Ib Sucks

[Option_Attack]

Thanks Alan and Carl!

I was wrong to assume IB had responsibility when an exchange busted a trade. It seems to me the exchange, or the other party to the trade, should bear all responsibility and costs if they give a fill not at the market. It sure isn't the trader's fault that I can see - if they want to take my buy order 15% under the market, I won't argue with them.

This seems like a tricky problem that bears watching, and having a trade busted days later sounds scary. I'm always learning.

Thanks def and everyone.

Dan

 

[mskl]

Quote from CarlErikson:



Just curious about the "4 different ways" comment.

1. Island usually busts before 2 hours have passed?
2. Island usually doesn't adjust?
3. Island usually doesn't try to alter a trade that is less than 10% off?
4. Island usually busts pre-market trades before the opening print is known?

Exactly. Perhaps it wasn't Island who requested the bust (may have been the customer on the other side of trade)

Alan - I sent you a PM re this.

 

[mdmbud]

mskl

I did call IB management, spoke to Jeff. He was an absolute ass and pretty much called me a fool for trusting the trade station.

I tell you one thing, all you who use them and trust them, the problem is that the just do not care about you at all. So if you use them and are happy, its because you have not had a problem. This could go on for 2 years, but that one time you do have an issue, REALIZE that they do not care nor do they CARE ONE bit how much you lose. One year ago I had 4 E-mini short and their system went down, IT TOOK THEIR brokers 20 minutes to answer the phone and THEN while I was on the phone, the guy moved so damn slow and he really did not care. 35 minutes from the down time, I got out with a 3,000 loss (it was 900 profitable to start) and the broker treated me like I was an ass for rushing to close a position.

So beware, because it is not will it happen to me, its when! And when it does, hope it's a market that is dead or you are screwed.

These guys are ignorant and rude and worst of all they ACCEPT it. This is why they try to ELIMINATE all their responsibility when you sign up with them, by saying pretty much our service is not dependable, so trade at your own risk.

I spoke with a second specialized attorney today and he said that IB's agreement is joke nd he told me to gather the info regarding all my incidents. He also said there is a 2 year timeframe on this stuff..... So if you had an incident, make sure you take action within 2 years......

IB absolutely sucks.... I wish Advanced Futures traded stocks, because their team of guys are the only brokers I have found that treat you like a human. Does anyone recommend a good broker that has deep discount?

Thanks all.... Best of luck trading today.....

 

[mskl]

Quote from mdmbud:

mskl

I did call IB management, spoke to Jeff. He was an absolute ass and pretty much called me a fool for trusting the trade station.

I don't know who Jeff is: Doubt he is IB management

send an email to :

ibmgmt@interactivebrokers.com


before you get too excited.

 

[H2O]

Has anyone experienced this problem with a WINNING trade ?

Just curious

 

[CarlErikson]

Quote from RSprengers:

Has anyone experienced this problem with a WINNING trade ?

Just curious

Yes, a few years back I got some delayed fills (by 2 days) - as I recall, I broke even on those positions. There must have been some winners in there to offset the losers.

 

[H2O]

If these fills occur randomly, there should be winners amongst them... So If only 1 person claims a winning trade, I don't think they occur randomly.

Any thoughts ?

 

[Whamo]

Maybe this is how IB makes up for such low commissions? I've never had a "busted trade" in my year and a half of doing business with my broker. As a matter of fact, I didn't know what one was until I read it here. I was thinking about opening up an account with IB but I'm holding off now.

Whamo

 

[def]

Mr. Moore,

Interesting, I spoke with Jeff (who by the way is compliance and wouldn't deal with customer complaints) and the other Managers who would deal with such complaints - no one recalls speaking to you or dealing with such a complaint yesterday.

I on the other hand took a look at the audit trail and saw your stop got triggered 3 minutes after your last sale. I did not see any cancel instructions in the audit trail.

Furthermore, your account and commission levels mentioned are grossly exaggerated.

You have mentioned in a thread a few months back that you closed your IB account. Then you mention you trade stocks, then you are trading futures with us again - a few trades each day since the beginning of the year. Your comments don't add up.

Normally I'd let such complaints slide but your comments are creating a belief that we bust trades or do something unethical and don't care - that is completely untrue and utter nonsense. You may not like our policies but they are consistent. Fact is if you had your TWS open and by chance the trade did not show up in the execution window, you would have seen it on the position column and the accounts window.

You were given the ibmgt e-mail. I also believe that you did not make a formal complaint via customer service e-mail. Those avenues are open to all and complaints are taken seriously.

 

[CarlErikson]

Quote from Whamo:

Maybe this is how IB makes up for such low commissions? I've never had a "busted trade" in my year and a half of doing business with my broker. As a matter of fact, I didn't know what one was until I read it here. I was thinking about opening up an account with IB but I'm holding off now.

Whamo

Busted trades can happen with any brokerage. Busted trades are usually caused by someone making a typo on order entry. For example, suppose in pre-market trading I put in an order to buy AMD at 69.10 instead of 6.91. Since pre-market trading is so illiquid, there might not be any asks to match so my order goes out as a bid at 69.10. Then someone comes along and sees this great price and takes it. I realize my mistake and call into my brokerage to have the trade busted. My brokerage will call the ECN where this match occurred, and it will be busted. Your brokerage will get a call from the ECN and subsequently you will be informed that the trade is busted.

Again, busts only happen in illiquid or bizarre situations. Anyone remember the morning that NITE imploded? My point is that this is not an IB-specific occurrence and it shouldn't make the difference between whether you open an account at IB or not.