Electronic trading major Interactive Brokers has just released a new version of the IBKR GlobalTrader mobile app for iOS-based devices.
The latest version of the solution invites traders to try the new Recurring Investment features that allow making purchases on a schedule to fit their investment strategy.
IBKR offers an automatic trading feature whereby account holders may set up a ‘recurring investment’ instruction with the cash amount, asset to invest into and the schedule when to invest (e.g. buy 500 USD of IBKR on the 2nd day of the month).
The recurring investment feature is available for US and European stocks/ETFs. Only stocks/ETFs which are tradable in fractions are eligible.
The client is able to choose a date and select a schedule on which to invest (e.g. weekly, monthly, quarterly, etc.). Trades are executed soon after open on the start date and continue on future dates based upon the schedule selected.
If the market is closed on the scheduled recurring investment date (e.g.: holiday, weekend) then the recurring investment will be scheduled for the next open market date. If the schedule of monthly, quarterly, or yearly is selected and the recurring investment date does not exist for the month (e.g.: February 29th) then the last date of the month will be used.
