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Interactive Brokers
- Author T2W Bot
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- RiverMonster
- 1.00 star(s)
Don't offer complete list of AIM LSE stocks
My issue with IB is they do not have a full range of AIM stocks listed on the LSE. This is a major issue if like me, you hold those stocks and wish to transfer them over to IB from your previous broker and trade them using IB.
The platform sounded OK but a nonstarter because of this.
Your broker must be able to trade the stocks you want to trade right? Why restrict the equities you can trade?
...and the stock I am referring to has decent liquidity ...although a small cap for London.
Why would an International Broker do this?
I note the other International broker also has the same issue.
They are both unworthy until they offer a more complete list of equities.
My issue with IB is they do not have a full range of AIM stocks listed on the LSE. This is a major issue if like me, you hold those stocks and wish to transfer them over to IB from your previous broker and trade them using IB.
The platform sounded OK but a nonstarter because of this.
Your broker must be able to trade the stocks you want to trade right? Why restrict the equities you can trade?
...and the stock I am referring to has decent liquidity ...although a small cap for London.
Why would an International Broker do this?
I note the other International broker also has the same issue.
They are both unworthy until they offer a more complete list of equities.
- andreveloso
- 1.00 star(s)
Good overall for futures but one SERIOUS flaw
I'm a system futures trader and trade a variety of futures around the world. IB happens to be connected to so many exchanges BUT doesn't provide us any decent list of futures from each exchange to trade. For instance, IB is connected to Korea Futures Exchange and give us... only the Kospi 200 Futures. IB is connected to Sidney Futures Exchange, and give us... only the ASX 200. Come on IB, are you serious? We don't need another CFD-like-bucket-shop competitor, we need a SERIOUS professional CTA services. Sooner or later I'll have to change broker, not because IB isn't good overall, but just like Nokia these days, they're sleeping on the job.
I'm a system futures trader and trade a variety of futures around the world. IB happens to be connected to so many exchanges BUT doesn't provide us any decent list of futures from each exchange to trade. For instance, IB is connected to Korea Futures Exchange and give us... only the Kospi 200 Futures. IB is connected to Sidney Futures Exchange, and give us... only the ASX 200. Come on IB, are you serious? We don't need another CFD-like-bucket-shop competitor, we need a SERIOUS professional CTA services. Sooner or later I'll have to change broker, not because IB isn't good overall, but just like Nokia these days, they're sleeping on the job.
- wildpigeon
- 1.00 star(s)
Be careful of margin policy swings
One of the heavily advertised key advanatges of IB is their "generous" margin policy both in terms of level & interest rates. However as many customers found out in September/October IB can change policy suddenly removing margin completely on 100s of "small cap" stocks and ETCs that had previously required only 15% maintenace margin. Initially they were also going to remove margin on many ETFs and preferred stocks but have...we hope ...changed their mind.
Trading on margin one of course expects to make margin calls due to the market movements but NOT due to seismic and sudden changes in the brokers own margin policy !! Better not to offer margin in the first place rather have a volatile policy.
One of the heavily advertised key advanatges of IB is their "generous" margin policy both in terms of level & interest rates. However as many customers found out in September/October IB can change policy suddenly removing margin completely on 100s of "small cap" stocks and ETCs that had previously required only 15% maintenace margin. Initially they were also going to remove margin on many ETFs and preferred stocks but have...we hope ...changed their mind.
Trading on margin one of course expects to make margin calls due to the market movements but NOT due to seismic and sudden changes in the brokers own margin policy !! Better not to offer margin in the first place rather have a volatile policy.
- GdR12
- 1.00 star(s)
IB maffia behaviour
IB has introduced an exposure fee. With only a weeks norice, they imposed a fee on many of their customers. This fee is on a daily basis and based on an extreem (unrealistic) (overnight) risk scenario (especially for index related products). This fee will easily tripple the cost as compared to the commissions. It is a daily fee, that easily amounts to 20 USD a day for an average account.
IB has introduced an exposure fee. With only a weeks norice, they imposed a fee on many of their customers. This fee is on a daily basis and based on an extreem (unrealistic) (overnight) risk scenario (especially for index related products). This fee will easily tripple the cost as compared to the commissions. It is a daily fee, that easily amounts to 20 USD a day for an average account.
- coolTrader
- 1.00 star(s)
Stuck up
I will not recommend them. Based on my experiece with customer service. If you are a trader you need to be confident that when why call your broker they will deal with your request immediately. At the account opening stage and I am not impressed at all.
They feel and act like they are the best in the industry. No company grows without its client. I hope more competition will come out for the united kingdom.
Luckily there are plenty out there.
I will not recommend them. Based on my experiece with customer service. If you are a trader you need to be confident that when why call your broker they will deal with your request immediately. At the account opening stage and I am not impressed at all.
They feel and act like they are the best in the industry. No company grows without its client. I hope more competition will come out for the united kingdom.
Luckily there are plenty out there.
- BlueDolphin
- 1.00 star(s)
Used to have good commissions but with the competition now, all they have now is very poor service
I'm familiar with the "customer is always wrong" attitude of the staff, and it would appear the staff spend more time at excuses training than learning anything about the platform, the procedures or even knowing about different departments within their own company. When a staff member that is ordinarily assigned to a job is away they don't have a replacement, instead customers just have to wait until that staff member returns. If by some miracle a staff member does commit to agreeing to do something for a customer, you can be certain that they have written it down incorrectly, passed on the wrong details, and like chinese whispers, by the time someone actions the request it is far from what the customer needed. Note: many changes require a server reset, thus you won't know they've mucked it up for another day. And don't bother going to all the trouble for explaining a software bug to them when you find one. Even one that you can reliably recreate. They don't want to know - remember that motto "the customer is always wrong". If you haven't picked a broker yet, might I suggest you avoid the smug overbearing salespeople and try Tradestation as a alternative.
I'm familiar with the "customer is always wrong" attitude of the staff, and it would appear the staff spend more time at excuses training than learning anything about the platform, the procedures or even knowing about different departments within their own company. When a staff member that is ordinarily assigned to a job is away they don't have a replacement, instead customers just have to wait until that staff member returns. If by some miracle a staff member does commit to agreeing to do something for a customer, you can be certain that they have written it down incorrectly, passed on the wrong details, and like chinese whispers, by the time someone actions the request it is far from what the customer needed. Note: many changes require a server reset, thus you won't know they've mucked it up for another day. And don't bother going to all the trouble for explaining a software bug to them when you find one. Even one that you can reliably recreate. They don't want to know - remember that motto "the customer is always wrong". If you haven't picked a broker yet, might I suggest you avoid the smug overbearing salespeople and try Tradestation as a alternative.