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NewsletterInteractive Brokers Reviews
Posted By: TradersLog
Deep discount electronic access broker offering online trading of Stocks, Options, Futures, Forex, Funds. Website: Interactive Brokers
Deep discount electronic access broker offering online trading of Stocks, Options, Futures, Forex, Funds. Website: Interactive Brokers
By M. Lau
On 11-18-2009 at 1:35 pm
I ran multiple accounts at IB after hearing big talk from a buddy how great it is. I find out setting up manager-client accounts are a pain without any guidance. Had to do paperwork twice. The interface is awful and I lost serious money when orders would stick on the platform and not execute or execute well after it hit my past target price. I brought this up to their rep. They give me excuses with east coast “I don’t give a $#@*” attitude. They act like they are doing you a favor. They have their own trading desk, that trade against your position. I used way more leverage than I should have without any guidance. I lost serious $$$. Charting, look elsewhere. Don’t believe me? Call their customer service and ask questions. They act like you are stupid or bothering them. Way better brokers out there. I can name ActiveTraderPro from Fidelity or StreetSmartPro from Schwab for stocks. Now searching, testing brokers for futures, fx.
By John Sutton
On 11-18-2009 at 1:35 pm
Interactive Brokers (IB) is ALMOST the Wal*Mart of Securities trading (one-stop shopping), with stocks, commodities, options, forex, including crude futures. However, they DON’T OFFER CRUDE OPTIONS, the lack of which transforms futures trading from a calculated risk into an unmitigated gamble. And, since I’m not playing horseshoes nor throwing hand grenades, I need to find another broker.
By Bill
On 11-18-2009 at 1:36 pm
The other comments about customer service (customer what?!?) are spot on. The software is very limited. You need to write your own custom features in either Java or C++. On the other hand, they pay interest on accounts of size and commissions are very competitive. The dangerous knock is that the IB data feed misses/fails to report/ignores a large fraction of the trades. This means tick volume (you have to write your own routine for tick volume) is off, actual volume is off, and, of course, you’re never sure whether the unreported trades would matter to your trading.
By Anonymous
On 2-24-2010 at 12:56 pm
If you like your limit orders to be executed at the wrong price, this is the place to use.
Don’t expect it to be corrected, but do be prepared for the company’s arrogant attitude.
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