Yesterday during that big drop at the close IB flashed a message Insufficient funds or something like that, it had to do with a withdraw I made yesterday. I figured I had enough cash to cushion any big drop. Well they closed all open positions for an $1100.00 dollar deficit. I could have sold some shares and brought things back inline. But before I could calculate how much I need to liquidate they closed all my open positions. GREAT WAY TO RING UP COMMISSSIONS YOU CHEEP PUNKS!
I use to keep my money with IB because they paid a good rate of interest on free cash. Well now I just canât see why anyone would keep there cash with this outfit they donât pay squat. There margins are the highest in the industry now, they use to be some of the best. I have to ask myself why I am keeping my capital with them. Oh wait I forgot I get free quotesâ¦.cough cough. The ability to trade many products is about the only thing I can think of that is a positive. TWS is an outdated slug.
they sold u cause u were overleveraged. folks the days of brokers taking risk with clients is long loooooong gone. u violate the % algorithm--they execute.
Thats fine but they did not have to close everything, That is bullshit. I could have sold 50 shares of WFC and met the deficit. They clould have done the same. The point I am making is they closed everything.
Pulled my money away from IB long ago. haven't missed them a bit... Talk about sorry piss-poor service.
i am guessing they don't want to screw around with selling 50 shares when the market is tanking like there is no tomorrow. they have many accounts, therefore, on an extreme day they only want to deal with any account in trouble just ONCE. otherwise, they sell 50 shrs, market tanks more, they have sell another 50 shrs, etc.
Not sure what the claim is here. You saying if I have 50k in positions and it goes $1000 out of margin, they sell all 50k? Sounds wrong.
the o.p. is a newb. i'm not exactly a fan of ib, but they only sell enough to get the account within the maintenance margin. he must have been leveraged out the ass when the market moved against him