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Interactive Brokers Reviews

2012/13 Interactive Brokers Reviews

May 1, 2013 - Apr 30, 2014

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Hi, after opening an occount with them approx. three yrs ago with aussie rob willson I had read some concerning reviews,re trying to close your account, and or transfer founds,from your trading account back to your own private bank account.sincce that time I have traded with them and found that they change there chart data to suit themselves on the futures market , live trading,I do recommend not to use them ,as I thought I had closed my account with them reciently,and spent some time with phone calls,then I find out I am getting margin calls on my account,butt I have closed my account and have no trades on that I have placed.SO IB placed a bot trade on the aud.usd dollar with out my permission or kwnolage to gain access and pocket the last $ 150.00 dollars that was left in my account.for themselves. so that speaks for itself.
- Reviewed by emu, October 30, 2013. Rating = 2/10

2012/13 Interactive Brokers Reviews

May 1, 2012 - Apr 30, 2013

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Current Ratings

I use this broker to trade and just wanted to say I'm really happy with them. Everything just works, and I never had any problems with them. But don't trust me, AlphaJudge gave them thier best broker review: http://www.alphajudge.com/interactive-brokers-review/
- Reviewed by Ferdinand Tupelez, April 22, 2013. Rating = 9/10

good fills, good customer service
- Reviewed by constantine kyriazis, November 11, 2012. Rating = 9/10

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2011/12 Interactive Brokers Reviews

May 1, 2011 - Apr 30, 2012

great broker. does not support metatrader.
- Reviewed by fm, December 26, 2011. Rating = 7/10
Interactive Brokers is the WORST broker for customer service. This morning they informed me that they will be taking money out of my account to pay for a non-working, 3 year old, security token that i finally threw out after a year of uselessly, sitting in my desk drawer. This to me is STEALING my money!!

About 3 years ago out of the blue, IB couriered a small plastic security device to me with a letter telling me i had to use the device and instructions on how to do so. The device died about 1 1/2 years later and i phoned IB. The rep said no problem and couriered out a new device to me. I received the new device shortly and continued on with trading life. Most recently the second device died and i phoned IB once again. This time i was asked to send the non-working device back and i did so and receive a new security measure shortly after. when i went to use the new system now a card, i was unable to access my account. This was when IB informed me that i needed to send back the device from 3 years prior, that i had just thrown out.

my issues with all this: at NO time did IB ever communicate to me that the little piece of plastic had to be returned to them otherwise i would be charged, not in the accompanying letter or any email. when the 2nd device was sent out to me, i did not know and was not required to send back the non-working device in order to have the new replacement and it was business as usual for another 1 1/2 years.

INTERACTIVE BROKERS has ALWAYS been so bad, but now they are also stealing my money!!!

RUN the other way!!

- Reviewed by jewels, December 8, 2011. Rating = 1/10

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2010/11 Interactive Brokers Reviews

May 1, 2010 - Apr 30, 2011

High-End.
- Reviewed by matka, April 28, 2011. Rating = 10/10
They Activity / Flex reports are garbage. You'll get a different answer from every rep on the same issue. Always reconcile to Cash and hold the rep down until he can show you how the numbers reconcile to Cash. This is not always possible. But they did put a hard fix for me few times when they couldn't weasel out. Also they pinch a cent or two here and there and explain it by the "rounding error". You also see it when Total Cash shows $xxxxx.27 after closing and $xxxxx.26 after the night run, with no activity in-between.
- Reviewed by tumiwisi, March 9, 2011. Rating = 5/10
Lousy charts and cumbersome to navigate platform, but excellent spreads and execution.Cannot hold a candle to Dukascopy.
- Reviewed by optionrider, December 17, 2010. Rating = 5/10
IB is a complete fraud. Their Forex tickers and booktrader are in my opinion deliberately set-up to mislead because they appear to be tracking your base currency (USD, in my case). However, their accounting claims that the actual trade was in the paired currency. This is wrongly and falsely claimed for the purpose (in my opinion) of stealing money from clients. There should be a serious examination of this company by the US Attorney. Class Action Attorney for hire could make a fortune!
- Reviewed by eagle7, November 18, 2010. Rating = 1/10
IB has some of the lowest spreads in the industry. If you are trading manually, then this is a great company to trade with. I hired programmers to develop a system to connect with IB's API.  It worked but found out later that IB shuts their platform down in the night for maintenance.  So, not a good place for automated trading.  Low spreads, limited customer service.  It is a place for the sophisticated trader that wants low spreads and does not require much assistance
- Reviewed by randy, August 30, 2010. Rating = 6/10
I have had an account with them for six years, averaging 3-4 trades per week. They have repeatedly been DISHONEST and cheated me out of money. I am finally closing my account.
- Reviewed by gwizz, July 22, 2010. Rating = 2/10
The stop loss are not triggered.
- Reviewed by teycir, June 20, 2010. Rating = 1/10

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2009/10 Interactive Brokers Reviews

May 1, 2009 - Apr 30, 2010

I traded with IB for about 6 years had 2 accounts. Traded stocks and Forex. THEY ARE THIEVES THEY WILL STEAL YOUR MONEY. Stay away.
- Reviewed by Angelos Sideris, November 13, 2009. Rating = 1/10
Probably about the worse I have ever experienced. Terrible customer service, buggy, complicated interfaces both java and web. Practically impossible to decipher their reporting, no traceability, dysfunctional audit function pretty well impossible to figure out what is going on in your account once you have opened a dozen positions in a couple of different currencies.

