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Questions Regarding GXT Transition to Gar Wood
70 replies, 5506 viewings
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OmniVest User Forums
OmniVest Technical Support
Questions Regarding GXT Transition to Gar Wood
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Last Activity 5/11/2023 2:59 AM 70 replies, 5506 viewings |
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Steve2 Elite    Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD  User Profile |
Any news on commission schedules, margin interest schedules, interest paid on cash balances, and fees. I'm hesitant to start opening/linking accounts without a clear understanding of the costs. Thanks, Steve | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
You can refer to the top level of IB's North American Tiered structure linked below. Gar Wood will not tier down for higher share sizes, the top line is our base commission. We will post a link to pricing as soon as we can but this will help. https://www.interactivebrokers.com/en/index.php?f=1590&p=stocks2 | ||||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
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| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
We have not yet provided you with funding information. I expect that document to be sent this week. The information in the thread is provided to help you prepare for the transition. I am not suggesting that any of these steps be completed on the day of this post. Funding Most accounts will transfer using the wire (cash only) or ACAT (cash and open positions) method. If you are running any type of special account that you believe might not qualify for one of these options, please contact the broker now to see if there is any additional paperwork or steps needed. The broker can be reached at 512-623-7774 EXT. 1. Trading Warning Do not place new trades either manually or automatically once the funding transfer has been initiated, until you receive notification that your funds are available at Gar Wood. Automatic trading through all Nirvana Products should be disabled prior to the funds transfer. Attn: Trade Processor Users We recommend closing all OmniVest positions in the trade processor before funding is initiated. Any OV positions left open will become unmanaged and you will not have trading access while funds are being transferred. Stopping Trading in OmniVest You can temporarily stop trading in your OmniVest account by enabling Max Long Allocation and Max Short Allocation both set to 0% on the Trade Sizing tab. This method may be preferred over just disabling automatic entries and exits because it prohibits new signals from being fired into the account while the account is not trading. it is also recommended that you turn off automatic entries and exits for the account. Software Updates (Not available yet) In order to connect to your GXT account through IB, you will need the most current versions of OmniTrader 2016, VisualTrader 11, and the Trade Processor (Trade Processor only if running in desktop mode.) These new versions will provide an option to connect to both GXTrader and GXT/IB. In order to connect to your new GXT account clearing through IB, you will need to select the GXT/IB option. Each active account will be listed in the portfolio dropdown. If you are an OmniTrader or VisualTrader owner and you do not have the most current version of one of these products, please contact sales at 800-880-0338 for a free upgrade. (Current GX Clients only) Login Credentials Your credentials for logging into GXT are not changing. You will use your existing GXTrader user ID and password to login. We will provide a link to change your password in a post-funding email that will contain most if the information here. The user ID and password you created when you set up your Gar Wood account will be used to log into Gar Wood account management. IB will send you a security device in the mail. You will NOT need this for logging into Nirvana products. COR Clearing Please maintain your login credentials on the COR website so that you can easily access your tax statements next year. You will have statements from both COR and IB if you are actively trading in 2016. Again, this information is being provided today in order to set expectations for our GXT clients. | ||||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
I know the commission/cost info is coming soon. Just so it's complete, here are some questions that need to be answered: 1. Is there a monthly fee or an inactivity fee that is charged per account? 2. What is the per share, minimum and maximum commission on a trade? 3. Are exchange and regulatory fees passed through to the customer (as opposed to being bundled into the commission)? 4. On credit interest paid by IB, does Gar Wood pass this on to their customers? If so, is it marked down and what is the mark down? 5. On debit interest charged by IB (e.g., margin interest), does Gar Wood place a markup on the debit interest? If so, what is the markup? 6. Does Gar Wood place a markup on IB stock borrow fees? If so, what is the mark up? 7. IB offers various market data packages. Are any IB market data packages provided at no cost for Gar Wood accounts? If so, which ones? Thanks, Steve [Edited by Steve2 on 8/22/2016 1:22 PM] | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
https://garwoodsecurities.net/gx-trader/ | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
I sent your questions to the broker. I'll post when I hear from them. | ||||||
| Bruce Britt Regular Posts: 81 Joined: 10/11/2012 Location: Louisiana User Profile |
