Do any UK citizens on here use Interactive Brokers?

w00519773

I have used the interactive brokers paper trading account (and API) for the last few years and I enjoy it - it is working out quite well.  Albeit I take more risks with it being a paper trading account.

Does any UK citizens on here use Interactive Brokers: https://www.interactivebrokers.co.uk/ in a live trading account? I am thinking about opening a live account, but wanted to do my due diligence first.  Despite there being UK support telephone numbers (and a UK website) with claims that users span 200 countries; it seems to be tailored to the US and Canada.

idkwhattosay

I used to have an account with them before I moved to UK (laughs in S&S ISA) and there isn't anything negative to say really. They are one of the largest retail brokers on the market and I think they have the lowest fees. I haven't used their API though so I can't comment on that.

moneywow1

I have an account and use them for buying options only as they're one of the few I found who allow it. What do you want to know?

HansOndabush

They have a UK based business too. I am not currently signed up with them but considering doing so. 
Moneywow1, they say you can select your base currency. So if I were using IB mainly for us and Canadian shares, would I be best choosing USD rather than GBP as my base currency? This would incur fx charges on paying GBP in but I assume only this one fx charge and from then on it can all stay in dollars; would that be correct?

w00519773

moneywow1 said:

I have an account and use them for buying options only as they're one of the few I found who allow it. What do you want to know?

Are you a UK citizen? It seems to be tailored to US/Canada residents? If you are a UK resident then do you use a tax wrapper and if so what e.g.  SIPP? Thanks.

w00519773

idkwhattosay said:

I used to have an account with them before I moved to UK (laughs in S&S ISA) and there isn't anything negative to say really. They are one of the largest retail brokers on the market and I think they have the lowest fees. I haven't used their API though so I can't comment on that.

Why did you stop using Interactive brokers after moving to the UK?

benbay001

w00519773 said:

idkwhattosay said:

I used to have an account with them before I moved to UK (laughs in S&S ISA) and there isn't anything negative to say really. They are one of the largest retail brokers on the market and I think they have the lowest fees. I haven't used their API though so I can't comment on that.

Why did you stop using Interactive brokers after moving to the UK?

I assumed it was because IB dont offer an ISA wrapper.

idkwhattosay

w00519773 said:

Why did you stop using Interactive brokers after moving to the UK?

Tax reasons (I had to close all accounts and subscriptions). What is your concern regarding IB? They are as good as they get in the retail market. If you want to see the exchanges and clearing houses they do business with, look here: https://www.interactivebrokers.com/en/index.php?f=561

w00519773

idkwhattosay said:

w00519773 said:

Why did you stop using Interactive brokers after moving to the UK?

Tax reasons (I had to close all accounts and subscriptions). What is your concern regarding IB? They are as good as they get in the retail market. If you want to see the exchanges and clearing houses they do business with, look here: https://www.interactivebrokers.com/en/index.php?f=561

I am impressed with them so far.  The only concern I have is that there is no ISA wrapper.  
I have a stocks and Shares ISA with Charles Stanley.  Say I sell some shares with Interactive Brokers and there is a capital gain, then can I move the gain to Charles Stanley? I am not sure how it works.

idkwhattosay

I don't know honesty, you should open a new thread for that. There are plenty of accountants here who can advise.

thenewcomer

w00519773 said:

idkwhattosay said:

w00519773 said:

Why did you stop using Interactive brokers after moving to the UK?

Tax reasons (I had to close all accounts and subscriptions). What is your concern regarding IB? They are as good as they get in the retail market. If you want to see the exchanges and clearing houses they do business with, look here: https://www.interactivebrokers.com/en/index.php?f=561

I am impressed with them so far.  The only concern I have is that there is no ISA wrapper.  
I have a stocks and Shares ISA with Charles Stanley.  Say I sell some shares with Interactive Brokers and there is a capital gain, then can I move the gain to Charles Stanley? I am not sure how it works.

yes, thats correct. as long as it is within the ISA allowance.