When the Interactive Brokers IPO came out, I wondered just how long Peterfly could keep this thing floating. Everyday is more bad news. On the last conference call, they announced news about an 11 million dollar mistake. How do shareholders tolerate such mistakes? I was once a customer myself and saw the horror of just such mistakes. For example, closing out a short position on the AMEX and then seeing the next morning that the position was not closed. It was a calamity with many hours spent on the phone with a customer service rep that just didnt care. We all know the relationship of Citibank and Interactive Brokers. IBKR stores money at Citibank. I noticed a correlation between Citi and the IBKR common. As Citi gets closer to banruptcy, the IBKR common takes additional dumps and dives lower. Coincidence? Right now there is a silent bank run going on at IBKR. Not everyone is fooled.
I have done close to 200.000 trades now with IB and had no problem so far. I think a lot of problems that happen during trading are customers mistakes who want to blame it on someone else. The percentage of idiots is probably even higer in trading than in real live because a lot of people call themselves a trader because they failed in every other job they tried. At least I get this impression if I visit trader forums like ET.
Port1385, sorry to have to say that, but you are a complete moron. Of course IBKR will be down when the whole financial sector is in distress. But if you compare IBKR to other financials, or for instance, the Broker/Dealer Index, IBKR holds up very well. And, like others have already told you in another thread, IBKR does NOT hold the money in entirety at Citi, but only a small part of it. Because your are repeating those false allegations over and over, one must suspect that you have some kind of hidden agenda.
IBKR has stated repeated on this board as well as specifically outlined on their website that CITI is their receiving/feeder account, and they spread their capital throughout at least 6 international banks.
Port, instead of saying how bad IBKR is....why dont you post which brokers are safer and why they are safer. Unless, of course, you haven't done any in depth research and you are hypothetically speaking out of your ass. Facts please!
Here's a yahoo chart comparing IBKR, Citi and the broker dealer index over the last year: <img src="http://ichart.finance.yahoo.com/z?s=%5EXBD&t=1y&q=l&l=off&z=m&c=C,IBKR&a=v&p=s"> Any idiot (OK, apparently all but the original poster/idiot) knows stocks in the same sector are highly correlated. IBKR has been outperforming it's peers.