Stake to IBKR

Discussion in 'Sharemarket Investing Platforms, Tools & Services' started by Chris21, 28th Jan, 2022.

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  1. Chris21

    Chris21 Well-Known Member

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    I am contemplating moving both personal and SMSF trading account from Stake to IBKR.

    Primary reason

    1. High FX (0.7% in Stake compared to 0.002% in IBKR)
    2. StakeSMSF is limited to equities only. I intend to purchase property within SMSF in future. Thinking of iCareSMSF + IBKR combo, as suggested in another thread by Mr @Hockey Monkey

    Questions

    1. Can we do Broker 2 Broker transfer (Drivewealth/Stake to IBKR) for Personal Account? Any fees ?
    2. How is IBKR for Australian EOFY reporting? Or Do I need to plan for sharesight subscription?
    3. Moving SMSF - will require me to sell all existing holdings with StakeSMSF?
    4. Is IBKR a good option ;)
     
  2. Casteller

    Casteller Well-Known Member

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    I've been using Interactive Brokers for 13 years (UK/Ireland), they are by far the best broker I've ever had, excellent trading platform and very low commissions and margin loan rates. I use them mostly for trading options on UK, US and Australian markets. Their reports are pretty comprehensive but not sure about Oz Tax reporting.
     
  3. ChrisP73

    ChrisP73 Well-Known Member

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    If you do go this route, investigate a master account.
    Friends and Family | Interactive Brokers LLC
    I found the setup quite easy. Lots of flexibility to manage a collection of accounts (different legal structures and names) under a single master account.

    The more I use IBKR the more I discover. It's a very powerful platform.
     
  4. ChrisP73

    ChrisP73 Well-Known Member

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    1. Haven't done it myself, but I believe this is possible. I think there is a nominal fee per holding - possible $50

    3. No need to sell as far as I'm aware Again, I haven't done this myself, but you should be able to transfer.
     
  5. Sgav

    Sgav Well-Known Member

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    @Chris21 , did you end up making this transition? I'm curious how #1 and #3 played out if so.
     
  6. Chris21

    Chris21 Well-Known Member

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    Apologies for late response. I was away during easter. I have opened SMSF account with IBKR but haven’t transferred holdings yet. I will post an update over next 2 weeks. Did you get started?
     
  7. Sgav

    Sgav Well-Known Member

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    Hope you had a good break. No jump to an SMSF for me (yet), I'm aiming to get closer to 400k in Super assets between spouse and I before we make the jump, so maybe in 1-2 years depending on the market. I'm chomping at the bit though after reading the research on VTS/VEU/VAS etc. vs Pooled options.

    My plan for now would be similar to Hockey Monkeys, going equities only in the SMSF, as we have multiple properties already outside of Super.

    I also got put off property in SMSF when reading some of Terry W's comments/advice. (Not saying it's a bad idea, it's just not for me at this stage, I have a lot more assets in property than stocks so I want to grow the latter).

    That being said, things change! Hence, I'm keen to hear how you go moving over to IBKR because I'm always conscious that Stake or any other SMSF provider can change their fees or offerings as time passes on.
     
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  8. Robbo1

    Robbo1 New Member

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    @Chris21 any feedback as to how the transfer went? I'm looking to make this exact transition from Stake to IBKR in the next FY. In particular I'm keen to hear how you went with #3 (i.e. to confirm no need to sell existing holdings to make the transfer).
     
  9. Piston_Broke

    Piston_Broke Well-Known Member

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    I had a look at IBKR and don't like it at all.
    Clunky old interface and not as cheap as it seems for AU stocks and options.
    Also I found it a pain for extra permissions.
    CMC seems simple, easy and for me.
     
  10. Gav

    Gav Well-Known Member

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    Been using IB for over 10 years, all US listed investments, never had a problem and very happy with them. Cant speak to Australian listed investments.
    For reporting and tax time, I use sharesight linking directly to Xero and that works like a dream - I believe you can import trades directly from IB to Sharesight, but I have not bothered with that yet.
     
  11. Sgav

    Sgav Well-Known Member

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    Can confirm auto-integration with Sharesight from IBKR works well. Only caveat is there can be a delay up to 48 hours on it appearing in sharesight from the transaction time.

    I've always assumed IBKR would be a pain for ASX investments that require AMIT statements, and no CHESS sponsorship means it won't auto pre-fill ATO data. That being said, IBKR is the undisputed king for US share purchases when it comes to their 0.002% FX fees.
     
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