IB's order handling dangerously screwed up since last Thursday
- Thread starter dlincke
- Start date
From my own personal experience, Schwab will make things right for you if their systems fails to execute a trade for you.
Yamner (non-online broker) will also make things right as well if they screwed up.
IB, on the other hand, has told me explicitly that they do not make adjustments due to IB system failures.
Schwab and Yamner cost a heck of a lot more than IB.
I've saved a lot more in commissions than I have lost due to IB system failures (I've had only one order that didn't execute due to a IB system problem over the past six months), so I'm sticking with IB at this time.
Again, you get what you pay for.
-- SP
I had a terrible experience with IB once. I daytraded the DAX (german index) future and the front end told me my position was closed out by their system. I could still see the contract on my position window though and still had the margin requirements. I called support, and they took 48 HOURS to tell me if I had a position or not. Because I didn't know if I had it or not, I could not even hedge!! It was terrifying..
Funny thing is, after 4 weeks of examinations on their part (and even without me threatening them or something alike), one very kind guy at IB that kept working on it finally had them pay me back the losses the whole story resulted in (something like 1500$). As soon I had gotten through the helpdesk and was in contact with him, things were on their way.
So, bottom line: They're cheap, and yes, they CAN screw up badly. But if you manage to get through to the competent guys, they are even trying to get things straightened out.
May something like this never happen to you!
Wonko
Funny thing is, after 4 weeks of examinations on their part (and even without me threatening them or something alike), one very kind guy at IB that kept working on it finally had them pay me back the losses the whole story resulted in (something like 1500$). As soon I had gotten through the helpdesk and was in contact with him, things were on their way.
So, bottom line: They're cheap, and yes, they CAN screw up badly. But if you manage to get through to the competent guys, they are even trying to get things straightened out.
May something like this never happen to you!
Wonko
Yes Cyber Corp does make good on an erroneous trade .
Happened to me on a short of CSCO. Long story short they doubled up on my short sale , so I called them and they said the second trade was valid so I proceeded to cover covered both shorts . There were many Island system problems that day . Anyway the next day I get a call in the Am telling me that I am now long 1000 shares of CSCO because of a system screw up and what would I like them to do .
Well CSCO was up almost $ 1 premarket so I kept the long position and sold it for a $ 1000 gain . Nice surprise .
The only reason I am trying IB is because of the commission for small lots trades , Cyber Corp is top notch .
Happened to me on a short of CSCO. Long story short they doubled up on my short sale , so I called them and they said the second trade was valid so I proceeded to cover covered both shorts . There were many Island system problems that day . Anyway the next day I get a call in the Am telling me that I am now long 1000 shares of CSCO because of a system screw up and what would I like them to do .
Well CSCO was up almost $ 1 premarket so I kept the long position and sold it for a $ 1000 gain . Nice surprise .
The only reason I am trying IB is because of the commission for small lots trades , Cyber Corp is top notch .
