INTERACTIVE BROKERS - any good?

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meanreversion

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This is probably a rehash of a thread some time ago, but is IB any good? I've recently opened an account in order to trade futures, so it's early days for me. However, I've found customer support to be a little flaky, and then I found this page - http://www.forexpeacearmy.com/public/review/www.interactivebrokers.com - if you read this, there is no way you would consider opening an account with them.

Anyone use IB and had good/bad experiences?
 
Seems like the opinion that customer service is crap is fairly universal, although that's not a deal breaker. I find I get more help in the morning (Swiss desk) than in the afternoon.

Ok well I've only just started using it and will do so until such time as I have major problems. I also use IG, which I find to be excellent, despite some of the bad press it gets on this forum.
 
I do as much trade as possible through IB, would thoroughly recommend them, and customer service has never been worse than ok and is sometimes very good - bearing in mind its an offshore call centre (I find the 'text chat' option more effective than calling them).
 
The big ace up IB's sleeve is their universal account and, if you want/need that flexibility, then it's tough to beat. However, if you know you're only going to trade futures and nothing else, then IB do have their downside, IMO. I'm not the best person to talk about the techie stuff (actually, I'm the last!) but their T&S data is just a 'snapshot' - so you won't see every single transaction. This may not be an issue of course. But if you rely upon pure tick data, then my understanding is that you won't get it from IB. If you want instant personal service - then you'll do a lot better elsewhere and, although the comm's aren't bad - they too can be improved upon. As it happens, I'm currently opening an account right now with Infinity Futures. My (new) broker is on hand as I type, giving me advice on the account application via Skype IM. So far, I'm very impressed. I know, I know, it'll probably all go pear shaped when the account is open and funded!
Anyway, good luck with it.
Tim.
 
timsk said:
The big ace up IB's sleeve is their universal account and, if you want/need that flexibility, then it's tough to beat. However, if you know you're only going to trade futures and nothing else, then IB do have their downside, IMO. I'm not the best person to talk about the techie stuff (actually, I'm the last!) but their T&S data is just a 'snapshot' - so you won't see every single transaction. This may not be an issue of course. But if you rely upon pure tick data, then my understanding is that you won't get it from IB. If you want instant personal service - then you'll do a lot better elsewhere and, although the comm's aren't bad - they too can be improved upon. As it happens, I'm currently opening an account right now with Infinity Futures. My (new) broker is on hand as I type, giving me advice on the account application via Skype IM. So far, I'm very impressed. I know, I know, it'll probably all go pear shaped when the account is open and funded!
Anyway, good luck with it.
Tim.
Click to expand...

I'm intrigued Tim. Out of interest what are they charging for a round turn in the instrument of your choice?
 
I contacted IB help via the chat window yesterday, and was pleasantly surprised. The guy picked up after 10 seconds or so, and patiently answered all my idiotic questions. I hope it continues in this vein - ultimately I will move all trading to IB if it seems to be doing the business.
 
meanreversion said:
This is probably a rehash of a thread some time ago, but is IB any good? I've recently opened an account in order to trade futures, so it's early days for me. However, I've found customer support to be a little flaky, and then I found this page - http://www.forexpeacearmy.com/public/review/www.interactivebrokers.com - if you read this, there is no way you would consider opening an account with them.

Anyone use IB and had good/bad experiences?
Click to expand...

I know consistency is hard to find just about anywhere, but I am surprised at the post you found. I have used IB for years and never had issues with service, data, delays etc. I would recommend them to my own mother.
 
I've been using IB for nearly two months now and have not had any issues with the dealing platform.

I have had an absolute nightmare trying to transfer some AUD out to an account of mine.. it's a very long story which I won't bore you with, but just be aware that IB is not really meant as a foreign currency clearer (although it does offer this facility).. also be aware that you are allowed one free withdrawal a month, after which they charge GBP 7 (or equivalent) per withdrawal.
 
Do you know anything about their declarations to the tax authorities?

I assume that my British address means they give the HMRC some kind of statement of my account.

I'm just wondering if there is some kind of "bed and breakfast" type arrangement you can do if you are in the fortunate enough position to have accumulated capital come the end of the tax year, but you don't want to withdraw it and you want to minimise tax on it?
 
Oh sorry, I was jumping to conclusions. I had always meant to read the webpage "Tax Information and Reporting" but until just now I could never be bothered. I figured since they had a UK legal presence with their limited company then there must be some kind of tax auditing going on.

It turns out IB only has obligations to the US IRS and Canada but I didn't read further - too much stuff to worry about just making any money in the first place right now.
 
meanreversion said:
I contacted IB help via the chat window yesterday, and was pleasantly surprised. The guy picked up after 10 seconds or so, and patiently answered all my idiotic questions. I hope it continues in this vein - ultimately I will move all trading to IB if it seems to be doing the business.
Click to expand...

I have asked them several "pre-sale" questions and they have been very fast to respond and very helpful.

I have learned not to trust too much what I read on FPA. I know they have "caught" several people posting positive stuff about their own products and negative stuff about the competition, so I have decided to throw the baby out with the bathwater.
 
I had no idea so many order types existed! I use simple limit and stop orders to enter and exit trades. I got caught out at first because I didn't tick the "good outside of regular hours" option when I entered an order in GBP/USD futures. Regular hours for this are something like 9AM-4PM EST, which is hardly all inclusive of the FX market!

Entering orders is pretty simple, and I've also attached subsequent orders, e.g. if a stop entry is done, then apply a stop to that position. No major complaints so far.

What are your opinions?
 
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