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Problem with IB - Broker Recomendations in EU Pls


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Problem with IB - Broker Recomendations in EU Pls

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  #1 (permalink)
Munich, Germany
 
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I opened my first futures account with IB about 10 years ago. I know them well, but have had a few problems over the years and am now looking for a new broker. Currently living in Germany so a broker with a solid presence in the EU would be my preference.

Any and all recommendations are appreciated.

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  #2 (permalink)
Europe
 
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Hi Schnook,

I use US-brokers but in my opinion whselfinvest.de and sino.de should be good European brokers

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  #3 (permalink)
Legendary Market Wizard
Linz Austria
 
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tr8er View Post
Hi Schnook,

I use US-brokers but in my opinion whselfinvest.de and sino.de should be good European brokers

WHSelfinvest is an introducing broker of Interactive Brokers, as far as I know.

Best regards, Myrrdin

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  #4 (permalink)
Legendary Market Wizard
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Schnook View Post
I opened my first futures account with IB about 10 years ago. I know them well, but have had a few problems over the years and am now looking for a new broker. Currently living in Germany so a broker with a solid presence in the EU would be my preference.

Any and all recommendations are appreciated.

I am also looking for a broker, as Interactive Brokers will move all accounts of EU citizens into the EU. With this step, disadvantages regarding account security seem to be planned.

I checked Saxo Bank and Degiro, but I am not happy with what I read. Saxo Bank is unable to answer my email within one week, furthermore I found hidden fees on their homepage. Regarding Degiro, there are very many complaints of customers, furthermore you have to agree to give them your stocks for short sellers.

I contacted Charles Schwab, but they do not take Austrian customers.

Agora-direct is an introducing broker of Interactive Brokers. They hold the accounts in the US, and will not move them into EU. They wrote to me that they do not have the same security problems as IB.

I had a look at Swiss Quote, but they are quite expensive.

Thus, I intend to go to a normal stock broker in Austria for my longterm stocks account, and stay with IB with a small amount of money for trading.

Best regards, Myrrdin

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  #5 (permalink)
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I'm a US citizen and have my stock and retirement accounts with Schwab, and I've been reasonably happy with them, but they're not a dedicated futures broker and probably not the best fit. Moreover they've recently added some annoying restrictions for international clients - even US citizens living abroad. Probably a jurisdictional compliance issue...

I have a small account with AMP but have been reluctant to make them my primary futures broker because I'm not very comfortable with their financial strength or their support infrastructure.

Meanwhile my dispute with IB remains unresolved and they have shown themselves to be both unresponsive and unreasonable. They're a large, publicly traded company with a huge legal department that's concerned only with covering their own ass when they screw up. They owe me money, but even after acknowledging their mistake they still refuse to make me whole. So naturally I don't want to give them any more of my business.

Meanwhile, I filled out an inquiry on Optimus futures website and never received a response from them either. It's all very disappointing...

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  #6 (permalink)
Legendary Market Wizard
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Schnook View Post
I'm a US citizen and have my stock and retirement accounts with Schwab, and I've been reasonably happy with them, but they're not a dedicated futures broker and probably not the best fit. Moreover they've recently added some annoying restrictions for international clients - even US citizens living abroad. Probably a jurisdictional compliance issue...

I have a small account with AMP but have been reluctant to make them my primary futures broker because I'm not very comfortable with their financial strength or their support infrastructure.

Meanwhile my dispute with IB remains unresolved and they have shown themselves to be both unresponsive and unreasonable. They're a large, publicly traded company with a huge legal department that's concerned only with covering their own ass when they screw up. They owe me money, but even after acknowledging their mistake they still refuse to make me whole. So naturally I don't want to give them any more of my business.

Meanwhile, I filled out an inquiry on Optimus futures website and never received a response from them either. It's all very disappointing...

In Europe, the first broker I would contact would be Saxo Bank. A customer of Saxo Bank, who is futures and options trader, told me that in general he is quite happy there. Disadvantages: They charge 0.12 - 0.18 % (depending on the size of the account) of the account value for the account, 0.5 - 1 % for conversion of currenices, negative interest rates for cash, and very high interest rates in case you have negative cash. And they do not use span margin. For spreads, margin is the same as for two individual contracts. They intend to change this, but it is the rule as of today.

But please check this information in case you are interested. I myself do not have experience with Saxo Bank.

Best regards, Myrrdin

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  #7 (permalink)
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myrrdin View Post
In Europe, the first broker I would contact would be Saxo Bank. A customer of Saxo Bank, who is futures and options trader, told me that in general he is quite happy there. Disadvantages: They charge 0.12 - 0.18 % (depending on the size of the account) of the account value for the account, 0.5 - 1 % for conversion of currenices, negative interest rates for cash, and very high interest rates in case you have negative cash. And they do not use span margin. For spreads, margin is the same as for two individual contracts. They intend to change this, but it is the rule as of today.

