Def, IB Rocks! - Anything we can do to improve your business?

Discussion in 'Retail Brokers' started by stock_punter, Sep 6, 2001.

  1. Def,

    I've just recently started using IB and have enjoyed the IB experience so far.

    Commissions are great, executions (with the exception of Nasdaq stops) are good as well. The user interface is a little clunky in today's Windows GUI world, but once you get the hang of it, it works well.

    I'm certainly keen that IB stays in business with its current business model (although more services at lower cost would always be welcome!).

    If there's anything I/we can do to help you guys succeed, let us know. I've told my buddies about IB, but like most people it's easier to stay the course rather than deal with change.

    Here are a couple ideas for your company to consider:

    + My other broker has a Friends and Family referral program, where people I refer who opens new accounts gets 10 free trades after making 10 paid trades, while I would also receive 10 free trades at that time as well. Maybe such a program would help you generate more accounts as well. Might have to be more than 10 trades free to make it econonically attractive to people given IB's low rates.

    + Eliminating the $1 minimum commission might generate more business for you as well, as it'll allow people to more comfortably trade few shares. For example, there might be someone who only wants to trade 10 shares, but they are balking at paying 10 cents a share commission. True, it's only a $1, but for some people they just can't stand paying a high per share commission.
    These same people might someday increase their share sizes in the future as well.

    Keep up the good work, both on the EliteTrader boards and at corporate HQ.

    -- Punter
     
  2. stock_punter

    "If there's anything I/we can do to help you guys succeed, let us know."

    Just send them a gift in form of certified check or money order at the address below.

    Interactive Brokers LLC
    One Pickwick Plaza
    Greenwich, CT 06830
    Attn: Cashier's Department




    :) :) :) I couldn't help it.
     
  3. I would do that, but I would require them to hold it for 15 days before allowing them access to the funds. :D
     
  4. def

    def Interactive Brokers

    michealday,
    you got the address wrong. I am in the HK office :).

    stkpunter,
    thanks for the suggestions. new

    Offering less than a buck is not profitable (there are exchange fees to consider). As for my opionion, if you need to dabble 10 shares at a time, you are probably better off paper trading. Odd lots do not get the same fills as 100 lots and thus may be mis-leading.

    the friends and family offer has been toyed with in some shape or form (particularly in markets overseas where business is done a bit differently). In reality, I don't think it will happen in the short run given the steady increase in new accounts. Keep in mind, IB is not necessarily going after the smaller traders. It just so happens that the fee structure doesn't differentiate between small and large traders alike.

    Thanks for the good word and the suggestions.
     
  5. hsanson

    hsanson

    I think IB is good as it is right now, but the ONLY thing I wish IB to really change is to offer a better technical support for emergency cases. Several times IB's execution route gets stuck (due to IB's technical difficulties) and I cannot get out of my daytrading positions. So when I chat with Interactive Help, the guys there are really dumb. They cannot get you out of any of your positions. They don't seem to be well trained, because everytime I ask them questions, they answer with doubt and short sentences. It feels very bad to recommend a service like this to a friend, that is why I cannot recommend IB to anyone until they get their support staff to be more "professional" at their job.

    What IB should do is to open an official "chatroom" and asssign 2 of the best support guys with willingness to help in order to watch over there. This way we all traders can gather in that chatroom and share our problems with the technical support staff in a more "official" way instead of cursing IB in the #Interactivebrokers chatroom which is not an official chatroom by the way.

    hsanson