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InteractiveBroker PhoneScandal

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Posts: 60 since Nov 2014
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InteractiveBroker PhoneScandal


2 months ago I decided I wantedto change my Pounds for Dollars on IB.
I rang up IB to confirm how to do this.
THey talked me through the instructions and I followed them.
I confirmed my actions and that it seemed it hadnt worked but the representative said " that shouldve gone through it takes a day sometimes to process".

(BTW I do know how to use technology and the trading platform etc just didnt know how to do this 1 trade.)

Anyway two weeks later I go to check on my positions profits following the Dollar ripping.
When I logged in I saw that infact the trade had never went through and all that profit was gone.

I immediately rang up to ask what was going on stating that 1. The rep suggested the trade had gone through and 2. The rep talked me through the process of taking the trade so how could it have not went through.

They refused to acknowledge this stating that "no trade had gone through".

Well I was and still am furious with that.
I know the trade hasnt went through im asking WHY YOUR REP Wrongly Informed me how to place the trade and Also Wrongly suggested that the trade had went through!!
They have not acknowledged any of my comments and their ticket system is designed to keep complaints slow and delayed. No apology or anything has been given and as a result I will probably close my account.

In terms of Legal Action
I am now asking for a copy of the phone recording as I feel this is gross misconduct or something along them lines..
They are refusing and I am using the freedom of INformation act to appeal that.
I will be trying to get compensation

So if you have any advice please help. IB are a decent broker but they are a big faceless corporation that dont give a shootyhoo about their small customers.

PS I know I shouldve checked the next day to see if the trade had went through (mistakes were made) but the
misinformation from the IB rep still stands.

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