I opened an account with Xueying on 2020-5-15 and configured a withdrawal bank account on 2020-5-26; after that, I have successively deposited 50,000 US dollars, and have been trading stocks normally, and have never withdrawn until 2020-10-26 My account can only be closed and cannot buy any stocks. The APP prompts Your order was not accepted because the Master/Compliance user has restricted you from trading: account is closing only. So I contacted Xueying, and Xueying helped contact the IB customer service, saying that it was restricted due to compliance issues, and received a reply from IB related personnel: "Because you have set the withdrawal route multiple times, the system has determined that it is abnormal , Thinking that someone else is operating your account, for the sake of account security, so restricts it, also for your account security, I hope you can understand." After several days of follow-up, the restriction was restored on 2020-10-29, and the transaction was finally able to be normal. However, due to the operation of Interactive Brokers, the 30,000 shares purchased by the company were audited and failed to be purchased. Then I have some questions. Interactive Brokers said that it has sent me a compliance notice before, why I have never received it. No matter IB backend or email, I checked it all over and did not receive any relevant notice, and it was set on 5.26 Why was the withdrawal account suddenly restricted to me at the end of October? Who should bear the loss that cannot be bought when the market is falling, and the loss that Ant’s stock purchase approval fails, and keep saying that for the safety of users, IB maliciously restricts user accounts without any notice, just like a rogue. Want to trample on user rights, where are you so bold? As the number one securities firm, your behavior will not only lose users, but also involve violations of laws and regulations.
You lose some credibility when you say you want to be compensated for not being able to purchase ANT when it hasn't started trading yet. Regardless, what I see from above is that you have a firm trying to protect you from the possibility of hacking and stealing your funds which is a good thing.
Well clearly you did that. Why did you do that? Regarding "loss" - you only lost the opportunity (quite like due to your abnormal actions). When you understand trading is about minimizing losses, you will understand. Until then you are a grasshopper.
It is not a free for all. There are levels of compliance. There are levels of liquidity. Part of learning to trade is knowing this and knowing enough, so that neither are an issue in your trades. Just undo it and get on the right side. As far as compensation, you are the second person who has wanted something like this recently, unfounded compensation for their errors. It is not retail purchasing.
Can i ask how someone can access IB or any other brokerage account, if apart from user/password you have also setup double secure authentications by receiving a code on you mobile phone too ?
They should not be able to but nothing is foolproof as I can think up a number of scenarios where bad actors can do bad things. For example, what if you leave your phone unattended at work or home? For the OP, the ANT (6688.HK) starts trading on November 5th so there was not any opportunity cost other than the possibility of being allocated shares on an IPO with the retail tranche 110x oversubscribed. Unfortunately for better or worse we live in a world where we need to take these precautions and changes to bank accounts are also an AML red flag.
I still didn`t understand why this guy`s account has been suspended. He used many different bank accounts to withdraw money, that`s why he got "banned"?
Smells like fraud/money laundering to me. The compliance costs of ensuring this client is not committing fraud or money laundering on such a small account probably exceed the potential revenue from the client, especially if there are authorities involved and it involves foreign jurisdictions. It is easier to refuse business and avoid the issue. In a past life before trading I declined various jobs on the basis of risk to my time. I think it's prudent that IB does the same.