I'm trying to decide if I should go ahead and turn off new trade entries now (set max allocations to 0) to allow my trades to play out over the next several trading days. If I wait for the notification email - and then suspend trading, how much lead time will the notification be sent before the account is actually transferred? Thanks, Bruce | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
I will be sending funding instructions today. Instructions will go to those who have already opened their accounts at Gar Wood 1st. Your account will be ready to trade as soon as it funds due to where you are in the process. Keep in mind that wire is the fastest method and you can only wire an account that is all cash. | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
It takes equities 3 days to settle and options 1 day. If you are closing trades, funds will have to settle before the transfer happens. Anyone that has an approved account at Gar Wood can initiate the transfer today and be trading as soon as Thursday/Friday. That is, if funds are settled. Trades closed today will likely not be settled until the end of the week. Anyone who has not yet opened their Gar Wood account and received approval will not have trading access this week. | ||||||
| Bruce Britt Regular Posts: 81 Joined: 10/11/2012 Location: Louisiana User Profile |
I have set TP to stop initiating new trades on my GX account and will let my open positions play out and close over the next few days. Once all trades are closed, I will initiate the transfer to Garwood/IB per the instructions in the funding email. All my trades use RTM strategies, so I expect to be flat by the end of this week. If I need to take more aggressive action, just let me know. Thanks, -Bruce | ||||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
A Gar Wood account uses IB's tiered commission structure where exchange and regulatory fees are passed through to the customer. All trades are at the first tier rate which is (for U.S.) customers $0.0035 per share with $1 minimum and 0.05% of trade value maximum. OV always generates marketable trades so exchange fees will typically apply. For the most common exchanges IB uses for OV trades (ARCA, ISLAND, BATS) the exchange fee is $0.003 per share. NYSE is $0.00275. So, for most OV trades above the minimum commission, the rate will be around $0.0065 per share. A little higher than COR's fixed commission rate of $0.005 per share. However, margin interest is a big win. IB has a sliding scale that starts at 1.9% and goes down as the amount you borrow goes up. COR's margin rate was 7.5%. IB's stock borrow fees are also lower than COR's. Anyway, I think the somewhat larger per share commission is a very reasonable trade for having TP server-mode access to IB. [Edited by Steve2 on 8/24/2016 4:09 AM] | ||||||
| BrianD Legend Posts: 302 Joined: 2/23/2013 Location: Grand Rapids, MI User Profile |
Understand TWS won't be available, but wondering if trade data downloads may work same, in what appears to be a close Gar Wood/IB integration (as IB is providing a security token, I'm assuming there is an IB account out there somewhere in the background). | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
Originally written by 265297 on 8/23/2016 5:31 PM Angela, I received the funding instructions email. I have set TP to stop initiating new trades on my GX account and will let my open positions play out and close over the next few days. Once all trades are closed, I will initiate the transfer to Garwood/IB per the instructions in the funding email. All my trades use RTM strategies, so I expect to be flat by the end of this week. If I need to take more aggressive action, just let me know. Thanks, -Bruce Very good plan, Bruce. I expect the transfer to go seamlessly for you. Thank you! | ||||||
| Sean Cornell Member Posts: 42 Joined: 10/11/2012 User Profile |
the order confirmation popup is showing an estimated commission fee of $7.50 on a total trade value of $3,000, is this right? its meant to be $1 isn't it | ||||||
| Sean Cornell Member Posts: 42 Joined: 10/11/2012 User Profile |
What brokers are other Aussies using? | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
Originally written by traderbwd1 on 8/23/2016 9:05 PM Angela: Any position on obtaining trade data downloads for tax tools like TradeLog? TradeLog supports COR and IB, but saw nothing about Gar Wood on their web site. Understand TWS won't be available, but wondering if trade data downloads may work same, in what appears to be a close Gar Wood/IB integration (as IB is providing a security token, I'm assuming there is an IB account out there somewhere in the background). Brian, Very good question, I will check with my contact at Tradelog. They were easy to work with when we needed Transcend added so I am hopeful that if it's necessary, they will be again. | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
Originally written by seanc on 8/24/2016 6:06 PM Angela the order confirmation popup is showing an estimated commission fee of $7.50 on a total trade value of $3,000, is this right? its meant to be $1 isn't it Sean, Are you trading through TWS using a paper account? Please send me details on exactly what you're doing and where. I do not yet have confirmation on your Gar Wood account so your commissions may not be set up yet. Most of our international customers use Interactive Brokers. | ||||||
| Steve Mayo Legend Posts: 414 Joined: 10/11/2012 Location: Austin, TX User Profile |
If, as discussed above, Gar Woods is charging .0065/share (and $1 min), then a $7.50 commission would be 1154 shares. For a $3000 trade, that's about $2.60 per share. ...so it depends on the number of shares. | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
