IB's VERY BAD customer support

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DT-waw

Here's the story. Me and my partner wanted to know whether IB will open an "Professional Advisor Account" for IDEAL Pro (spot fx) trading only, without being registered with SEC or NFA.

From IB website:
"Professional Advisors may be required to register with an appropriate regulatory organization".

Now, read the e-mail conversation with Interactive Broker's rep. Mr John Seeberg:

--begin--

JS: You cannot open a Pro Advisor Account to trade for your FX clients in the US unless you are registered as a CTA (with the NFA).

Q:
Can you tell me which organization regulates the forex cash market?
I was trying to find out something about FOREX on the NFA website but
there was nothing about it.

JS: I also thought it was NFA, but maybe not.

IB may have FX under Stock registrations. IB feels it fits better under stock permissions because there is better regulations. FX is not a well
regulated because there is no central exchange.
Thanks,

John

---end---

Well, that was a professional answer!
First, he states that we have to be registered with the NFA, but then he says "I thought it was NFA but maybe not".
Incredible. There's more - now he thinks that IB *may* have FX Advisor trading registration requirements similar to securities regulations and clearly, again he is not sure. Not being sure, he states that "IB feels it fits better under stock permissions".
Give me a break!
Dear IB, could you please fire Mr. Seeberg and can we speak with someone who knows what he is talking about?
 
You can't expect IB reps to know about that stuff I know it's frustrating but it's up to you to know which body regulates which product . In addition your broker might have their own policy regardless of regulatory requirements
 
Quote from Kicking:

it's up to you to know which body regulates which product . In addition your broker might have their own policy regardless of regulatory requirements
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Yes, I know for sure that our business isn't regulated by any organization, becasue we are not the counterparty to transactions with retail clients and we have no plans to advice to more than 15 customers regarding buying and selling commodity futures or options.

The question is, will IB open an Professional Advisor Acct when there's no requirement for us to be regulated?
 
Here's another example of IB's customer support quality.

Two private messages with Steve from IB regarding allocation profiles with IDEAL Pro

--begin--
David forwarded this to me. Yes you can do what you want in an FA account.
rgds steve


DT-waw wrote on 03-30-05 09:10 PM:
Hi,
I'll ask one more time to be 100% sure:
Can I have BOTH of these forms of allocations (1st among multiple sub-accounts for trading systems diversification, 2nd among many clients - managed accts) under the same Master FA account?
---end---

And now, after more than 1 month CS says that allocation profiles with IDEAL Pro trading aren't programmed yet!
 
Personally I like their customer support. And I like the fact that they will respond to questions here.

But I have yet to ask a question that requires a lawyer to answer it.
 
DT-Waw,
This will be my first and last response to this thread, but feel it is needed as you have this compulsion to air our PM's.

I'd like to apologise if you have not found us responsive or helpful. I have gone out of my way to help you, and probably answered more PM's from you then anyone else on this site. def has similarly tried to help you. Other IB staff have also responded to numerous e-mails from yourself.

At all times we have tried to respond and answer your questions. The time that I did not know something I responded that I would find out for you and I did.

When you had requests to add functionality, I brought them up to our most senior staff and had them added to the programming queue. It was also def and myself that presented the argument for lower IDEAL-Pro commissions - which was implemented shortly thereafter.

Many of your questions have been unclear as you have never explained your situation to us. You are based in Poland yet ask questions to do with US regulations. You have asked how you can trade $10 million at a time when there is $6million showing at the inside market. Your next message was then asking me whether you can break a $25,000 order into amounts of $5,000 per account.

Regarding your Professional Advisor question, slice and dice the question any way you wish, but the answer is still no. However, if you do not have more than 15 accounts, then you can apply for a Friends and Family Advisor account.
 
Quote from kiwi_trader:

Personally I like their customer support. And I like the fact that they will respond to questions here.

But I have yet to ask a question that requires a lawyer to answer it.
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Me too. I use the IB chat.

Plus "she" has an exotic name and types sultry English. And just looks right into my acct. and answers the question in seconds. :)

Looks like I got up this morning with tomatoes on my brain. :)

Geo.
 
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