What's wrong with IB?

Quote from FutureMann:

I funded my account yesterday morning and was not able to trade yesterday. Now, I found out that I can only trade 1 contract today! I talked to IB people and was told that I have to wait till tomorrow to trade more than 1 contract. Never had this kind of rediculous start experience with any other brokers. I hope there won't be any more weired stuff down the road.
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I don't have details but let me post a few comments.

1. Accounts must fully be opened and approved before trading can commence - regardless if funding occurs. It seems you had a one day delay and I'm guessing it was due to the account opening. Delays could happen for a hosts of other reasons but if funding comes in via wire and the details match your account and notification via account management, your following wires in should go very smoothly and can hit your account as quickly as 10 minutes after being credited to our account.

2. the 1 lot. Did you sign the arbitration agreement? If not, you'll be limited to 1 lots. Given that you spoke to CS and they said all should be ok tomorrow, I suppose it will.

3. Ted Zhang: complains that we withhold funds. Well, we do if the outgoing/incoming funds don't match the name on the account or funds can get locked up if outgoing instructions don't match the receiving bank, etc. However, for the exceedingly vast majority of outgoing wires (and we process thousands of incoming and outgoing wires each day) go smoothly and without any hitches. If this was a common you'd see hundreds of complaints about this on this site - keep in mind this is a site where people jump to post negative reviews due to slippage on a demo account. Thus I think it is fair to assume if there was a serious issue with deposits and withdrawals you'd be hearing more from the many thousands of clients who view and post on this site.
 
Quote from def:

I don't have details but let me post a few comments.

1. Accounts must fully be opened and approved before trading can commence - regardless if funding occurs. It seems you had a one day delay and I'm guessing it was due to the account opening. Delays could happen for a hosts of other reasons but if funding comes in via wire and the details match your account and notification via account management, your following wires in should go very smoothly and can hit your account as quickly as 10 minutes after being credited to our account.

2. the 1 lot. Did you sign the arbitration agreement? If not, you'll be limited to 1 lots. Given that you spoke to CS and they said all should be ok tomorrow, I suppose it will.

3. Ted Zhang: complains that we withhold funds. Well, we do if the outgoing/incoming funds don't match the name on the account or funds can get locked up if outgoing instructions don't match the receiving bank, etc. However, for the exceedingly vast majority of outgoing wires (and we process thousands of incoming and outgoing wires each day) go smoothly and without any hitches. If this was a common you'd see hundreds of complaints about this on this site - keep in mind this is a site where people jump to post negative reviews due to slippage on a demo account. Thus I think it is fair to assume if there was a serious issue with deposits and withdrawals you'd be hearing more from the many thousands of clients who view and post on this site.
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Def what about IB kicking that guys dog? If you responded to Mann BS comments you should respond to the dog kicking comments too :D :D :D
 
Quote from FutureMann:

I wired in the money this Monday morning and it showed up in my account this Monday morning too.
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really? wiring can be that quick? I didn't know that.

I did ACH with IB and it took a few days.

But the ACH I did with TDAmeritrade took only one day, much quicker.

See, I always present facts and let others decide which broker is better in what aspect.

Let's be objective and help each other.

I was stuck with Scottrade for years and got front-runned constantly, but nobody told me anything about it. Shame on those who know it but don't warn other traders!

I am determined to help new traders avoid the same traps I got in. I am sure there are other brokers who front-run customers. Let's hear the names. New traders will benefit from objective information.
 
Quote from Trvlwanderer:

Please do not harm dogs.

Now cats....kick the hell out of cats at will.

Ready, pull!

:p
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Etrade is known for kicking cats. IB only kicks dogs. TD Ameritrade however is known as the Michael Jackson of brokers....maybe that's why they like to hire priests???? :D :D :D
 
I had no problems with IB getting money from my account. Actually, when I closed an account they absorbed the wire fee. I will be reactivating that account with them soon. They are the best.
 
Quote from BPtrader:

really? wiring can be that quick? I didn't know that.

I did ACH with IB and it took a few days.

But the ACH I did with TDAmeritrade took only one day, much quicker.
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When I've wired funds to IB, they've been credited to my account in a few hours. As documented on their funding page, they place a 4-day hold on incoming ACH funds, but I've generally gotten the funds credited in 3 days. TDAmeritrade and Schwab, last I did such, credit incoming ACH funds overnight but you can't use the funds to buy options or non-marginable stocks for 3 days.
 
Just update my situation to let all IB employees and IB dogs/cats here know that: All the pain I suffered for the past week is because IB compliance confused my name with someone else who has similar name. IB finally removed trading retriction on my account after finding out their mistake. But I gonna transfer money to another broker because the way I was treated from IB employees both from phone conversation and all the stupid posts here.
 
Quote from FutureMann:

Just update my situation to let all IB employees and IB dogs/cats here know that: All the pain I suffered for the past week is because IB compliance confused my name with someone else who has similar name. IB findally removed trading retriction on my account after finding out their mistake. But I gonna transfer money to another broker because the way I was treated from IB employees both from phone conversation and all the stupid posts here.
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I'm sure they will be sorry to see you go.
 
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