More intelligent? Friendlier? I remember when I changed my broker to IB, it took them several months for a transfer from my savings account into my IB account. The money was floating around in cyberspace, and IB was very, very uncooperative about helping me with the issue. At the time, we were talking about over $100K, which I had no real idea where they were, I could not trade for several months and IB was behaving like a bunch of bastards about it, until a few months later they figured what was going on. And it wasn't until I got very loud at the management that they even bothered doing anything. This was my first impression of IB. Also, if you ever want to call IB to close out a position during a server-crash, you're likely to wait 20 minutes until anybody picks up the phone, and then it takes another 5 minutes of ardous identity procedure to get them to act. Anybody knows this about IB. This is why I haven't traded that much with IB at all, it's primary purpose is hedging and testing a few things. Let's face it, def, IB is operated by a handful of cyborgs and you know it. My comments I just made in the post you replied to were very well-meant indeed. If you want me to go into an offensive, with more details about other things, or start an entire thread here about IB, to collect other people's experiences as well, you're very welcome, I'll do that for you. But then don't say I haven't warned you. In any event, I had "one bad week". def, I am a scalper. I cannot have one bad week, day, or hour. Regarding comments about other brokers - I haven't had any bad experiences yet - But I'll make sure they be heard here when they occur! I have nothing personally against IB whatsoever, I still have account with them, I am just stating my state of experiences. I am being just, I have in the past, even very recently, strongly defended IB here when they were unjustifyable attacked by people for issues such as wire transfer security. I'm sure you'll remember it well. Just as I will defend in injustice, I will offend if the reasons are valid. "Soon" is always a good word. You guys were leaders for years, always the first to announce rock-bottom rates. You shouldn't be coming out with new rates "soon" or "now", but "yesterday". When did you start being slower than the competition? Regarding the "current price wars": Well, all we can expect for now is cheaper and cheaper rates. There is the Eurex coming to Chicago and other things. It will be a fun few rounds of mud wrestling and heavy fire. Make sure you position yourself well before the action starts. Talking about offensive and defensive here (both of which you are in your reply) - Stop all of this now and go into initiative instead! If you don't take initiative, your clients will. Namely start an exodus. And then, all your self-reliance & efficiency won't help you. Scientist.
Agree in all points. Very good points. There are advantages to being with IB, such as account insurance, and of course the multi-currency, multi-country, multi-issue universal accounts. All of this stands in favor to IB, and are main, if only reasons to stay with them. Let's hope that they get a grip on all the other issues as well asap. I am glad to imagine IB is prepared to set a new milestone in comms rates soon. The order of <$3.00 /RT for futures wouldn't be bad. After all, there are now much less efficient brokers offering similar rates. As an exchange seat lessee with CME, I can get comms in the order of $1.40-$0.80 /RT flat. And this with not even self-clearing brokers. How much profit does IB make at $4.80 /RT? Let's well hope IB is less concerned about losing a few (hundred) million in net profits than about losing their leading role / pants. Scientist.
Scientist, I often think you are full of ****, but these comments are on the money. Even one significant disconnection per week during active trading hours is one too many. Connection and platform reliability is a legitimate basis on which to judge a broker, and disconnections should not just be considered a "feature" of online trading that customers should be expected to swallow without comment.
scientist, re-read my comments this AM and i did come across a bit harsh but i thought you were off the mark in regards to your blanket description of the people. i appreciate the comments related to me but if you look at the big picture, it's hard not to envision a group of highly dedicated and intelligent people behind the scenes. but since you made the comments, others probably feel the same way and I'll make a point of bringing them to the attention to the senior managers. i'd concede that you are right. we should be striving and do strive for 100% connectivity. However, there are so many variables that we aren't in control of once you go beyond our office. nevertheless, we'll continue to place large resources towards that elusive goal. web site - and my comment about trying a search on packet loss: you don't need to know that specific comment. Under help there are a large number of FAQ's and one of them is on technical issues.
Agreed. Thanks again Def, for all the help & posts. IB's probs (very slight ones) this week cost me good money....but just do as well as you guys have for the last 18months, & I'm there for life. Sure hope you never stop posting- you are a huge help!
Thanks, def. A good deal of commitment is a good start. I think most of us here hope you can keep the promise! Besides, I don't think I doubted the intelligence of IB staff. Sure they're intelligent and dedicated. But so are the borg. What I really meant is maybe a bit too dedicated - I.e. understaffed / not exactly redundant. Regards, Scientist.