Interactive Brokers Review

I moved to IBKR from Robinhood because RH lacked a standard feature to view daily realized gains.

Upon moving to IBKR, I immediately was stuck by how unfriendly the UI is. My watchlist view customizations wouldn't save, watchlist wouldn't sync across multiple platforms (desktop, to mobile) without taking extra steps to 'download' them. IBKR nickel and dimes you for data streaming, viewing real-time quotes, a basic free necessity on other platforms. At least 50% of the time, my portfolio data doesn't load and I have to refresh multiple times. Another annoying thing is you can only be logged into your account from one location.

Beware - if you use IBKR the account transfer from your old brokerage firm will be on hold for 30days. Something they didn't tell me after 3 rejected outbound account transfers. It takes 1,5 hours to get a hold of someone and even the reps are uninformed of their own polices. Avoid IBKR, you've been warned...

Hi FPA

I had some short call options which was reflected as expired on their platform on 18 dec. And the stock closed below my option price (I have these in black and white), but still I found myself being assigned the position, resulting in loss for me as the stock gap up on Monday.

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This is their reply:
A short call position in your account is subject to assignment should a call purchaser elect to exercise their right to purchase the stock and your account be allocated through the random clearinghouse and broker assignment process. This call assignment will generate a short stock position in your account (assuming you do not have an offsetting long position).

The processing of exercise notices for American style options on days other than the expiration date is not performed on a real-time basis, but rather as part of a nightly batch process by the Options Clearing Corporation (OCC). The processing sequence, which by definition results in a notification lag of at least one day to the assigned client, is as follows:

OCC generally allows its clearing members to submit exercise notices on behalf of the clients holding a long position electronically throughout the day, but generally no later than the start of their critical processing in the evening (Day E).
As part of its evening position processing sequence, OCC randomly assigns the exercise notices it has received to the open interest of its clearing members. That information is then made available by OCC to its clearing members early in the morning on the following day (Day E+1).
At the point in which that information has been made available, clearing firms such as IBKR have already completed their processing of that day’s trade activity in order to provide timely statements, margin and settlement information to their clients. Also, since OCC carries the client positions of its clearing members in an omnibus manner (i.e., they do not know the identity of the clients, only the clearing firm), the clearing member must, in turn, execute a random process to assign those exercise notices to clients holding a short position in that particular option series.
Once IBKR receives notice of the assignment from OCC and completes its random assignment process, the assignments will be readily posted to the Trader Workstation of the impacted accounts and reflected on the Daily Activity Statement as of that day’s close (E+1).

Account holders should refer to the Characteristics & Risks of Standardized Options disclosure available on the OCC website, which is provided by IBKR to every option eligible client at the point of application and which clearly spells out the risks of assignment.
https://www.theocc.com/Company-Information/Documents-and-Archives/Options-Disclosure-Document

Do I have a case against them? What can I do? Anyone

They do not allow withdrawing funds from the brokerage account. I wrote in support, called them, they asked to send 2 documents. ID and bank statement. I sent them the documents, they confirmed that they received everything. I wait 17 days, the support does not react in any way, they answer with the same phrases. They say wait. I believe this is a fraudulent company that does not allow withdrawals. I have asked for support many times so that I can contact the superiors. I was refused. Help. How do I get paid?
T603460 - ticket number on which I attached documents.
U4664748 - my account number.

I made a deposit from my bank but InteractiveBrokers received but rejected the deposit because it was made as a bill payment.

I have yet to receive my fund back after weeks, because InteractiveBrokers had registered an invalid fax number with my bank, and it is also using an incorrect fax number to communicate with the bank.

The customer service is a disaster: constant interruptions, poor communication, and refusal to listen.

I opened an IBKR account about a month ago and it really has been a nightmare of burocracy filling so much documentation. After I started trading many operatives have even been denied because they make it very cumbersome and difficult to know exactly what permissions are configured and which not. After you fill for permission to operate let us say futures or options it takes days to clear and in the meanwhile they never put you up to date.
The support section has a place where I have filled several tickets which have never get answered.
It has a chat section where they put you in hold for hours waiting for a support representative.
I had the patience to wait three days ago for help using the chat but the person who attended me told me to search in their web for answers. I really could not believe it.
I have worked with several brokers and this is by far the worst experience in customer care.

