill from my experience
2) I use EFT and online bill pay. The later is new and pretty convenient
3) for mobile.app, search USD , you'll then see USD ideal pro, chose forex, choose USD.CAD, proceed to buy USD. You'll get the real time rate and commission is $2.
Sr. Member
May 18, 2017
544 posts
474 upvotes
Toronto, Ontario
fiddlewin wrote: Does bill payment take shorter time than EFT? How much is the fee?

I read from IB and other sources it can take about a week to deposit the funds - that sounds crazy!
The bill payment takes 3 days to clear. Dont think EFT takes more than 3-5 days. I've been using the former.
Deal Addict
Jan 18, 2014
1514 posts
507 upvotes
Rouyn-Noranda
My limited experience is that bill payment is faster than EFT.
Deal Addict
Jun 28, 2018
1031 posts
788 upvotes
Toronto
azorahai wrote: I've sent bill payments to IB without notifications, it works fine.
Not for me at least. If a bill pay is sent without notification to them beforehand then you need to go in and add a notification.

Not a deal breaker for sure, but cumbersome.

BILL PAY DEPOSIT NOTIFICATION REQUIRED


Dear Customer,

We have received a Bill Payment deposit that we believe may be intended for your account xxxx. However, we require a Bill Payment deposit notification to properly credit your account.

For your protection, this email does not include your bank account number or the amount of the deposit.

To resolve this issue, please follow the instructions below to submit a Bill Payment deposit notification, making sure that the amount of the deposit notification matches the amount of your actual deposit. If you made multiple deposits, we will require a new deposit notification for each deposit.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:

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