I have recently begun some forex swing trading through IdealPro to compare it with to normal forex broker. The first few trades seemed fine and I was quite impressed until this extraordinary situation occurred last week.
I was short a $50,000 position with a gtc stop loss order in place. The stop level was hit last Friday and I assumed the position had been closed. However, when I checked my statement over the weekend I saw that only $30,000 of the position had been closed and the $20,000 remained open.
I phoned IB as soon as they opened the lines at 7am UK time on Monday morning to raise the matter. Upon investigation they realised that I had received a partial fill of $30,000 with a subsequent order for the balance of $20,000 automatically and immediately re-submitted.
However, and here is the problem, because $20,000 is below the $25,000 threshold for IdealPro trades it was automatically rejected, leaving the order unfilled. So I was left in the trade with the price above (away from) my stop level. I couldn't even close the position manually.
IB said they needed to clarify with the technical team and would call me back. They later did and confirmed that this indeed had happened and that their team was working to solve the glitch. I asked how they were going to rectify my position and I was told I would have to contact them in writing to seek compensation.
I was astonished that having acknowledged the issue was entirely due to a fault their end they would not sort the issue out there and then by closing the position and crediting me the (at the time) very small loss due to the market price being a small amount above my original stop level. Instead, I had to write an email explaining the whole situation again, asking them to close the position and compensate me for any loss. I received a ticket number and have subsequently implored them to act as the position is now moving further and further against me. It is now Wednesday and the matter appears no closer to resolution.
I accept that errors happen but I would have thought IB would have sorted this out once they realised what had happened. I would also advise that no one should use IdealPro until IB have given an assurance that this flaw has been resolved.
And check your statements carefully as it is actually not at all obvious at first glance that this has happened as open IdealPro positions are not shown in the way they would be on any other fx platform I have used.
I was short a $50,000 position with a gtc stop loss order in place. The stop level was hit last Friday and I assumed the position had been closed. However, when I checked my statement over the weekend I saw that only $30,000 of the position had been closed and the $20,000 remained open.
I phoned IB as soon as they opened the lines at 7am UK time on Monday morning to raise the matter. Upon investigation they realised that I had received a partial fill of $30,000 with a subsequent order for the balance of $20,000 automatically and immediately re-submitted.
However, and here is the problem, because $20,000 is below the $25,000 threshold for IdealPro trades it was automatically rejected, leaving the order unfilled. So I was left in the trade with the price above (away from) my stop level. I couldn't even close the position manually.
IB said they needed to clarify with the technical team and would call me back. They later did and confirmed that this indeed had happened and that their team was working to solve the glitch. I asked how they were going to rectify my position and I was told I would have to contact them in writing to seek compensation.
I was astonished that having acknowledged the issue was entirely due to a fault their end they would not sort the issue out there and then by closing the position and crediting me the (at the time) very small loss due to the market price being a small amount above my original stop level. Instead, I had to write an email explaining the whole situation again, asking them to close the position and compensate me for any loss. I received a ticket number and have subsequently implored them to act as the position is now moving further and further against me. It is now Wednesday and the matter appears no closer to resolution.
I accept that errors happen but I would have thought IB would have sorted this out once they realised what had happened. I would also advise that no one should use IdealPro until IB have given an assurance that this flaw has been resolved.
And check your statements carefully as it is actually not at all obvious at first glance that this has happened as open IdealPro positions are not shown in the way they would be on any other fx platform I have used.