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Stephane Courchesne

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Posts posted by Stephane Courchesne

  2. Posted

    Good news,

    I fanally solved my problem.  Since IB where busy with the Covid-19, it took me 3 weeks in total to make all arrangements and have my USD account working.

    First, I took out my CAD $ from my IB account.

    I've then opened a USD account over the Internet with my current Royal Bank of CANADA but it did not work. They could not make a USD transfer to a Canadian provider since it was going to convert my USD deposit to CAD and I could not link this account to IB. They had to transfer me to another department for USD account with RBC in USA.

    I then checked with Bank of Montreal where I have another account ond opened a USD account. Took me 2 minutes over the Internet.  I then linked my account directly with IB.  After the verification, I was able to make a deposit in US to my account.

    Now, everything is working perfectly, I don't loose even 1$ from my gains. 

    Hope this topic could help someone.

    • Like 4

  3. Posted

    9 hours ago, Abiel said:

    @Stephane Courchesne did you read this post? 

     

    Hello Abiel,

    Yes, I already read this post since I tried to contact Robert first and Justin informed me that he was not with BBT anymore.  If your accont is fill with CAD and trade in the US, it will end up having the same situation as me. In a normal market, it's not that bad but with all the volatility, I loose money with the exchange.

    The problem is serious. Yesterday, I made 185$ with 34$ in commission, lost 369$, I'm going down with good trading. It's insane.

    I found IBKR really don't care about my problem, it's not their money.  I made my problem clear and explain I was trading in the US only and want my account in USD: no solution from them.

    Justin, from the forum, reply me that he made the verification and it seem I just have to fill my accout with USD. Hope it's just that simple.

    Does Andrew knows about this problem for Canadian?

  5. Posted

    Hello everyone,

    I'm not used to post on forum but this time " I NEED HELP " with currency fees from Interactive Broker.

    I have a big problem with IB and intraday loan fees.  I trade in the US with my IB account in Canada.  I also use DAS as a platform.

    Here is my problem:  Since my account is in CAD, IB make a loan for every trade in USD. From my research, here how it works :  https://ibkr.info/node/722

    I was getting used to have some variations  sometime with the exchange with my Canadian $ account:  -50$ or -100$, -200$ per day. Sometime it give me +50$ or +100$ but this is more rarely.

    I trade the US stock but at the end of day, with my daily report, IB close the day and make the calculation for the exchange CAD versus USD.

    • For the month of January:  I lost 585$ US just with the exchange even if I made good profit.
    • In February, I lost 420$ US again with the exchange.
    • And on Monday this week, March 9 2020, I was happy to have made 305$ with only 22$ in commission with only 3 trades : AAPL. AMD and NVDA But I lost 750$ US with the exchange USD/CAD!!!  See my IBKR report in attachment (sorry it's in French).2020-03-09 IBKR report.pdf
    • All my trading was done by 10:40 and the index USD/CAD started to run up by 12:00. See chart in attachment.
    • I can’t believe that a US citizen would make a nice trading day of 305$ US with 22$ commission and end up loosing 750$ with the exchange.

    I call IB last week to change my Canadian account in US$. They told me that it goes with the country of residence. The guy was not really helpful.

    Yesterday, since all lines where busy at IB, I tried the chat. The guys told there was noting to do even if I challenged him that it's impossible that a American with a US account would pay 750$ for making 305$.

    Again, yesterday, with the choppy market, I broke even with 60$ of profit and 60$ of commission and ended up loosing 150$ with the currency exchange.

    Does anyone have the same problem?

    I CAN’T CONTINUE TO TRADE WITH THIS SETUP… I NEVER KNOW WHAT WOULD BE THE RESULT OF MY TRADING AND LOOSING TO MUCH MONEY WITH  CAD/USD

    With this setup, I have no choice but to change Interactive Broker for another broker that would accept to open a account with USD.

    Any advices and recommendations would be really appreciated.

    Thanks,

    Stéphan, Gatineau, Québec, Canada

    2020-03-09 USD_CAD.JPG

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