But please check this information in case you are interested. I myself do not have experience with Saxo Bank.

Best regards, Myrrdin

Thanks, but that actually sounds terrible Way too many fees and expenses. Especially since I regularly shift cash from $USD to €EUR due to my personal circumstances.

One of the things I've noticed since moving here is that the financial services industry isn't nearly as robust for retail investors in Germany as it is in the United States. Part of the problem is that only 15% of German households own stocks (compared to more than 50% of households in America), and more than half of all German stocks are owned by non-residents! That's pretty remarkable for the world's fourth largest economy!

So from what I've seen so far, most of the domestic options available to retail investors here are either expensive (high fees and commissions) or offer a lot less than their American counterparts. So at this point I'm most likely going to stick with US based brokers.

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  #8 (permalink)
Legendary Market Wizard
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Schnook View Post
Thanks, but that actually sounds terrible Way too many fees and expenses. Especially since I regularly shift cash from $USD to EUR due to my personal circumstances.

One of the things I've noticed since moving here is that the financial services industry isn't nearly as robust for retail investors in Germany as it is in the United States. Part of the problem is that only 15% of German households own stocks (compared to more than 50% of households in America), and more than half of all German stocks are owned by non-residents! That's pretty remarkable for the world's fourth largest economy!

So from what I've seen so far, most of the domestic options available to retail investors here are either expensive (high fees and commissions) or offer a lot less than their American counterparts. So at this point I'm most likely going to stick with US based brokers.

I fully agree.

The problem I have with US brokers is that they are usually not in a position to produce an annual report in Euro currency. In Austria, this is a severe problem regarding taxes which cost me a lot of money some years ago. In addition, some do not accept Austrians as customers.

In case you come across a broker fulfilling this requirement (annual report in EUR currency), please let me know.

Best regards, Myrrdin

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  #9 (permalink)
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myrrdin View Post
...I am also looking for a broker, as Interactive Brokers will move all accounts of EU citizens into the EU. With this step, disadvantages regarding account security seem to be planned.

Can you explain more deeply this assumption? Would all their EU accounts will be now hosted in Zug Switzerland instead of Connecticut or Chicago (when asked for it)?

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  #10 (permalink)
Legendary Market Wizard
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sam028 View Post
Can you explain more deeply this assumption? Would all their EU accounts will be now hosted in Zug Switzerland instead of Connecticut or Chicago (when asked for it)?

Currently, all Interactive Brokers (IB) accounts of EU citizens are held in the U.K. These accounts are protected via US Securities Investor Protection Corporation or UK Financial Services Compensation Scheme in case IB goes bankrupt. This protection is sufficient even for large accounts.

In case of a hard Brexit, IB will not be allowed to offer financial services to EU citizens anymore.

IB currently is setting up own brokers in Luxembourg (already operative), Ireland, and Hungary. All accounts of EU citizens will be transferred to one of these brokers in case of a hard Brexit. Protection for these accounts in case of bankruptcy of IB will be limited to 20,000 €.

This information can be found in an interview with a member of the management of IB. According to the interviewers, the interview has been approved by IB. The interview can be found below, unfortunately in German language.

Best regards, Myrrdin



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  #11 (permalink)
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In case of bankruptcy is 20000 EUR to low.And just becose they are big doesnt mean that they canf fall.I will definitly not agree to transfer my account to one of these subsidiaries. I guess that my account would be transfered to IBCE (Hungary) and of course that mean that they will close my account

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Legendary Market Wizard
Linz Austria
 
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Because of the problems regarding Interactive Brokers (IB) mentioned earlier I looked into several other European and US Futures and Options brokers:

Degiro, Saxo Bank, Swiss Quote, Schwab, E-Trade, Tastytrade.

Whereas Schwab and E-Trade do not accept customers from Austria, Tastytrade is unable to provide a reporting well suited for Austrian Taxes. The European brokers are not acceptable to me because of their quality (there are very many complaints about Degiro) or their high fees (Saxo Bank, Swiss Quote).

Thus, I decided to leave a part of my account with IB for trading and to move the investment part of the account to a local broker in Austria (probably Dadat). Fees are not as important for investing as for trading.

Best regards, Myrrdin

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  #13 (permalink)
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Have you tried trading journal program as https://www.tradingdiarypro.com/ which support Tastytrade.
Also why not import data to Excel and build a tax report.

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  #14 (permalink)
Legendary Market Wizard
Linz Austria
 
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Trading: Commodities
 
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platon View Post
Have you tried trading journal program as https://www.tradingdiarypro.com/ which support Tastytrade.
Also why not import data to Excel and build a tax report.

Thank you for your suggestions.

I worked with a US broker some years ago. They reported in US Dollar, and they did not show the results of closed trades for options as a sum. Compiling the tax statement and discussing it with the financial authorities was a nightmare for my tax adviser and for myself. And it was expensive.

I intend to avoid this in future.

Best regards, Myrrdin

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  #15 (permalink)
Slovakia
 
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