I Love Interactive Brokers

[et_user]

Time to thank IB for their products and services. Don at IB is very helpful (thanks Jon for providing the contact name). He is very prompt, professional and courteous. I've been trading for more than few years. It is so amazing to see IB execution. I wish I made the switch sooner than this year.

Wish List:

1) Would like them to have more stocks available for shorting.
2) Daily Report available on the same evening.
3) Do not put full account number in the e-mail. Example, say, U***12
4) Some times, like yesterday, folks like me kept asking dumb questions, please train phone reps to be little bit more patient rather than hung-up. Well, I did figure out the answers later.

IB you are great, this recent hiccups will pass because I have full confidence in your professionalism. When folks like Don, def and Jon working for IB, IB will continue to improve it's products and services.

Happy New Year to Every One. Thanks again IB.


Regards,
et_user

 

[IndexTrader]

The problem with handholding customer reps is that you then need many of them to provide "excellent" phone talk and thereby increasing the commissions for the rest of the customers.
Thats why commissions are more at schwab, fidelity, ameritrade, cybertrade, etc.

Quote from et_user:


Wish List:


4) Some times, like yesterday, folks like me kept asking dumb questions, please train phone reps to be little bit more patient rather than hung-up. Well, I did figure out the answers later.

et_user

 

[electron]

Quote from IndexTrader:

The problem with handholding customer reps is that you then need many of them to provide "excellent" phone talk and thereby increasing the commissions for the rest of the customers.
Thats why commissions are more at schwab, fidelity, ameritrade, cybertrade, etc.

I agree, this is a brokerage for those who call only when they have an emergency problem. I have never called them yet even if I have been with them for over a year by now. If you have a non-emergency type of problem, send them an email. Before you get the answer from them your problem might already be solved anyway, but at least you would not waste their time.

Unfortunately, they are not getting any better, IMO, and I hope that this is not because they signed up too many dummies recently.

 

[5R08Astang]

Quote from et_user:

Time to thank IB for their products and services. Don at IB is very helpful (thanks Jon for providing the contact name). He is very prompt, professional and courteous. I've been trading for more than few years. It is so amazing to see IB execution. I wish I made the switch sooner than this year.

Wish List:

1) Would like them to have more stocks available for shorting.
2) Daily Report available on the same evening.
3) Do not put full account number in the e-mail. Example, say, U***12
4) Some times, like yesterday, folks like me kept asking dumb questions, please train phone reps to be little bit more patient rather than hung-up. Well, I did figure out the answers later.

IB you are great, this recent hiccups will pass because I have full confidence in your professionalism. When folks like Don, def and Jon working for IB, IB will continue to improve it's products and services.

Happy New Year to Every One. Thanks again IB.


Regards,
et_user

Good positive remarks and wish list--I agree (never thought about #3--good one).

My wishlist consists of one item, and to me it's a BIGGIE:

>> PLEASE PROVIDE US WITH RELIABLE REAL-TIME QUOTES. <<

I know I'm not the only one experiencing this, based on conferring posts. I know the source of the data delays is from IB, since e-Signal and even Scottrade still pump out accurate RT quotes during IB's periods of delayed/crossed quotes.

IB's platform is great, with quick, programmable order entry, and probably the largest choice of order types available anywhere. The commissions are great for us higher-priced/lower-share type of traders. The number of direct ECN's available are many. Executions are blazing. TWS is constantly being updated with fixes and features.

So, all I can say is keep up the good work, IB. Continue in that spirit and FIX THE QUOTES, please.

Thanks!


Stang

PS: Question to others: Is a 2-5¢ slippage on a sell-stop a lot? Seems as though the system is slow on filling these order types. I can watch the price hover *at* my stop price for a bit, even drop a cent lower, and still be waiting for the execution...

 

[opw]

PS: Question to others: Is a 2-5¢ slippage on a sell-stop a lot? Seems as though the system is slow on filling these order types. I can watch the price hover *at* my stop price for a bit, even drop a cent lower, and still be waiting for the execution...

You can adjust how TWS handles your stops

Configurerder:stop trigger method:

from description:

If "Last" is selected, stop orders will be triggered based on the last price.
For example, for a sell order, there must be one last price that is less than or
equal to the trigger price.

If "Double last" is selected, stop orders will be triggered based on two last prices.
For example, for a sell order, there must be two consecutive lasts that are less than
or equal to the trigger price to trigger the order.

If "Double bid/ask" is selected, stop orders will be triggered based on two bids or asks.
For example, for a sell order, there must be two consecutive asks that are less than
or equal to the trigger price to trigger the order.

If "Default" is selected, then the double bid/ask method will be used for orders for
OTC stocks and US options. All others orders will use the last method.

 

[Lobster]

Quote from 5R08Astang:


>> PLEASE PROVIDE US WITH RELIABLE REAL-TIME QUOTES. <<

I haven't had this problem with IB for at least a year, with the exception of ARCA screw-ups, which apparently happen on a daily basis. Could it be that your other sources simply exclude ARCA right away so they don't have to deal with the data those clowns barf at us?

 

[5R08Astang]

From 'opw':


"You can adjust how TWS handles your stops

Configurerder:stop trigger method:

from description:"

--------------------------------------------------------------------------------
If "Last" is selected, stop orders will be triggered based on the last price.
For example, for a sell order, there must be one last price that is less than or
equal to the trigger price.

If "Double last" is selected, stop orders will be triggered based on two last prices.
For example, for a sell order, there must be two consecutive lasts that are less than
or equal to the trigger price to trigger the order.

If "Double bid/ask" is selected, stop orders will be triggered based on two bids or asks.
For example, for a sell order, there must be two consecutive asks that are less than
or equal to the trigger price to trigger the order.

