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peterB

What brokers are you using in Europe?

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Hi ! I live in Cádiz (south Spain) and I use TWS from IBKR .... It is a "good enough" platform that matches my trading style plus it is much cheaper than DAS and we are here to earn some money, right ?

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Same here. I use IB as broker and their TWS platform for trading. It suites me very well and I prefer it over DAS to be frank. But this is is just a matter of preference.

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I am from Iceland and I recently opened up an account with IB but have yet to fund it.

I noticed that because I am from Europe, my margin will be "risk-based". It will be calculated based on the diversification of my portfolio.

Since I only plan on depositing $5,000 to start with, I really need to get at least 1:3 margin to be able to day trade properly.

Is there anyone here with IB and has this "risk-based" margin model? Are you getting any margin with your day trading account?

All the best,
Matthias

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hi Mathias, i have just opened an IB EU acount with 5k on it and the margin is indeed risk-based and every time different. some times i am able to buy stock for 20k sometimes it does not allow me to do so. its annoying but not much can be done. with CMEG broker you get 1:6 and you can use it fully without any limits but their commission pricing is high now. The margin with IB EU is 1:6.66 actually anyway if you start with small risk then you will be most probably fine.

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Hi again PeterB and others!

I haven't looked into the commission structure because of being in SIM only recently.

But I am getting closer to going LIVE and looked properly into the commissions. Are the commissions really 0.05% of total trade value?

For example if someone buys 50 shares of AAPL at $150 per share. 

IBKR (UK) -  50*$150=$7500 -- Which 0.05% off is $3.75

IBKR (US) - 50 shares * $0.0035=$0.175 -- So it doesn't even get up to the minimum, which is $0.35 per order.

Are we paying $3.75 for this order, while people in the US are paying $0.35 for it?

Or am I completely misunderstanding the commission structure?

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why are you comparing fixed to tiered? just chose tiered in UK and you will have the same prices

image.thumb.png.e2cbb3658cc6cff491123eb1bd617792.png

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Hi all, I'm a Canadian citizen living in Germany and new to day trading.  I've read the posts, but any recent recommendations for brokers?  I don't quite understand the IB PDT problem people are mentioning?  Thanks for the help!

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PDT does not apply to canadians nor europeans you may open IB EU account if you have residence in EU or open canadian account if you pay taxes there

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Posted (edited)

 

Are non-U.S. residents subject to the Pattern Day Trading Rule?

Trade Issues/
Pattern Day Trader

Non-U.S. residents whose accounts are carried by IBKR Australia, IB Canada, IB Central Europe, IB Hong Kong, IB India, IB Ireland, IB Japan, IBKR Luxembourg and IBKR Singapore are not subject to the Pattern Day Trading Rule. Non-U.S. residents whose accounts are carried by IB LLC or IB UK are subject to the rule.

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Okay, I just found this digging in the FAQ from IB and that's why I'm confused.

Would you mind explaining the diff between IB and CMEG?  Thanks for the reply!

Edited by Rob247
Oh man, I read "ARE SUBJECT" opps.

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cmeg is in trinidad and tobago so a non standard jurisdiction (belonging  under portugal i think though)

cmeg substract your platform fees from your account so eventually you will need to refill sooner or later your account while IB does only substract commmissions

cmeg has lower availability for shorts

cmeg has higher commission

cmeg does not allow you advanced risk controls while DAS on IB allows some more

there is no practical reason to use cmeg anymore as IB EU offers you much more

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