Thank you for transitioning with us to the new clearing firm Interactive Brokers. We want you to be prepared for trading as soon as your funds are available. Please read through the following information and complete the steps you can ahead of your new account approval. Update Your Software In order to connect to your GXT account through IB, you will need the most current versions of OmniTrader (3G), VisualTrader (3G) and the Trade Processor (4E, not yet available). The Trade Processor update is only required if you are running the desktop version. These new versions will provide an option to connect to both GXTrader and GXTrader-IB. In order to connect to your new GXT account clearing through IB, you will need to select the GXTrader-IB option. Each active account will be listed in the portfolio dropdown. Note: The GXTrader-IB selection will revert to simply GXTrader in a future update once the conversion is complete. Trade Processor Your Trade Processor will need to be disconnected from your current GXT account and reconnected to the new account. Connectivity will be available as soon as you are notified by Gar wood that your account is funded and ready to trade. To connect to your new account in the desktop version of the Trade Processor click Edit››Connection Settings and use the Broker dropdown to select GXTrader-IB. To connect to your new account in the server version of the Trade Processor, log into OmniVest, and select the desired Account. Click the Trades button followed by the Trade Processor link at the top of the page. Click the Disconnect button. Next, click the Connect To Broker button. Select GXTrader-IB, enter the account number, and your login credentials. This will be the same login you were using for GXTrader. Click the Save button to initiate the Trade Processor web connection. Login Credentials Your credentials for logging into GXT did not change. Please use your existing GXTrader user ID and password to login. If you would like to change your GXT password, click here. The user ID and password you created when you set up your Gar Wood account will be used to login to Gar Wood account management. GXT Tradeaway The Tradeaway site is still available on the updated GXT website. As we transition, you will find links to Tradeaway as well as Tradeaway/IB on the GXT website. COR Clearing Please maintain your login credentials on the COR website so that you can easily access your tax statements next year. You will have statements from both COR and IB if you are actively trading for 2016. | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
The Trade Processor desktop version is not yet available but you can use the TP on the OmniVest site. Please disconnect your Trade Processor from the GXT (COR) account and reconnect it to GXTrader (IB). 1. Log into OmniVest and go to Account Summary 2. Click on the OmniVest Account you want to trade 3. Click Trades 4. Click the Trade Processor link on the right 5. On the Trade Processor page click on Connect to Broker 6. Select GXTrader-IB 7. Enter your new Gar Wood account number (it starts with a U) 8. Enter your GXTrader credentials (not the Gar Wood info) 9. The account will connect, and you can enable automatic trading if you choose to. | ||||||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
Steve [Edited by Steve2 on 8/30/2016 8:25 PM] | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
You may receive 2 (or more) notifications from Gar Wood regarding your funds. The 1st message will read "Welcome to Gar Wood Securities, LLC" in the subject line. This message is NOT an indication that your account is ready to trade. When your account is ready to trade you will get a message with a subject that reads "Password Initialization" as the subject. THIS message is the indication that you can trade. Your credentials for GXT did not change. Your GXT user ID is the same as your Nirvana ID however, your password should not be the same. If you do not know your password or want to change it, please use the link in the 2nd email to set a new one. All clients who have not initiated the account transfer will still need to complete the account opening process as instructed. I verified with the broker today that you can follow the same instructions for transferring and funding your account. Broker questions - 512-623-7774 ex1 Angela 512-201-4337 | ||||||
| kmcintyre Elite Posts: 890 Joined: 10/11/2012 Location: Portland, OR User Profile |
Thanks for all the legwork quantifying commission and margin interest costs. Margin rates could have been a show stopper. Glad they are similar to existing IB rates. :-) Angela, I appreciate all the work you are doing to keep up with the volley of questions. I have a few more... 1) Will I have to logout/login periodically to Garwood/GXT? Frequency? 2) Will I get "disconnected" messages from TP running in the cloud? 3) Should this eliminate the "orphaned" trades I see with TP/IBG? 4) Will I still have to manually deal with cancelled orders caused by IB not being able to promptly fill MOO orders? Thanks! Keith | ||||||
| Angela Duran Veteran Posts: 168 Joined: 10/11/2012 Location: Nirvana Systems User Profile |
If you log in through the Gar Wood connection, you will not have to reconnect each day.
No, the TP will run continually in the cloud if you are using the FIX server. However, there will be no need to run the TP in the cloud as your TP will run on the server.
Yes, if you have been experiencing connectivity issues that are causing orphaned trades, moving to the server will help eliminate that issue.
I don't expect any difference regarding orders since it will route the same way. I'm not sure this is an IB issue, it might be a TP setting. |
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