I asked permission to trade crypto GBTC and IB replied like idiots

klattermusen

klattermusen

SO I wanted to trade GBTC and saw I needed to get trading permission for US futures crypto. Ok I did that and days later still no permission. I even asked customer support for help and they think crypto is a penny stock.

WTF?

"Dear Mr. Klattermusen

For trading US Penny Stocks, you also need to be 2 factor authenticated in both Trading Platform and Client Portal access. Since you have opted out from trading platform access so you may not able to request trading permission.

You can refer below steps to enable 2 Factor Authentication for trading platform.
- Within Client Portal, go to Settings > User Settings >Security > Secure Login System > Secure Login required for trading.
- Check the radio button "I Only want to use my Secure Login Device When logging in"
- Click Continue to make the changes.

For further information on SLS (Secure LogIn System) Opt out, please refer below weblink:
LINK../slsoptout.htm

Once enabled then you can submit trading permission request for US Penny Stocks. Please follow below steps to request trading permission:

If you need any further information, please let me know.

Regards,
Atul J
IBKR Client Services"
 
Personally, I don't have good opinions about my charting software supplier and some of my brokers.
I have lowered my expectation of their services to a very very low level.
I wouldn't contact their helpdesk unless it is a life and death issue.
I normally let other traders do the complaining.
For those who have been known to provide poor service, they will
continue to provide poor service again and again, now and forever,
till the end of time or till the top management is totally replaced.



But for those brokers which have good services, I do contact them
even though it is not a life and death issue.
 
d08 said:
Because it's a penny stock, nothing to do with futures. Literally trading on the pink sheets. Maybe educate yourself before calling others idiots?
More...

It's a leveraged large cap fund. Has nothing to do with penny stocks. calling it a penny stock completely inaccurate.


"Penny stocks, also referred to as micro-cap stocks, nano-cap stocks, small cap stocks, or OTC stocks, are common shares of small public companies that trade for less than one dollar per share."


"
GBTC - Benzinga
www.benzinga.com › stock › gbtc
... Trust (BTC) GBTC:OTCQX OTCQX Established, investor-focused US and global companies that meet high financial standards, are not Penny Stocks and are ..."

https://www.otcmarkets.com/stock/GBTC/overview

https://finance.yahoo.com/news/grayscale-digital-large-cap-fund-141500668.html
 
I'd say it is more like one foot in and one foot out of the OTC.

Not many penny stocks go for $30 and change. Unless they've had multiple reverse-splits and corporate HQ in Nigeria.
 
d08 said:
"Primary Exchange: PINK", what do you think that means? Do you know what pink sheets are? Calling it a fund or a spaceship or a cow does not make one bit of difference.

The article literally states "...Shares quoted on OTCQX have...". OTCQX is a an exchange dealing exclusively with pennies.
More...

I know what pink sheets are but GBTC does not meet the criteria of a penny stock by any reasonable measure.
 
murray t turtle said:
%%
LOL\\sounds like IBKR did him a favor + gave him a hint/LOL
More...

IBKR needs to update it's concept of a penny stock to reality.

"

Penny Stock Definition - Investopedia
www.investopedia.com › ... › Penny Stock Trading
Nov 17, 2020 — A penny stock typically refers to the stock of a small company that trades for less than $5 per share. ..."


If i tell you I'm trading penny stocks - Do you think i'd be trading a leveraged fund like GBTC?

You might as well call UCO a penny stock then.

It's not "where it trades" that makes it a penny stock. It's the fact that it trades in "pennies".
 
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