Transfers from Wise Balance are subject to a small fixed fee.
IBKR notes that it receives 5.5% of the 'transfer fee' collected and remitted by Wise.
Interactive
Brokers (NASDAQ:IBKR), an American online brokerage firm, has announced its
partnership with the payments company, Wise Platform to offer existing clients new
payment options when they fund their trading accounts.
Interactive Brokers
Chooses Wise Platform as Payment Partner
Following
today's launch, Interactive Brokers clients can now choose to 'Pay with Wise'
allowing them to convert their local currency to a currency supported by
Interactive Brokers at the mid-market exchange rate, without hidden fees or
markups, within the IBKR platform. Currently, Wise offers access to 150
international markets and an option to save money on transfer fees.
Additionally,
clients can directly transfer from their linked Wise account balances and may
receive their funds in the selected currency in just seconds. According to the
company, 50% of all global Wise transfers are instant, arriving in less than 20
seconds.
"With
the Wise integration, we can offer account funding in more local currencies,
enabling greater participation in global markets, diversification of
investments, and added protection against local economic uncertainty – all on
Interactive Brokers' single unified platform," Steve Sanders, the EVP of
Marketing and Product Development at Interactive Brokers, commented.
These features
collectively help minimize transfer fees and reduce the time required for
Interactive Brokers clients to move funds between their bank accounts and
trading accounts.
The
Interactive Brokers website shows that the fee for transferring funds using
Wise Balance is probably fixed and amounts to $0.39. Funds are immediately
available for trading when they appear in the account, while they can be
withdrawn after three business days. IBKR notes that it receives 5.5% of the
'transfer fee' collected and remitted by Wise for all cross-currency transfers
completed through IBKR's interface.
Currently, Interactive
Brokers has a client base of more than two million customers, primarily
retail traders, who trade from more than 200 countries and territories around
the world. Steve Naudé, the Head of Wise Platform, believes that the newest
integration "will make investing in global stocks through IBKR's platform
affordable and fast."
In November
2022, Wise revealed a 63% surge in total income for H1 FY23, spanning from
April to September, reaching £416 million. The company concluded the period
with a pre-tax profit of £51.3 million, witnessing a 173% growth. In January
2023, Interactive Brokers reported its latest report for the three-month period
ending 31 December 2023, showing a record profit of $1.31 per share.
Interactive Brokers
Expands its Reach and Offering
As part of
its international expansion and the introduction of more products, IBKR required
a new payment partner. The broker announced its partnership with Sinopac
Securities, a Taiwan-based trading company, in mid-February, becoming their
primary international broker. Sinopac caters to retail and institutional
clients, enabling them to trade ETFs, stocks, and fixed-income products from
the US market. With the help of IBKR's product offerings, Sinopac can now
extend its reach to 90 additional global stock markets.
In the
meantime, the company has expanded its cryptocurrency offerings to the Asian
markets as it launched crypto trading services in Hong Kong. Adding digital
assets came with a growing interest among the broker's clients. The available
options are restricted to just two cryptocurrencies: Bitcoin and Ethereum,
which hold the top two positions in terms of market capitalization.
Furthermore, the US-based broker will enable professional investors within the
autonomous jurisdiction to trade these two digital assets.
Two months
ago, IBKR launched the Stock Yield Enhancement Program (SYEP) Derivatives for
traders and investors from Australia. It aims to provide additional income
opportunities for eligible clients. Interactive Brokers Australia's SYEP
Derivatives program allows clients to lend their stock shares in return for
cash collateral deposits, which reflect the potential income generated from
loaning the shares.
Interactive
Brokers (NASDAQ:IBKR), an American online brokerage firm, has announced its
partnership with the payments company, Wise Platform to offer existing clients new
payment options when they fund their trading accounts.
Interactive Brokers
Chooses Wise Platform as Payment Partner
Following
today's launch, Interactive Brokers clients can now choose to 'Pay with Wise'
allowing them to convert their local currency to a currency supported by
Interactive Brokers at the mid-market exchange rate, without hidden fees or
markups, within the IBKR platform. Currently, Wise offers access to 150
international markets and an option to save money on transfer fees.
Additionally,
clients can directly transfer from their linked Wise account balances and may
receive their funds in the selected currency in just seconds. According to the
company, 50% of all global Wise transfers are instant, arriving in less than 20
seconds.
"With
the Wise integration, we can offer account funding in more local currencies,
enabling greater participation in global markets, diversification of
investments, and added protection against local economic uncertainty – all on
Interactive Brokers' single unified platform," Steve Sanders, the EVP of
Marketing and Product Development at Interactive Brokers, commented.
These features
collectively help minimize transfer fees and reduce the time required for
Interactive Brokers clients to move funds between their bank accounts and
trading accounts.
The
Interactive Brokers website shows that the fee for transferring funds using
Wise Balance is probably fixed and amounts to $0.39. Funds are immediately
available for trading when they appear in the account, while they can be
withdrawn after three business days. IBKR notes that it receives 5.5% of the
'transfer fee' collected and remitted by Wise for all cross-currency transfers
completed through IBKR's interface.
Currently, Interactive
Brokers has a client base of more than two million customers, primarily
retail traders, who trade from more than 200 countries and territories around
the world. Steve Naudé, the Head of Wise Platform, believes that the newest
integration "will make investing in global stocks through IBKR's platform
affordable and fast."
In November
2022, Wise revealed a 63% surge in total income for H1 FY23, spanning from
April to September, reaching £416 million. The company concluded the period
with a pre-tax profit of £51.3 million, witnessing a 173% growth. In January
2023, Interactive Brokers reported its latest report for the three-month period
ending 31 December 2023, showing a record profit of $1.31 per share.
Interactive Brokers
Expands its Reach and Offering
As part of
its international expansion and the introduction of more products, IBKR required
a new payment partner. The broker announced its partnership with Sinopac
Securities, a Taiwan-based trading company, in mid-February, becoming their
primary international broker. Sinopac caters to retail and institutional
clients, enabling them to trade ETFs, stocks, and fixed-income products from
the US market. With the help of IBKR's product offerings, Sinopac can now
extend its reach to 90 additional global stock markets.
In the
meantime, the company has expanded its cryptocurrency offerings to the Asian
markets as it launched crypto trading services in Hong Kong. Adding digital
assets came with a growing interest among the broker's clients. The available
options are restricted to just two cryptocurrencies: Bitcoin and Ethereum,
which hold the top two positions in terms of market capitalization.
Furthermore, the US-based broker will enable professional investors within the
autonomous jurisdiction to trade these two digital assets.
Two months
ago, IBKR launched the Stock Yield Enhancement Program (SYEP) Derivatives for
traders and investors from Australia. It aims to provide additional income
opportunities for eligible clients. Interactive Brokers Australia's SYEP
Derivatives program allows clients to lend their stock shares in return for
cash collateral deposits, which reflect the potential income generated from
loaning the shares.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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