...convinces me that they are the best in the biz. That one idiot who opened up his comp for remote access so some middle eastern guy could trade, and then bitched that IB closed his account... IB gained a lot of respect in my eyes. Everytime IB raises margins, and bitches complain. Again, it shows me that IB is serious about risk management. My new years resolution will be to open an IB account and leave Oanda behind!
bit of advice: when you switch to IB get a front end to work with it, like Ninja Trader. Going from the graphical Oanda order screens to the text based TWS can be confusing as hell. It's worth the $60 a month to have it. Plus good charting.
Hilarious. IB does reminds me of shade tree mechanics. "Hey bubba, just put the damn thing in; no need to torque."
I have to agree about the moaning and groaning. I have had accounts with IB since 2004. The biggest problem I've ever encountered was loss of market data intraday--sometimes it was IB, sometimes it was GLOBEX. Other issues: using the right JAVA version, which was straightened out with a ticket. I guess I follow the KISS rule. I have traded stocks and ES Futures and ES Futures options, and never had a problem with execution that wasn't MY fault. Once I started using limit orders for everything and placing them correctly, I have found that I have gotten the best fills. I have tried and looked at other futures brokers (FCM), and no one has software to make the futures option trades I do quickly and efficiently. No one else has the "what-if" feature that calculates real-time margin--which is critical in option selling spreads. I NEED the universal account that IB offers. I need the TWS to execute my FOP's. The only times I have ever needed to call IB was to ask questions about my initial application and money transfer. If the rep didn't know the answer, I was permitted to email the compliance department with the question. I guess that following the KISS (keep it simple stupid) has kept me out of trouble.
Been with IB since 2004 also have not had major problems. Just one where they miscalculated a close out. But a ticket and few weeks and they corrected it, pity about the lack of an apology. But other than that they are fine.
I'm a "small timer" & "hobby" trader with IB for 5 years now. Was attracted to low commissions and ability to trade commodities & stocks in same account. For well capitalized traders, this firm may be OK and has many attractive features. If you drop below 10K - look out !!! I've noticed ,especially in the last 4-5 months , they've become very aggressive about premptively closing positions, with little warning, due to "insufficient margin". The margin availability and requirements are clear as mud - I did ask for help several times on this issue. Maybe I'm a knucklehead - still can't figure out how to interpret account statement in regards to margin requirements of open positions. Good - low commissions and ability to trade many types of instruments, pc based platform has many features allowing trader to enter a variety of trade types & order types Bad - high and poorly explained margin requirements - need to trade with lots of reserve cash available, mediocre Forex platform , mediocre price charts.