A few years ago I also had my account frozen for review after I changed wire instructions from original instructions used when I intitially set up my account. This was after 2+ yrs of trading. A call to compliance and account was "unfrozen" the next day and I was able to complete my wire. Not next week, or 3 weeks or months. A call to their compliance department took care of this issue. If it happens to anyone, call them, press the money and banking button, and ask to speak with someone in Compliance. Don't just stop st CS, they don't know anything. They just take the info and pass it on. Go directly to the source. If IB doesn't want you to change wire instructions, maybe they should take that option off the table and save everyone the grief.
That being said, I have been using IB as my personal broker since '01, and have had very few problems in all these years. But I am also a professional trader as well, and I would never rely on this platform for the type of trading I do. The platform is great for the advisor and broker, as IB provides the back office for their clients, but, with all due respect to the old guy, a pro would not be using IB. Better executions, better rates, and better CS from numerous sources, including but not limited to Redi, Knight, Anvil/Laser/Lightspeed, Currenex, Bloomberg, Reuters 3000 xtra, etc. IB isn't even a certified application linking directly with the CME Globex platform.
IB is a great platform for the retail trader. It provides all the functionality for most anyone to trade most anything, all with the convenience of one account. Except for Saxo Bank, I am not aware of any other firms that allow co-mingling of funds from futures, equities, and forex in the same account. And Saxo isn't even an option for US based investors. As an individual, you can't beat it.
But this thread was started by someone who says that his professional brokerage bosses open this account based on the recommendations of this individual. IB is not for professionals. It is for retail. If you're a professional, use the pros and get the pro service, esp when you are dealing with significant amounts of money, as most professional do and most individuals only dream about. As I said before, this guy should be fired for suggesting this firm and they were unable to access funds which eventually cost them deals. If that's what really happened.
That being said, I have been using IB as my personal broker since '01, and have had very few problems in all these years. But I am also a professional trader as well, and I would never rely on this platform for the type of trading I do. The platform is great for the advisor and broker, as IB provides the back office for their clients, but, with all due respect to the old guy, a pro would not be using IB. Better executions, better rates, and better CS from numerous sources, including but not limited to Redi, Knight, Anvil/Laser/Lightspeed, Currenex, Bloomberg, Reuters 3000 xtra, etc. IB isn't even a certified application linking directly with the CME Globex platform.
IB is a great platform for the retail trader. It provides all the functionality for most anyone to trade most anything, all with the convenience of one account. Except for Saxo Bank, I am not aware of any other firms that allow co-mingling of funds from futures, equities, and forex in the same account. And Saxo isn't even an option for US based investors. As an individual, you can't beat it.
But this thread was started by someone who says that his professional brokerage bosses open this account based on the recommendations of this individual. IB is not for professionals. It is for retail. If you're a professional, use the pros and get the pro service, esp when you are dealing with significant amounts of money, as most professional do and most individuals only dream about. As I said before, this guy should be fired for suggesting this firm and they were unable to access funds which eventually cost them deals. If that's what really happened.
