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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.



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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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