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| "Go elsewhere if you can" - themickey | September 10, 2012 5:46 AM |
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I think IB has morphed into a dysfunctional Broker with TWS. I recently had an issue where I needed an explanation on how they calculated trade size when trading immediately long to short in one transaction. It took 5 weeks for IB's customer service to give me an explanation, meanwhile I was asked by them to check my system, check my TWS settings, contact my software provider etc etc and all the while their own customer service didn't know how their own system operated and gave me a 5 weeks bums steer. My experience with brokers over the years... they get fat, arrogant, lazy, contemptuous of the muppets, and generally have a "don't give a shit" attitude. I would not recommend this broker. I'm not saying they are crap, but neither am I saying they are good. |
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| "best broker in the world" - fred1 | June 13, 2012 10:22 AM |
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using more than 30 brokers worldwide i can assure everyone that i have not found any better universal broker yet. ib is not perfect. no broker is. in summary ib offers a range of services like no other. everything is electronic so there is no need for support. most services are free. even moving your money is free.
i had only two support requests in more than 10 years: one when a fund got redeemed, i missed the deadline (electronic voting) and it was not clear if i would get stocks or cash. support was helpful and one week later i had all stocks on my account. the second support request was totally unnecessary. they tried to call me when i made an electronic wire to my own account under my own name. those were really not the smartest people. other than that i cannot complain. fees are low and execution is flawless.
you will find trading certain instruments (tf,dax) cheaper with other brokers because ib has introduced new data fees (the exchanges have and ib charges customers). tf or dax quotes are 75 bucks each every month. most other brokers will give you those quotes for free.
ib is still my favorite broker. then comes ameritrade/tos |
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| "Not so cheap but good overall" - Teycir | May 29, 2012 3:09 PM |
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Good if you don' use margin, and use big contracts if you re an option trader. Cancellation of orders cost money. Many services as russels data or cac40 data are not free. Overall not so cheap, but I like the execution in comparison to other brokers. The customer support is good too. |
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| "Follow up to previous post" - taclander | May 16, 2012 10:37 AM |
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In rereading my previous post, I think it comes off negative which was not my intention actually. My point is you need to understand trading, and be in a monetary position approriate to your trading. This will allow you to take advantage of the cost structure at IB. If you are a new trader, or underfinanced, it may not be the best place for you. I do like Mosaic overall, and the price is right. All platforms have their irritations. Some overpriced, ie Trading Tech, in my opinion. Again, my overall experience with IB as evidenced by my ratings is positive. As anyone should, I am always looking for better. If trading is your business, you should run it as such, and hold all vendors feet to the fire. I will add customer service has improved exponetially from when I was a customer years ago. I again wish the people from here on IB were the ones you could contact all the time, but I know that is unrealistic. |
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| "My regards, don't be an uner financed trader" - taclander | May 15, 2012 12:43 PM |
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The people on Elite are great and very helpful from IB. I have had issues with questions since then, not to the point of closing, but to the point of irritation. I use Mosaic, and it is ok, but far from the level of others, but you do pay more to get better, and I get that. The people after opening have ranged from good to aholes. I simply hung up or closed the online session and started over in those cases, but I have a low tolerance for that at any price. I go back and forth on whether to stay, but at this point I am happy enough to stay, and again, the guys that respond on ET are great. I know that in any company you will hit knuckleheads at some point, and my overall experience is good enough to keep my account. I just choose to make it clear that if you are in an account where panic is possible, this is not the place to be, as you may have to start over with customer service while you are having a problem, and panic is not where you need to be at that point. Hopefully that makes sense to most. |
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