IB shutdown - How did they solve your loss

Discussion in 'Retail Brokers' started by I$land, Jan 3, 2008.

  1. I$land


    After IB's major shutdown last week, I contacted IB and asked what happens if you lost many as a result. They told me it was solved on a case-by-case basis.

    So I'm asking, to those of you who had a position during the crash and lost money because of that, what did IB do about it ?

    I would also like to hear about people with a different broker who have had similar problems and the way their broker handled the loss.


    P.S. The purpose of this thread is not to bring down or up IB or any other broker. Please keep this thread clean and try to state only the facts. Thanks.
  2. I$land


    It never seems to amaze me how much views a thread like :

    Why are traders ugly and fat? 3222+ views

    Mine, which can potentially cost you a lot of money : less than 200 views.

    Makes you think...
  3. lolololol
  4. I$land


    lol indeed.

    Maybe I need to put in a joke or two to bring some interest. Okay, so here's one :

    Two eggs, a sausage, and a pancake walk into a bar.

    The bartender says, "Sorry, we don't serve breakfast."
  5. himself


    ....for breakfast is why traders are ugly and fat.
  6. lol..

    I don't have any funds with IB, however, I have a few friends who closed their accounts after this most recent shutdown.

    I get booted out of my MT4 with North Finance 1-5 times a day and sometimes for 5-10minutes at a time.

    It's unfortunate that it happened, but IMHO IB is as good as it gets.
  7. RL8093


    That was the point in the thread - lots of fat & ugly traders. If you trade & you're fat - you're interested... :D :p :eek:

    - If you're not an IB customer - zero interest.
    - If you're an IB customer but lost no money - zero interest.
    - If you're an IB basher but got spent in the original thread - zero interest.
    - People who lost money or randomly clicked due to boredom - approx 200 people .... :cool:

  8. rwk


    I hope I am not hijacking your thread here. . .

    I am a little surprised that IB would even consider compensating customers. Their (and every other broker's) standard agreement disclaims that, as far as I know.

    I didn't have any positions open, so maybe I would feel different if I had lost money.:cool: I expect that failures like this will happen from time to time, and I prefer to be surprised on the plus side. I don't expect absolute perfection from my broker.

    I keep hearing that all traders should have a second brokerage account for this sort of failure. Unfortunately that would tie up enough of my scarce capital to adversely affect my yearly performance. So I am thinking about possible alternatives, and I welcome suggestions. Does anyone know if IB's European or Asian servers were operational during the outage?

  9. I$land


    Bigpipn - What makes you stay with them ?

    RL8093 - "If you're not an IB customer...". Not true. I said in my first post :

    "I would also like to hear about people with a different broker who have had similar problems and the way their broker handled the loss." -> Different broker

    rwk - I agree. Having a 2nd brokerage account is not always an option. I'm not really concerned about the loss of opportunities but only the loss of profits with my opened positions in case of a shutdown.
  10. loik


    Hedge your open positions in the 2nd account, if your primary account crashes.
    #10     Jan 3, 2008