Here is some more nice terms that some have singed by mistake and some happily: IN NO EVENT SHALL IB'S LIABILITY, REGARDLESS OF THE FORM OF ACTION AND DAMAGES SUFFERED BY CUSTOMER, EXCEED THE HIGHEST AGGREGATE MONTHLY COMMISSIONS AND FEES PAID BY CUSTOMER TO IB. In all judicial actions, arbitrations, or dispute resolution methods, the parties waive any right to punitive damages. Just to assist you this what definition is given to punitive damages in Oxford Law dictionary: "exceeding simple compensation and awarded to punish the defendant". don't forget to put all the terms from the beginning of the thread together and see where you stand!
Eagle Eye I care about 2 things, that my funds are protected and that if they screw around they are regulated. It is not important what is in the agreement as long as they are regulated in Canada. If I am not happy with their service I will close my account. No other FX house offers me this protection. The exchange commissions in Canada love to justify their existance by going after every little discrepency done by brokers. Interactive Brokers Canada Inc. is a Member of the Canadian Investor Protection Fund (CIPF). As such, your Interactive Brokers Canada account is covered by CIPF for up to $1,000,000 for losses related to securities and cash balances that result only if Interactive Brokers Canada becomes insolvent. CIPF does not cover customers' losses that result from other causes such as changing market values of securities, unsuitable investments or the default of an issuer of securities. Separate accounts of customers are each entitled to the maximum coverage of $1,000,000 unless they are combined with other separate accounts. In addition to CIPF coverage, customer securities accounts at Interactive Brokers are protected up to $30 million (including up to $1 million for cash). The market value of your stocks, options, warrants, debt, and cash -- denominated in all currencies -- is covered by this insurance. Futures, options on futures, and single stock futures are not covered, but available cash will be swept from your futures account to your securities account periodically so as to take advantage of insurance coverage as much as possible. As with all securities firms, this insurance provides protection against failure of a broker-dealer, not against loss of market value of securities. This protection is provided by the Securities Investor Protection Corporation (SIPC) and Lloydâs of London insurers. SIPC provides the first $500,000 per customer (including up to $100,000 for cash). For customers who have received the full SIPC protection, the Lloydâs policy provides up to an additional $29.5 million (including $900,000 for cash), subject to an aggregate limit of $150 million. For the purpose of determining a customer account, accounts with like names and titles (e.g. Individual/John Smith and Individual/John Smith) are combined, but accounts with different titles are not (e.g. Individual/John Smith and IRA/John Smith). SIPC is a non-profit, membership corporation funded by broker-dealers that are members of SIPC. For more information about SIPC and answers to frequently asked questions (such as how SIPC works, what is protected, how to file a claim, etc.), please refer to the following websites:
Have you cleared IB for anything? Options? etc.?? Have you ever watched the Ideal Pro forex trade? Your point seems to be that IB is a horrible broker and all these satisfied customers are on ET lying simply because they on IB's payroll??? How did all you guys get on IB's payroll?
Well I'll have one more go. Note that, not being insane, I don't believe that what I say will convince bigbird here of anything ... jim is right ... its simply that someone else who doesn't know IB and thinks Bigbird might know what hes talking about might be reading the thread. 1) If bigbird thinks that IBs is the worst agreement then he hasnt read very many. All brokers agreements (in fact virtually all US boilerplate) is designed to minimize the writers risk. But as anyone whose be around a few years knows, if you get to the point where you're referring to the contract for customer service then its bad. I, like most IB customers here and at Trade2win have found them to be a great broker. The one area that there does seem to be some "valid" issues is with regard to option trading and the possibility that IB will close some types of positions earlier (and in the opinion of some wrongly) than some other options brokers. I'd suggest that anyone whose looking at serious option trading using all their margin look closely in this area. No complaints about IB but in my time trading I have had 3 other brokers who I will no longer trade with (I also have two others I will happily continue to use as well as IB). Bigbird needs to look at their agreements before making such sweeping unsupportable claims 2) The real users and potential users amongst us appreciate that real IB people come and post openly on the board in response to questions. IB doesn't send sales wonks or secret sales wonks along ... it lets knowledgable people answer questions. Those people don't always suck up to the possible customers but I WOULD FAR PREFER to have a real person who is honest and, occasionally honestly abrasive, than some marketing wonk who will make you feel good good good ... until the day the shxt hits the fan and you find out the truth. Bigbird, you are clearly a bit of a wit, perhaps half, but if you think IB is ripping us off ... lol ... you haven't been around long! Come back when you have been out of school a few more years and let us have the benefit of more of your wisdom perhaps?
You making perfect point that you are covered by insurance if they go into liquidation/fail on you. But I am saying is that IB can visibly screw you up but you wont be able to do a thing. Also even bucketshop such as SAXo are covered for insolvency etc.
If you think that this will hold up by any securities investigation by any US or Canada govering body you are moron. They can put anything in these agreement but there are laws that override it. If I were their lawyer I put the same thing, some moron customer might fall for it but I would not. It is a %^%^8 agreement who cares. It not worth the paper it is written on. GET OVER IT.
Hey Eagle, Have u ever opened an account with IB? I sincerely hope so, otherwise your comments under brokers review are completely out of place and highly misleading for prospective clients who are reading those statements and relying on traders real experience with TWS.
If you show me the law that will override it then welldone to you. If its just an agreement you dumbass then why they use it in such a way. O yes not to mention you have enough money to take to trial, and then again if you did you would not in/with IB
regardless of if you're correct or not you potential customers need ot ask themselves the question whether or not they believe they'll get into a position where it even matters. If i want a broker that i could potentially sue but is most likely ripping me off with spread, commission and possible price manipulation then I'll go for one of the more common bucket shops. If however I want a broker that can provide an ecn-like infrastructure and not object to any of my trading strategies but has more strict terms and conditions which may mean me forfeiting the right to sue them then I know who to go for. The IB legal dept have most likely put certain clauses in to protect themselves from extreme events but that doesn't mean every customer is going to experience them. If two software companies offer similar products, one with only a few functions that I need but is guaranteed not to crash, and the other with excess functionality but no guarantee that the program won't crash if I use a particular function. If I don't require the use of that particular function, why wouldn't chosing the latter be the best choice? You can harp on all you want about IB but in the end it's up to the customer to decide what is best for his/her trading needs. For some, a broker like saxo may be more suitable and for others it'll be IB. There is no perfect broker out there, you need to find one that fits or even better, have more than one. You could say that picking a broker is much like trading, diversify to minimise your risk.
No they cannot screw me, they will have a Securites investigation very quickly which will be very costly to them. Canadian Brokers do not like to be investigated and will do what it takes not to. If I have a problem with Oanda or FXCM who do I call?