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IB accrued interest
- Thread starter gwac
- Start date
IB should state the interest credited/debited per day
and per currency in the *daily* statements,
so we can all check what is really going on.
I paid too much in interest charges at IB,
and I wasn't able to tell why
or do at least a simple check if that was done correctly....
Also, can someone at IB let us know the *exact* time
that the interest is calculated?
(The answer "between 16:00 and 19:00 ET" isn't satisfactory,
since many of us trade forex at that time.)
This will help to reduce our short positions
in high-yield currencies before that time
so we minimize the charges.
and per currency in the *daily* statements,
so we can all check what is really going on.
I paid too much in interest charges at IB,
and I wasn't able to tell why
or do at least a simple check if that was done correctly....
Also, can someone at IB let us know the *exact* time
that the interest is calculated?
(The answer "between 16:00 and 19:00 ET" isn't satisfactory,
since many of us trade forex at that time.)
This will help to reduce our short positions
in high-yield currencies before that time
so we minimize the charges.
2 days no response.
5pm est time is when the banks switch
over. Its way to expensive to carry an overnite position
with this company. I will cover all my positions before
4pm or I will use futures...
Banks and IB do swaps to cover their rollovers, nobody uses
this interest rate crap, especially when you screw people
on both sides.
I am so furious.....
5pm est time is when the banks switch
over. Its way to expensive to carry an overnite position
with this company. I will cover all my positions before
4pm or I will use futures...
Banks and IB do swaps to cover their rollovers, nobody uses
this interest rate crap, especially when you screw people
on both sides.
I am so furious.....
Quote from KS96:
IB should state the interest credited/debited per day
and per currency in the *daily* statements,
so we can all check what is really going on.
I paid too much in interest charges at IB,
and I wasn't able to tell why
or do at least a simple check if that was done correctly....
Also, can someone at IB let us know the *exact* time
that the interest is calculated?
(The answer "between 16:00 and 19:00 ET" isn't satisfactory,
since many of us trade forex at that time.)
This will help to reduce our short positions
in high-yield currencies before that time
so we minimize the charges.
Quote from gwac:
2 days no response.
5pm est time is when the banks switch
over. Its way to expensive to carry an overnite position
with this company. I will cover all my positions before
4pm or I will use futures...
Banks and IB do swaps to cover their rollovers, nobody uses
this interest rate crap, especially when you screw people
on both sides.
I am so furious.....
I am glad that someone else agrees that it's too
expensive to carry forex positions overnight at IB.
For a moment I thought that it's only me having those
huge monthly charges...
IB's web-pages are silent about the exact time
the daily interest is calculated. Anyone?
Quote from arl:
I was wondering the same myself, I would think that this is pretty important for most people.
They would like to bury this thread, I think...
The gigantic interest charges generates lots of cash for them.
As I mentioned in another thread,
I didn't have a *single* month without interest
rate charges...for at least 6 months in a row...
Those charges amounted to around 3%/month (on average)
of my total equity. That's huge!
F**k them. They are much cheaper forex brokers out there.
My forex trading costs decreased greatly since I moved
away from IDEALPRO to another broker, without affecting
my profitability (so I am not sure if I buy this "ECN is more fair
and transparent, that's why we rip you off'" BS...