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Discussion Starter #1 (Edited)
I'm trying to open futures trading account to trade S&P e-minis, crude oil and nat gas futures.

I have completed 95% of online application to open an account with Interactive Brokers before I got completely stuck looking in disbelief at their EFT account funding instructions:

http://img403.imageshack.us/img403/5277/12312009122652.png

This is complete absurd. Why on earth they just don't set this up so that IB shows as a payee on Canadian banks websites?

Their wire transfer option is weird too. You need first to provide some details about your bank and the amount you are going to send and only then the next page opens with IB's SWIFT code and account numbers. I actually had to google the answer to this mystery because the process is completely counter-intuitive and there is no explanation anywhere how the whole procedure is supposed to work.

Is there any other futures broker in Canada that is properly setup in the EFT system? I have actually looked into this, and the answer seems to be NO, but maybe I've missed something.

CMC Markets shows as a payee but their CFDs on SP 500 Index have bid/ask spread of 50 cents compared to 25 cents for e-mini futures. Besides, those index based CFDs don't trade overnight, only 09:30 - 16:00 (if I remember that part right from when I had their demo).

PS: with IB, once you get through all this unusual application process, learning Trader Workstation platform should be a piece of cake.
 

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Don't freak out. The process is not as complicated as it sounds.

For the first transfer, and only that transfer, you input all your bank data into their form. They check that it is correct by posting a Dr and Cr directly to your bank account. You confirm the pennies they sent/took. Now everyone knows things are kosher.

From then on you input your contributions/withdrawals through a simple form on their site using the data contained in the original instruction process. You don't have to go to your bank to use the ATM. You don't have to do anything through your bank's account.

It is different but not more onerous than the Interac system.
 

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Discussion Starter #3
Thanks, Leslie. How many days does it take to transfer funds using IB's EFT:

RBC => IB
IB => RBC

They say 4 business days, which is way too long. With standard EFT it is:

RBC => broker: 1 or 2 business days
broker => RBC: 1 or 2 business days
 

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Discussion Starter #4
Opening an account with IB turned out to be a breeze. To avoid any delays I couriered the signed forms and wired the funds and the account is ready for trading two business days later.
 
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