Interactive Brokers Complaint

Discussion in 'Retail Brokers' started by marketbarometer, Feb 2, 2007.

  1. I was making a trade when all of a sudden the burnt orange color came on. Uh-oh. I then decided to call customer service. It took over 5 minutes to get through to a customer service representative. Then the rep had to make some additional calls. Meanwhile stock tanks down a bit.

    Im still waiting for the customer service rep to call me back. Its been over 15 minutes. This is utterly unacceptable and if they do not take care of this and accept this as their own fault, I will be down at the superior court building in short order filing a lawsuit with my $20. I will drag TP himself down in front of a judge if this is not handled.

    Right now I am completely and utterly pissed.
  2. And if your Internet connection went down, would you sue your phone/cable company? If your computer crashed, would you sue Microsoft?

    Take a look at the material you signed to get an account at IB--you've waived all of their liability in these circumstances.

    Still, a call back would have been nice. :)
  3. Oh no, this isnt about the internet going down. I did what I was supposed to do. This is a problem with their system. Everything is working fine on my end, the problem is that when I placed a trade their system malfunctioned.

    If it was my fault in anyway, then I would be the first to raise my hand. I sent an order, they didnt put it through to the market and my account is now frozen with the dreaded burnt orange color. I paid for a service and they did not deliver, bottomline.

    A contract is only enforceable if a judge agrees that it is enforceable. I have every right in the world to file a lawsuit in this matter and will happily exercise that right and subpoena every last man down at IB.

    This will not be chalked up to my fault when in fact the blame *clearly* lies on IB's systems.
  4. BSAM


    (I bet you don't do that.)
  5. Step 1 - Put in a ticket.

    Step 2 - Check your TWS audit trail and save to a safe location.

    Step 3 - Restart your TWS. Is it working? What is that order status now?

    Step 4 - Do note that it could easily have been a glitch in your ISP. IOW not IB's fault.

    Step 5 - Even if you make it to arbitration (really, your only option), you will not win. Please re-read the very extensive risks and disclosure statements YOU SIGNED in regards to "electronic trading".

    Good luck.

    edit: I'm probably wrong about the arbitration. looks like when you sign, you only waive rights to a trial for futures disputes.

    still, here is the Electronic Trading disclosure:

    DIFFERENCES AMONG ELECTRONIC TRADING SYSTEMS: Trading or routing orders through electronic systems varies widely among the different electronic systems. You should consult the rules and regulations of the exchange offering the electronic system and/or listing the contract traded or order routed to understand, among other things, in the case of trading systems, the system's order matching procedure, opening and closing procedures and prices, error trade policies, and trading limitations or requirements, and, in the case of all systems, qualifications for access and grounds for termination and limitations on the types of orders that may be entered into the system. Each of these matters may present different risk factors with respect to trading on or using a particular system. Each system may also present risks related to system access, varying response times, and security. In the case of Internet-based systems, there may be additional types of risks related to system access, varying response times and security, as well as risks related to service providers and the receipt and monitoring of electronic mail.

    RISKS ASSOCIATED WITH SYSTEM FAILURE: Trading through an electronic trading or order routing system exposes you to risks associated with system or component failure. In the event of system or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority. In this regard, Customer must maintain alternative trading arrangements in addition to Customer's IB account in the event that the IB system is unavailable for any reason.

    SIMULTANEOUS OPEN OUTCRY PIT AND ELECTRONIC TRADING: Some contracts offered on an electronic trading system may be traded electronically and through open outcry during the same trading hours. You should review the rules and regulations of the exchange offering the system and/or listing the contract to determine how orders that do not designate a particular process will be executed.

    LIMITATION OF LIABILITY: Exchanges offering an electronic trading or order routing system and/or listing the contract may have adopted rules to limit their liability, the liability of FCMs and software and communication system vendors, and the amount of damages you may collect for system failure and delays. These limitations of liability provisions vary among the exchanges. You should consult the rules and regulations of the relevant exchanges in order to understand these liability limitations.

    INTERNET SERVICES: To the extent that Customer or IB use Internet services to transport data or communications, IB disclaims any liability for interception of any such data or communications. IB is not responsible, and makes no warranties regarding, the access, speed, availability or security of Internet or network services.

  6. KS96


    Exactly the same thing happened here today,
    while I had just entered DAX... and hadn't transmited
    the stop-order yet... @#$#$^&

    Log out and in again... it usually works.
    No damage here today, but it sucks.
  7. katesdp


    You do have a back up broker....dont you?
  8. Sanjuro


    You have no chance at a lawsuit with all the documents you agreed to when you signed up for an account. Also, no real lawyer would waste their time on a losing case to save your $2000 account.

    Please change to a different broker and be happy.
  9. What sort of response time would be sufficient for you not to sue them?
    Woo! One usually only finds hyperbole like this on a Yahoo Finance message board. Oughta be fun once IB goes public.
  10. how much did you lose?
    #10     Feb 3, 2007