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Interactive Brokers: please, please, just stay away


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Interactive Brokers: please, please, just stay away

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  #11 (permalink)
 josh 
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1BSD View Post

Assuming IB's size also played a role in your going with them too, mind me asking where or with what other well funded broker you'd consider going next, and that also allows you to link up with a decent third player charting / order software ?



Thanks and best of luck in the meantime !!!



:-)

Actually the primary reason I am using them is for managing several IRA accounts. They have financial advisor roles and I can allocate positions based on a number of factors to a subset of those accounts, using a single master account. Additionally, they have the nice benefit of allowing a wide variety of asset classes in a single account. So, in one IRA I can own stocks, futures, bonds, etc. To do this normally takes a self-directed IRA approach which becomes more costly. I'm still considering moving to that structure, however, because of IB's shortcomings which I have highlighted here.

For the record, the above issue about canceled orders did not affect me. But it's things like this which just become a hassle.

To be fair, every broker has issues so I'm not singling out IB as the only broker with issues! But, they have significant ones which have affected me in the past.



Sent using the futures.io mobile app

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  #12 (permalink)
 SMCJB 
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josh View Post
lol, how nice of them to let clients know... 90 minutes after the session started.


Unfortunately adding new gateways always results in GTC's getting cancelled and isn't specific to Interactive. I do agree though, that I would expect to be informed, at least once, probably twice, BEFORE it happens, not 90 mins after the next session opens!

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  #13 (permalink)
 Futures Operator 
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I agree with the OP to stay away from IB. My problem is also with stops not executing reliably. This problem caused a significant loss, on notable size position for me.

By default, IB will NOT execute your stops in futures outside 'their' per instrument RTH hours, ie until 9:30am in Crude, which makes no sense to me.

It's not possible to globally configure this setting for their Web Trader. You can configure it in TWS. If you set a stop order using IBKR Mobile, the TWS setting will not apply and the stop will not execute outside their RTH hours. The setting also needs to be configured independently for IBKR Mobile.

Even with the setting set correctly in TWS, they failed to execute a stop in Crude in early January. I filed a complaint with them, and they said investigating for 20 days. I have followed up multiple times and they have yet to respond, it has been 2.5 months.

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  #14 (permalink)
 SMCJB 
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NFA Press Release
April 14, 2022


For Immediate Release
For more information contact:
Christie Hillsman, 312-781-1497, [email protected]
Karen Wuertz, 312-781-1335, [email protected]

NFA orders Connecticut-based Interactive Brokers LLC to pay a $250,000 fine

April 14, Chicago?NFA has ordered Connecticut-based futures commission merchant and forex dealer Member Interactive Brokers LLC to pay a $250,000 fine.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Interactive Brokers, in which the firm neither admitted nor denied the allegations in the Complaint. In its Complaint, the BCC alleged that Interactive Brokers canceled retail customer forex orders contrary to the reasons permitted under NFA Compliance Rule 2-43(a)(1) and failed to adequately supervise its employees in the conduct of their forex activities on behalf of the firm to ensure compliance with the relevant NFA requirements, contrary to NFA Compliance Rule 2-36(e). In its Decision, the BCC found that Interactive Brokers violated NFA Compliance Rules 2-43(a)(1) and 2-36(e).
The complete text of the Complaint and Decision can be viewed on NFA's website.

300 S. Riverside Plaza, #1800
Chicago, IL 60606

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 chipwitch 
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SMCJB View Post
NFA Press Release
April 14, 2022


For Immediate Release
For more information contact:
Christie Hillsman, 312-781-1497, [email protected]
Karen Wuertz, 312-781-1335, [email protected]

NFA orders Connecticut-based Interactive Brokers LLC to pay a $250,000 fine

April 14, Chicago?NFA has ordered Connecticut-based futures commission merchant and forex dealer Member Interactive Brokers LLC to pay a $250,000 fine.
The Decision, issued by NFA's Business Conduct Committee (BCC), is based on a Complaint issued by the BCC and a settlement offer submitted by Interactive Brokers, in which the firm neither admitted nor denied the allegations in the Complaint. In its Complaint, the BCC alleged that Interactive Brokers canceled retail customer forex orders contrary to the reasons permitted under NFA Compliance Rule 2-43(a)(1) and failed to adequately supervise its employees in the conduct of their forex activities on behalf of the firm to ensure compliance with the relevant NFA requirements, contrary to NFA Compliance Rule 2-36(e). In its Decision, the BCC found that Interactive Brokers violated NFA Compliance Rules 2-43(a)(1) and 2-36(e).
The complete text of the Complaint and Decision can be viewed on NFA's website.

300 S. Riverside Plaza, #1800
Chicago, IL 60606

Any brokerage that doesn't have something like this just opened yesterday. I wouldn't get too worked up unless they don't have the ability to pay the fine. LOL

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Last Updated on April 14, 2022


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