A few years ago I also had my account frozen for review after I changed wire instructions from original instructions used when I intitially set up my account. This was after 2+ yrs of trading. A call to compliance and account was "unfrozen" the next day and I was able to complete my wire. Not next week, or 3 weeks or months. A call to their compliance department took care of this issue. If it happens to anyone, call them, press the money and banking button, and ask to speak with someone in Compliance. Don't just stop st CS, they don't know anything. They just take the info and pass it on. Go directly to the source. If IB doesn't want you to change wire instructions, maybe they should take that option off the table and save everyone the grief. That being said, I have been using IB as my personal broker since '01, and have had very few problems in all these years. But I am also a professional trader as well, and I would never rely on this platform for the type of trading I do. The platform is great for the advisor and broker, as IB provides the back office for their clients, but, with all due respect to the old guy, a pro would not be using IB. Better executions, better rates, and better CS from numerous sources, including but not limited to Redi, Knight, Anvil/Laser/Lightspeed, Currenex, Bloomberg, Reuters 3000 xtra, etc. IB isn't even a certified application linking directly with the CME Globex platform. IB is a great platform for the retail trader. It provides all the functionality for most anyone to trade most anything, all with the convenience of one account. Except for Saxo Bank, I am not aware of any other firms that allow co-mingling of funds from futures, equities, and forex in the same account. And Saxo isn't even an option for US based investors. As an individual, you can't beat it. But this thread was started by someone who says that his professional brokerage bosses open this account based on the recommendations of this individual. IB is not for professionals. It is for retail. If you're a professional, use the pros and get the pro service, esp when you are dealing with significant amounts of money, as most professional do and most individuals only dream about. As I said before, this guy should be fired for suggesting this firm and they were unable to access funds which eventually cost them deals. If that's what really happened.
Thanks you found it. As for oldtrader, I don't know if he/she is a paid IB promoter. I am not bashing, just pointing out what is discuss on elitetrader.com. http://elitetrader.com/vb/showthread.php?s=&threadid=65260 [/QUOTE]
The bottom line is that brokers shouldn't freeze account unless they have a good reason. On iB if you add a wire instruction for a bank and a broker (pretty common, any person in this forum my have a bank account and another broker account) you get your account frozen until they think its right to unfreeze. (1 to 4 days at least, unless they are too busy to unfroze your account..lame). That happens even if you have the token on your hands that should be enough as proof that its you the guy editing your instructions. Besides this i don't have any complain to IB, i think is the best out there, but this issue is one point against IB vs all the rest of the brokers "old-fashioned" who never would freeze your account.
[/B][/QUOTE] I am always amazed by the responses people receive on here if they discuss any issue they have with IB. I have used them along with other brokers, and don't feel like I have to jump to defend any of them if someone has a complaint. Maybe I'm crazy, but one of the hundreds of complaints I have read on here could be true and not just "whining" or a "piker who needs hand holding", or whatever insult you use to dismiss complaints. Other people might look at all the issues people raise on here with IB as a problem with IB. I know I left them a while ago and have never thought about going back.
The problems I had seemed nightmarish. Delayed wires, the "fool you" positions where I thought I was flat but was really short, the customer service that didnt seem to care and took their time in getting back to me, etc. If they were nightmarish for myself (a retail trader), I can only imagine how it would be for a professional organization like a hedge fund. I imagine the IB customer service people as a bunch of bumbling underpaid young guys with little training or experience in the industry. If somehow the IB computer messes up your trade or your wires get stuck in limbo, then all you can do is wait on hold. Sometimes I see those Charles Schwab commercials on CNBC with the guy sitting by the pool who says "I want a guy who gets it"...I think they are really trying to knock IB in those commercials. I can so relate with this guy who wants someone who gets it. As long as you have no issues, then IB is a great service. Let me emphasize this again, *as long as you have no issues*.
[/B][/QUOTE] Bullshit. Bashing is exactly what you were doing when you posted "It took IB months to wire his money.", without any of the details. In fact, reading through your posts I would guess that 80%+ are negative IB posts. LOL. Do you work for one of IB's competitors? As for whether I'm a "paid promoter", it takes an idiot like you to make a statement like that. But I would not expect any more from you after looking through some of your posts. OldTrader
Benit, The responses (fuckwit, wanker, tosser ... take your pick) are for a number of reasons: 1. Some of the complainers or those who jump on the bandwagon are serial complainers. Sometimes these people are bitter because they can't trade, sometimes they are shills, some are just stupid, some can't get over some problem from the past. 2. Some complaints malign IB well beyond what is reasonable. The special headings like the last one I jumped on are a case in point. The stupid "Ib does this and ain't it bad" another. 3. Some are just stupid ... nOOb a'holes who should do their research but don't. And then slander IB in their abject stupidity. People who put up honest issues without arrogant stupidity receive a reasonable response. The OP in this thread is interesting --- I'd like to see him PM Sal or someone with his details and to know what's really going on. I think its too slow but don't know what went wrong (who's fault(s)). Lets be honest here. Calling these guys wankers, fuckwits or twats is a pleasant outlet. Much healthier than telling ones teenage daughter, boss (take your pick) what you think of them. Having called a twat a twat, then its time for a beer and the normal joy of life, ET is a an anonymous soap opera. Entertainment Today - its fantastic. Don't join the twats! ------------------------ The things people believe in are usually just what they instinctively feel is right; the justifications and arguments are the least important part of the belief. That's why you can win the argument, prove them wrong, and still they believe what they did in the first place. You've attacked the wrong thing. So what do you do? Agree to disagree. Or fight. - C. Zakalwe.