If "Default" is selected, then the double bid/ask method will be used for orders for
OTC stocks and US options. All others orders will use the last method.
--------------------------------------------------------------------------------

Thanks, opw, I look into how my stops are config'd
_________________________________________________

From the Lobster:

"I haven't had this problem with IB for at least a year, with the exception of ARCA screw-ups, which apparently happen on a daily basis. Could it be that your other sources simply exclude ARCA right away so they don't have to deal with the data those clowns barf at us?"
________________________________________________

Lob, not sure if the other quote sources exclude ARCA or not. I know TWS can exclude ACRA thru checking a box, and I've done that occasionally. I don't always disable this, though, because IB said that not only does checking this box exclude the data, but it also excludes trading thru that exchange.

Do you know why ARCA quotes have been crappy for so long?

Thanks again,

stang

 

[hpex1]

Sometimes I get so pissed off at IB, I am tempted to just trade elsewhere, today is one of those times.

First a little background, I have been an IB customer since they first started offering their product on the internet, my original account number was one of the first accounts, apparently fewer digits then most, any way.... not only am I long term customer, but not a squeaky wheel, I don't complain about things, I have been trading for over 20 years, I understand the game and I understand the IB platform and I live with the good and the bad, I think they balance out.

My average activity is about 30,000 shares a day and has been for years. I would think this would make me an account they may want to keep, but noooooooooo, not at IB, we are all just a number, with customer service levels that put very little value on customer retention.

In October I decided to take a couple of months off at the end of the year and do some traveling, so around the end of October I wired all the funds out of my account with the exception of about $50.00 just to keep my account open, the intention was to fund the account again when I came back to work after the first of the year I did not want money in the account if I was not going to be able to check balances daily, as I am still not entirely comfortable with online security issues.

Yesterday I get an email that IB has closed my account because the balance was under $100.00, I had forgotten that this was their policy. I immediately called customer service, explained the situation and was informed the account had already been closed and basically told tough luck buddy.

One would think a phone call or an email to along term good customer would have been in order prior to closing the account, NOW WAY!!! not at IB, this type of treatment is typical of the customer is always wrong attitude one can expect at IB.

This was the final nail in the coffin for a long term good customer, if Iam going to have to fill out a new application for a new account it wont be at IB. There are many good competitors out there now with competitive pricing to IB.

For all of the regulars on this board, you rarely see me post anything, but I just had to share this story, I guess Iam really pissed this time....

 

[def]

hpex,

while I can understand your frustration, i hope you can understand that the process is automated and that probably 99.9% of accounts that withdraw funds and leave balances under $100 intend to close their accounts. The idea of closing accounts with balances under $100 is an attempt to remove many accounts that were piggy backing off a cheap and fast data service. I'm not sure why you didn't get a warning mail or why you weren't aware of the policy when you withdrew funds. I'll talk to CS and if it that isn't automated, while that doesn't help you, I'll see if we can try to make it more clear for future clients who may be in your situation.

Once an account is closed, it is closed and I don't think we can reactivate them. However, your data should still be stored in our database and if you enter in your name and the same personal details (e-mail and SS#), most of the other fields and docs will auto-complete.

The process isn't perfect but as mentioned it does reduce the number of idle accounts which keeps our costs lower. Keep in mind our accounts are insured, you now have the ability to use a constantly changing key code sytem to protect the account, we send funds only to the name on the account and we provide better interest rates than most banks. Those safeguards/features are factors in our policy.

Apologies and hopefully the above provides a better understanding of the policy.

----
Other topic:
I read some posts worrying about our capacity. By the end of this month, a new computer room should be fully functional with more than double the current capacity.

 

[iceman1]

Quote from hpex1:

Sometimes I get so pissed off at IB, I am tempted to just trade elsewhere, today is one of those times.

First a little background, I have been an IB customer since they first started offering their product on the internet, my original account number was one of the first accounts, apparently fewer digits then most, any way.... not only am I long term customer, but not a squeaky wheel, I don't complain about things, I have been trading for over 20 years, I understand the game and I understand the IB platform and I live with the good and the bad, I think they balance out.

My average activity is about 30,000 shares a day and has been for years. I would think this would make me an account they may want to keep, but noooooooooo, not at IB, we are all just a number, with customer service levels that put very little value on customer retention.

In October I decided to take a couple of months off at the end of the year and do some traveling, so around the end of October I wired all the funds out of my account with the exception of about $50.00 just to keep my account open, the intention was to fund the account again when I came back to work after the first of the year I did not want money in the account if I was not going to be able to check balances daily, as I am still not entirely comfortable with online security issues.

Yesterday I get an email that IB has closed my account because the balance was under $100.00, I had forgotten that this was their policy. I immediately called customer service, explained the situation and was informed the account had already been closed and basically told tough luck buddy.

One would think a phone call or an email to along term good customer would have been in order prior to closing the account, NOW WAY!!! not at IB, this type of treatment is typical of the customer is always wrong attitude one can expect at IB.

This was the final nail in the coffin for a long term good customer, if Iam going to have to fill out a new application for a new account it wont be at IB. There are many good competitors out there now with competitive pricing to IB.

For all of the regulars on this board, you rarely see me post anything, but I just had to share this story, I guess Iam really pissed this time....

why bite your nose off to spite your face? Life ain't perfect bro... and you gotta balance all the good at IB with this "glitch"! As a trader you gotta be able to ride with the "punches".

Can't blame them for not wanting $100 accounts cluttering up things for all the others... and how hard would it have been to take some responsibility here, and recognize that YOU should have found out if there was an account minimum (which it sounds like it would not have been too hard for U to keep in their coffers). No?

Look at this as a learning experience... rather than a chance to rag about not getting enough love.

Good trading at your new firm bro...

Have a good 2004.

ICe