Not precisely true. It has been an option for years and until the last few months was just used to authorize money movement. Use of the device to log into accounts is a recent feature and is not optional. Now you must opt out, rather than opt in. Jack
Opt out? I received an email from IB saying that the device is mandatory, and that they would be shutting off my access if I didn't request a device. You're saying I could've opted out?
Yes. You must talk to Customer Service. Then sign a waiver releasing IB from all liability, etc. I use the device myself. There is at least one other thread here on ET which discussed opting out. Jack
If you want a brokerage that gives you full fraud coverage and doesn't make you use an "inconvenient" secure device, then go to TD Ameritrade. Have fun. Otherwise, get the secure ID, it's not as bad as you think it is. And if I was on a jury where it was some guy's account who got hacked VS IB, where the guy opted out for the secure device, I'd vote in favor of IB regardless of the circumstances.
it's probably work and worth,if you have 1 account, or you you are long term trader,making few trades a month/week,but imagine yourself with this situation-you trade multiple systems intraday,fully automated,partially-whatever.but you using bunch of sub accounts or your capital spread across small multiple accounts(there is plenty of benefits to have them in IB, unstead of one big). now imagine yourself in morning or on middle of the day, after disconnection OR TWS quotes freezes(which happends) and your hands full of those devices. wtf you going to do with them? which one goes where? how long it will take for you to login into all accounts? another thing-STP participation rules are still not clear to me- http://www.interactivebrokers.com/en/accounts/secureTransactionProgram.php?ib_entity=llc on top it says- Individuals All individuals will receive a secure device. There are three variations of the device which will be explained to customers during the subscription process. Registering for the Program Customers with greater than $100,000 (or USD equivalent) in equity will be able to log into Account Management and see a Secure Transaction Program menu item which must be selected in order to register. that mean to me -only 100K and greater accounts will have this option. there is no single word about accounts under 100K subscription proccess. personally-i never recieve any email from IB about mandatory subscription for STP. where can i read more about that? and what about SIPC protection? http://www.interactivebrokers.com/en/accounts/accountProtection.php http://www.nasd.com/InvestorInformation/InvestorProtection/SIPCProtection/index.htm this one pretty clear to me.
Bob, if you have profitable automated trade systems, then you should have a direct T1 line straight to IB, that doesn't have access to any other part of the net (and they DO offer that service -- you pay for it though). In which case, you can opt out of the secure ID and be fine. As far as the SIPC protection goes, it's very limited. If you have millions in your account, you won't be covered for all of it. (The protection is 100K cash, and 1 million cash and securities combined) Also, I did not get the email, I called customer service to ask for the ID.
I have the device and the email with the pin# etc. I got it about a month ago but I have not used it yet. Do I have to go to my account and enable the process or do I just wait until it starts to challenge me? Thanks John
on account under 100K? my only concern right now that in one day i will not be able to login into my account because of this STP program. still not clear to me-is it a MUST for individual with <100K or not? can someone from IB clarify this to all of us?
I think you will be receiving a passcode card if your account is under 100,000. The letter I received said it was mandatory. I'm not sure if their is much reason to choose the electronic device over the passcode card for an account under 100,000 if that is really an option. I received one and there are a couple hundred 3 digit number-letter combination that you are prompted to enter 2 of them after logging in(a different two each time). It's a credit card sized device that fits well in a wallet. It's not that much of a nuisance for the added security I think.
No, it's not mandatory for accounts under 100K, but if you call them you can request the safeword card.