I started an application with Interactivebrokers.com, was told it was sent for review and waiting approval. Later I got a message saying I need to fund my account in order to be considered for approval. That sounded odd but I went ahead and linked my bank account. Even After linking My bank account never got access to my account. Just a page saying my account is waiting for review and approval and I should be patient since you are experiencing overload.

Yesterday $3000 was Transferred from my Bank account to interactive brokers. Sensed Reg Flags, since I did not transfer the money myself only linked my bank account.

I Tried logging into interactive brokers account that was waiting to be approved but now its says my application has been deleted. Tried logging from my desktop but my user account is not allowed for paper trading either. I don't even know what's worse looking all over to how I can contacting you or you stealing my money from my back account and blocking me from an account you haven't even approved.

In my opinion, it's okay if I am not approved but it is not okay for interactive brokers to take money from my account without my permission. Writing to request my money back before I report this as fraud.

You shouldn't take potential clients money if you have no intention of providing the service.

When I applied for an account I thought interactive brokers was a reputable company. Apparently, interactive brokers is a scam. I feel Scammed and taken advantage of. Seems like you tricking people to link their bank accounts, take their money without even them deciding if they really want to do business with you. You have the right to approve me and as a client I have the final right to decide if I want to do business with you by finally transferring my money into my account. I linked my bank and you went ahead and transferred $3000 of my money without my permission.

I never got even an email confirming my account had been approved yet you took my money from my account to which i cannot even access. That's wrong.

Need my money back or hear from someone about this issue. I wonder how many people I treated like this and people don't even know it. I have all the supporting documents and the bank account to prove what you are doing is wrong.

I have already been approved somewhere, they didn't take my money first. I applied, they approved me, I linked my account and transferred as much money as I wanted. What you, Interactive Brokers are doing is wrong.

I have been a commission-paying customer of this broker (as well as other brokers) for over 10 years. IBKR customer non-service is about the worst I have every experienced from any company. AT&T was worse, but not by much. IBKR is obstinate, combative, and lethargic. In any inter-broker transfer it is always "the other broker's fault" according to IBKR. In every single case it has actually been IBKR's screwed up systems that are at fault. They are awful.

On top of the bad CS, their systems break - web account mgmt interface is awful - parts of it don't work or hang up. Chat never works - nobody every shows up.

You would be reasonable to ask "Why then do you use them?" In the early days I found their trading platform to be superior to the competition - and so I put up with the other significant negatives. Now, they can't even get TWS right - they keep fooling with it, breaking formerly-working features. Even the trading platform is now a negative.

Don't go there.

Im been trying to get my money back and close my account with IB and has passed more than a month and still I cant get to withdraw my money, they keep putting my account under review, I have called many times, talking to random Indian people that hardly you can understand what they say and you will never get a helpful answer, they will never connect you with a supervisor or manager, an they say they will call you back, and they DONT. Only option I have now is to file a FINRA complaint to report them.
here is the link if someone need it.
https://firms.di.finra.org/cdip-dynoapp/anon/accessForm;jsessionid=FE33BC89DF13D6BF821D4115398388A3?requestInstanceId=4591699

I hope this is helpful to anyone with IB issues out there.
stay safe.

I suggest to consider someone else. I'm currently reporting them to Finra, SEC and I also have a mediation request for them to approve. Next will be arbitration to recover money lost due to the Trading workstation not sending out a sell order. Literally the sell button just flashes or just do nothing and order does not go. I have videos to prove it. News and charts lose connection and won't load.I have screen shots to prove it. I'm on a 2gb dedicated line on a brand new Dell xps desktop with 32gb ram. The TWS software is the worst of all of them. Loses connection at least 10 times a day during trading. Most of the time it cannot reconnect on his own so you have to restart the platform. Customer support does not answer for days. Some of my tickets are still unanswered since March. I have been waiting for a month for a reply regarding the money lost on that trade I described before. I was told 15/20 working days. Then they just disappeared. That is why the Finra arbitration is next. Don't consider this company. EVER!

They sold my shares with out my knowledge and closed my account. To me this is theft. If I was getting charged a fee you would at least think they would send you a statement. I received nothing from this company. I was not even notified that my account was closed.