Silver Stackers Forum

hanrahan wrote:

It really is easy to find brokers for this. Even ComSec do, I think. But if you are going to trade the US market you don't need the exchange risk of investing A$ in US$ denominated assets. I also believe this holds true for those who think US property is "cheep, cheep".  If you can borrow US$s that is different the exchange risk is negated.

Accidentally, I have a significant amount denominated in C$s and I am happy to let them ride. If they were in US$ I would be more concerned.

I'm concerned about my pound holdings. I have about £10k and am seriously thinking of pulling this out.

Interactivebrokers.com - are they commonly referred to as "IB"? Have seen that mentioned a number of different places.

intelligencer wrote:

I'm concerned about my pound holdings. I have about £10k and am seriously thinking of pulling this out.

Consider leaving it in sterling but simply changing the investment. For example there are international stocks you can buy on the London markets that you can't from here. BHP and Rio, for example, are paid for in Pounds but are "denominated" in a basket of currencies made up of those currencies in which they operate. They have more mining shares posted on the London exchange than there are in New York, I'd hazard a guess. Possibly French wineries or some Pommy outfit ready to do well by exporting to China. That French winery may do well exporting to China's nouveau riche.

For Interactive Brokers, you can open an account in Aus through Stonebridge. Drop a line to:

Samantha.Mackin@stonebridgegroup.com.au

(I hope that's OK GP )

A note of caution: I am still in the process of opening my account (have a specific reason for doing so) but still haven't clarified whether they run segregated or pooled accounts. It is important to know.

Man I wish I knew these things years ago. Ive been a very passive investor but wow, the world has really changed.

My situation changed recently when Newmont delisted its CDIs so I now hold direct Newmont shares. This should allow more options.

Thanks for the IB tip.

silverwink wrote:

Why not open your own account with IB, too many accounts in Australia have had funny things happen.
Download the paperwork and open your OWN, SEPARATE account (you can have a cash or margin account in the currency of your choice). I opened my account quite a few years ago from China (ha ha, so it must be easy)

No argument from me. But when I tried, it didn't work.

The point of the exercise for me was to be able to write covered calls on a parcel of shares on the TSX which have had a X20 gain and I really should sell down a few. They did not accept my application to trade options though because I couldn't answer the questionaire on option terminology.

Scotia Bank simply would not accept applications from non Canadians. I really do have to travel there to get the bank accounts that I want.

And another thing: I wont operate a margin account funded by my broker. I have just lost $50k with Sonray where someone misused pooled funds, the same as Opes Prime before it. Canadian brokers are notorious for lending out YOUR stocks to short-sellers which harms your interests. If/when I want margin on the ASX again I will use Leveraged Equities because they are a branch of Adelaide Bank and simply doing what banks should do: Lend money charging interest. They have no brokerage arm to swindle you.

They are shark infested waters out there.