One-sided and extremely unfair agreements are, regrettably, the norm in the retail financial industry. We, as small traders, lack the bargaining power to extract fair or reasonable written agreements from our brokers. We must, therefore, look elsewhere for protection of our interests. One source of protection are some laws which apply, to some extent, even when agreements attempt to get around those laws. Another source of protection is that of market discipline. A broker which desires to build and to maintain a good reputation, among knowledgeable customers, must do business with some level of honor and integrity. If such a broker fails to maintain honor and integrity, then it will be punished by the market, because its customers will tend to go elsewhere. IB has a strong reputation for honor and integrity in the most important aspects of how it does business. If IB fails, too severely, to do business honorably, it will lose that reputation. This threat, that IB might lose its reputation if it does not behave honorably, is an important source of protection to IB customers. It is protection borne of market discipline, rather than legal discipline. This is the most important source of protection to which traders must look when they establish relationships with brokers.
What you are saying is completely incorrect. As far as financial industry is concerned, I have several accounts in different banks non of them have anything like that!!!!!!!!! integrity what are you talking about, I would like to see how you would get your money based on integrity. I personally reviewed agreements of other brokers and non of them have similar term! I see you like IB and clearly have not read the rest of the terms so please do not use whole financial industry when we talk about some little IB.
Which broker do you claim has a better written agreement? (P.S.: The fact that I am communicating with this guy should not be taken to imply that I think he is mentally competent.)
I do claim that the IB, has worst written agreement. There are specific terms that literally gives them right to rip retail clients off, and then surprise because you cant sue me cause you signed this agreement, remember!! Other brokers who may also be here by hiding their ids probably post replies here in their favor but I have not seen as many as IBs. If anyone wants to find out terms about other brokers I will be happy to join in a different thread and perhaps interpret things together with genuine public. After all the forum is for us to discuss, for IB and others to read and then compete against each other and sell what they got!!! At the minute its them ripping us of not because one has lost his trade but because his broker is trying to be smart and using the weekside of consumers ie attention to detail and lack of interpretive skills of clever terms and conditions This thread is specifically for IB.
Well, I think you can continue without me. This discussion is so ridiculous that I'm not going to continue participating.
It is ridiculous because you cannot say anything positive about IB as you used too. I base my debate on solid facts in front of me and not on some integrity,honesty, and honor of the broker which is very naive. Im sure there will be plenty hardworking people who would like to discuss these things before they give their hard earned cash to any lousy broker who hides behind the terms. Whether you want to stay or go is your choice, but keep an eye because if you thought up to this point the terms were bad you soon will find out otherwise. Take care
Eagle Eye Who gives a ^%^% who their liquidity provider is, how is that going to change your life. Ask Oanda who their liquidy providers are and they will give the same response as IB. If you open an account with IB and you have problems close it. Here is the agencies you can report any problems to. Interactive Brokers LLC is regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission Headquarters: Two Pickwick Plaza, Greenwich, CT USA 06830. Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Services Authority. FSA register entry number 208159 (http://www.fsa.gov.uk/register/). Office: One Carey ane, Fifth floor, London EC2 V8AE. Interactive Brokers Canada Inc. is regulated by the Investment Dealers Association of Canada (IDA) and the various Canadian securities commissions. Registered office: 1800 McGill College Avenue, Suite 2106, Montreal, Quebec, H3A 3J6, Canada. IMHO opinion you have better protection with IB then alot of other retail fx houses.
If you dont give a @@@@ why dont get back to what you were doing together with that useless address. If you are their happy customer who signed that agreement then good for you as that explains it all!!!!