If You're Thinking Of Using Interactive Brokers, Think Again
First of all, these guys have no regard for their customers. They failed to exercise options worth $8000, supposedly as risk prevention. I am not an inexperienced trader disgruntled over a bad trade. If you understand how GIVING AWAY YOUR MONEY somehow protects your account, you are smarter than me. Note, I am not talking about market priced liquidations. I am talking about failure to exercise options of considerable value, and getting nothing in return.
Second, the Web Trader product is completely unreliable. I have actually witnessed it change terms of my order entry on its own. That is, it changed my sell orders to buy orders, and vice versa. This can prove very costly. In addition, the site constantly runs slow and frequently becomes completely unresponsive. It is almost amazing that this can happen at an online broker site.
Third, the company recently adopted a policy of "preemptive liquidation". This means that even if you are in margin compliance, they might still liquidate you if they think you MAY not be in margin compliance the next day. This is bad. Worse, if you call Interactive Brokers and ask them which positions they are concerned about, or which positions may be liquidated, they can't tell you. IB engages in this practice even at the same time claiming it cannot accurately predict future margin requirements. In fact, more times than not, in my personal experience, IB's pre-emptive liquidations have not only failed to reduce margin requirements, but actually served to INCREASE them.
Fourth, after putting up with this crap for too long, i tried to transfer my assets to another broker. Interactive Brokers was not cooperative with this process.
There are a host of other reasons to not use Interactive Brokers, and i will add to them at a future time.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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