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IB's VERY BAD customer support
- Thread starter DT-waw
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Quote from Steve_IB:
DT-Waw,
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.
DT-waw,
To summarize, you are complaining about IB's customer support - the same guys who have helped lower your trading commissions and the same guys who will be adding your functionality requests to the TWS.
UNBELIEVABLE!
IB only has very bad customer support if you are a very bad customer.
Dear DT waw,
I think we should discuss this on the phone---e-mail has not been an effective format for your questions, nor for my answers in addressing your questions.
Please allow me the opportunity to address the topic more fully with you and your partner Przemyslaw. Pass me your number and I will be happy to call and discuss.
John Seeberg
203-618-5991
I think we should discuss this on the phone---e-mail has not been an effective format for your questions, nor for my answers in addressing your questions.
Please allow me the opportunity to address the topic more fully with you and your partner Przemyslaw. Pass me your number and I will be happy to call and discuss.
John Seeberg
203-618-5991
dt-waw,
It is inappropriate to post PMs here, especially private conversations with brokers about something very specific to what you are trying to do. If you had a question, you could certainly summarize your interactions with IB and ask if anyone here could shed some light on Forex regs or how to do what you are trying to do.
I have personally dealt with John Seeburg and def on a number of issues and found them to be very helpful. They are both very conscientious, honest and diligent about their work. I'm sure Steve is too. They have to balance their own compliance as a broker with your needs, and it sounds like they've gone more than the extra mile to try and accommodate your needs. It's a shame that you feel their efforts deserve to be diminished here in this manner.
It is inappropriate to post PMs here, especially private conversations with brokers about something very specific to what you are trying to do. If you had a question, you could certainly summarize your interactions with IB and ask if anyone here could shed some light on Forex regs or how to do what you are trying to do.
I have personally dealt with John Seeburg and def on a number of issues and found them to be very helpful. They are both very conscientious, honest and diligent about their work. I'm sure Steve is too. They have to balance their own compliance as a broker with your needs, and it sounds like they've gone more than the extra mile to try and accommodate your needs. It's a shame that you feel their efforts deserve to be diminished here in this manner.
Quote from 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?
If you want a professional answer, you need to contact an expert in the regulatory field, ie a lawyer who specializes in security regs, not a broker.
YOU did not do your homework; don't blame IB for your failings.
I've had a few dealings with IB on my account and they were all handled professionally and all my questions were answered. But, I did not ask questions pertaining to regualtions.
DS
DT-waw
IB is a rock bottom cost broker with an execellent range of services for professionals who know what they are doing.
If you do not know what you are doing then it is better that you go to a broker who has the time and all the extra staff to explain all these things to you. And then pay accordingly their much higher fees. In the bargain you will get a far smaller range of services.
Stop winching and whining like a child, IB has bent over backwards to accomodate you. You are most ungratefull.
Sherlock
IB is a rock bottom cost broker with an execellent range of services for professionals who know what they are doing.
If you do not know what you are doing then it is better that you go to a broker who has the time and all the extra staff to explain all these things to you. And then pay accordingly their much higher fees. In the bargain you will get a far smaller range of services.
Stop winching and whining like a child, IB has bent over backwards to accomodate you. You are most ungratefull.
Sherlock
Quote from dougcs:
If you want a professional answer, you need to contact an expert in the regulatory field, ie a lawyer who specializes in security regs, not a broker.
YOU did not do your homework; don't blame IB for your failings.
No, as I said earlier I know for sure that our business doesn't have to be regulated, the question is will IB open Professional Advisor Acct (capability to manage more than 15 accounts) without being registered with NFA or SEC or other local body - because there's no such requirement for us.
If IB has it's internal regulations - non-registered entities cannot trade FX spot for more than 15 customers - OK, so IB will not have any of our investors as customers.
Summary:
(1) month ago I was told that I can maintain both long and short positions on multiple master sub-accts. today I got the info that it's impossible to divide the master acct
(2) month ago I was told that allocation profiles do work with IDEAL Pro, now I know they aren't programmed yet
(3) I cannot trade on FX spot for more than 15 customers without being registered with NFA or SEC
(4) 4 months ago IB promised to extend IDEAL Pro to 24h. Still not implemented.
Thank you very much, we we'll use different broker. End of story
Quote from DT-waw:
No, as I said earlier I know for sure that our business doesn't have to be regulated, the question is will IB open Professional Advisor Acct (capability to manage more than 15 accounts) without being registered with NFA or SEC or other local body - because there's no such requirement for us.
If IB has it's internal regulations - non-registered entities cannot trade FX spot for more than 15 customers - OK, so IB will not have any of our investors as customers.
Summary:
(1) month ago I was told that I can maintain both long and short positions on multiple master sub-accts. today I got the info that it's impossible to divide the master acct
(2) month ago I was told that allocation profiles do work with IDEAL Pro, now I know they aren't programmed yet
(3) I cannot trade on FX spot for more than 15 customers without being registered with NFA or SEC
(4) 4 months ago IB promised to extend IDEAL Pro to 24h. Still not implemented.
Thank you very much, we we'll use different broker. End of story
You are changing the wording a little and the question a lot by adding: "...there's no such requirement for us." To me that is a very different question to the one you claim in the beginning of the thread you asked. Your first question did not say you were not regulated.
DS
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