IB Upgrade

Discussion in 'Retail Brokers' started by newbunch, Nov 11, 2005.

  1. This morning, TWS created a popup saying that I need version 851.9 and I only had 851.6 starting Monday.

    1. IB: Why do you make it so the old version doesn't work any more?
    2. IB: Why didn't I get a bulletin/comminque about this?

    This is important as my system is automated and TWS is launched automatically by TWSStart. I can't have it not launching properly.

    Fortunately, I caught it and no harm was done. But I expect and demand more!
     
  2. IB's business model: multi-asset trading platform, global connection to virtually every major equity and derivative exchange, fairly low commissions (not as "rock-bottom" as they want you to believe), multiple tools inbuilt into the TWS platform is in theory a very good one.


    However, their execution is poor. It's very sad that what should be so good is not!


    Their problem is that I get the sense that they are highly understaffed - because they wish for everything to be coordinated via email/chat or online, this coupled with the attitude of "we don't owe the client anything" resulting in horrendous customer service. Additionally, TWS is a continual work in progress with many annoying quirks, fairly unintuitive and as many here have testified to highly unstable.

    If a well capitalized company created a multi-asset trading platform with vast global connectivity and offered great customer service and reduced commissions or even the same commissions - IB will die.

    TT has been rapidly expanding its partnerships, and I think within the next 12 months it will have broader connectivity (see the recent partnerships with Portware & ORC). I wouldn’t be surprised to see TT after falling integrating these new partnerships, become a FCM or sell itself to a leading FCM/IB.

    There’s lot’s of money to be made in the brokerage business, too bad too many firms are stuck to the old-school biz techniques.
     
  3. zdreg

    zdreg

    "If a well capitalized company created a multi-asset trading platform with vast global connectivity and offered great customer service and reduced commissions or even the same commissions - IB will die."

    if is the longest word in the english langauge. if the grandmother would had a beard she would been have a grandfather:)

    great customer service is a specifice niche market and requires a higher commission rate. perhaps a much higher commission rate. the level of customer service should be maintained at a level that attracts the kind of customer that a co. is trying to attract. that being said IB could do much better in timeliness of their bulletins etc.
    convince them they can save money by more timely issuance of bulletins and you shall see it.
     
  4. Not true! My commissions at REFCO were lower than the commissions at IB, - I was actually surpised to discover this. I actually made a spreadsheet and did a market-by market comparison.

    As for customer service - the cust service I got from REFCO was flawless - too good - if I were a $1B fund, I doubt if I would aks for much more than they were giving me with my small account...

    In fact, IB's commissions are HIGH given that they mandate you to have little or no personal contact and drive everything via automated website scripts and the TWS platform. Given that skeletal structure they shold be able to charg you a small markup on exchange fee, since they have a higher margin as a reuslt of lower staff size.
     
  5. Hmmm. I'm on version 853.8, so it looks like you've been ignoring the upgrades. There have been some prior bulletins regarding older versions...whether those particular ones I don't remember. I upgrade personally.

    From where I sit, it doesn't look like you're in much of a position to "demand" though. Cute remark though. Looks like they gave you advance warning. What else would you need? A personal invitation?

    OldTrader
     
  6. What exactly do you think you need for customer service? I rarely have a need to call them. But when I have had the need, they have been polite and informative. What I don't expect is a rocket scientist on the other end of the phone.

    But again, I've been with IB now for a number of years, and had just a handful of times that I have called about something.

    By the way, Refco doesn't look like the standard you should be using to compare, does it? LOL!

    OldTrader
     
  7. zdreg

    zdreg

    i am with the same virgin i mean version:)
    are these upgrades automatic at times?

    thx
     
  8. What happens is that when you boot up you'll get a pop-up that prompts you to upgrade. Then you either hit "next" which starts the upgrade, or you hit cancel, then exit which declines the upgrade at that time.

    If you leave your computer on all the time, I'm not sure if the pop-up takes place. TWS placed a spot in my menu that says "Check for TWS Upgrades"....so you could do it manually. But again, if you turn your computer on and off like I do, the popup comes up automatically.

    OldTrader
     
  9. That's ridiculous. I don't upgrade because I've had negative experiences where a TWS upgrade breaks the API code and my automated trading doesn't work.

    It shouldn't be so hard for IB to post on their website or send an e-mail stating that the old version will no longer be supported.

    BTW, 851 came out on August 30th. So it's only been about two months. I remember that at one time I didn't upgrade for a whole year with no problem.

    I'm not asking for superb customer service or even a perfect TWS. Just a warning to upgrade before it's too late (by e-mail or a webpage we can check).
     
  10. I would bet good money on the following.

    Those that complain about IB make 1/100 (if any) of the profit that those that do not complain make.

    Any takers?
     
    #10     Nov 11, 2005