I just had 2 currency trades busted... i.e. revoked and no real explanation of what the hell happed and why they revoked them. In other words even if you managed to figure out what the hell was happening in your account the next day things may change without you having any say in the mater... as for them listening... hum I have more than 100K USD in there and they couldn't care less! Be careful record every separate trade independently.

- Reviewed by TonyD, August 13, 2009. Rating = 1/10
The biggest problem with Interactive Brokers is that after you close a trade, you often are stuck with foreign currency in your account (what they call non-base currency) and then you have to convert that money to your base currency. So, for example, if you live in the US, after you close a trade, say in GBPJPY or EURJPY, you have JPY in your account instead of USD. Then they hit you for a commission and a large spread to convert the Yen in your account to Dollars. In the meantime, your account is subject to fluctuations in the Yen until you close out the non-base currency this second time.

Their customer service is horrendous. Their reps are argumentative and very obstinate. They are not able to answer questions and are all attitude.

Their accounting system is bizarre beyond belief and inaccurate. It is impossible to get tax information in a reportable fashion from them.

Their spreads are tight however.

- Reviewed by Bob, August 3, 2009. Rating = 2/10
I must agree with most of the negative comments I've read here.

It has been more than 5 years for me at IB. I've used their Forex frontend and had to just give up. There's too many other better alternatives (try MB's new MetaTrader frontend for forex). My trading has been in stocks for the most part, and all the ills mentioned before are true.

One thing that is a MUST know for any of you who is thinking about a new account is the fact that IB has officially took a stand that they are not responsible for your (Stops, or Limit) orders. In other words, I was recently notified that they would not necessarily fill my 'buy stop' placed on a short position. If you don't use a hard stop this is fine, but if you would like to buy something and place a stop, and go play, you may be unhappy with what you find on returning. How do I know? It has indeed happen to me. The stop was not filled, but price was very much past it, and the stop was still active in the software. This and similar problems has happened many times. So, when they warned of not honoring a stop, they meant it!

The low commissions sound great, but you'll do better shopping else ware.

- Reviewed by leebcg, May 29, 2009. Rating = 1/10

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2008/09 Interactive Brokers Reviews

May 1, 2008 - Apr 30, 2009

Keep away.

Pros:
- fast (but starting the application can be very slow)
- plastic card with safety codes provided to log in

Cons
- very frustrating & buggy platform even with serious bugs (eg. it can happen you put command through the web platform and such command can not be found within java platform but the command is active still)
- there exists API allowing your application to connect but it is in terrible state and virtually is not functional (also many people complaining on forums)
- forex trading switches off for 15 minutes each day
- I pay at least $2,5 per contract made

- Reviewed by smsti, March 27, 2009. Rating = 3/10
Shuts down for repairs late at night - forget automated trading during these times. Non existent customer service. Excellent fills. Low spreads. You need to deposit $100,000 or more to get their interest.
- Reviewed by Hedgehog, January 15, 2009. Rating = 6/10
I've experienced 2 suspicious activities with IB Canada.

First - IB's failure to execute stop loss orders during overnight trading on Aug 21-08. When I complained, 2 IB Canada representatives acknowledged receipt of my stop loss request but suggested that it was my fault it didn't get executed because I was trading "after hours". I also pointed out that the stop was actually hit at 1:15am but the position was still open at 7:00 am... lots of time to execute even in a fast market. This cost me $475.

Second - Somehow two positions opened around 30 minutes after midnight on Sep 3-08 while I was in bed sleeping on vacation. When I returned from vacation on Sep 11-08 and opened TWS to do some trading I was alarmed to see these positions. I immediately closed both positions and contacted IB Canada. After being on hold for 20 minutes, [name withheld] checked the audit trail for these trades and acknowledged that there was something inconsistent, but refused to tell me what that was, instead he said he would call me back... which of course didn't happen. This mysterious trade cost me $2,020.

FYI - since Aug 21-08, I've been performing a print screen of my account and portfolio page each day so that the date and time are visible and on Sep 2-08 there were no open positions or limit orders showing on the IB trading page.

I filed a complaint with CFTC Enforcement who responded by stating that IB Canada is not registered with the CFTC. They also suggested that I file a complaint with the National Futures Association (NFA) which I did but have not had any response from them as of this writing.

I have instructed IB Canada to close my account and transfer my remaining equity back into my bank account. I have been an IB Canada customer for over 2 years and can honestly say that I've never experienced a service work so hard at not providing customer support or mitigation... good bye and good riddance!

- Reviewed by Ingar, September 17, 2008. Rating = 1/10
Good information, execution and fees. Complex but powerful trading platform. Unique account management capabilities for those having multiple accounts or wanting to trade internationally.

Slow, sometimes inept or non-existent customer service. Some bugs in the software.

I used to trade with OANDA, which has "friendlier" software, but was drawn to IB for a variety of reasons. It is probably worth adding, if it isn't already noted in another review, that their minimum account is $10,000 and FX leverage is 50:1. Also, the trade size minimums are substantial and will exclude small, recreational traders. The spreads are as small as I've seen anywhere; they state that they don't pad the spreads, but instead charge a flat, per-transaction fee. I haven't seen any reason to doubt this.

- Reviewed by komodo, May 10, 2008. Rating = 5/10
Rude and ignorant customer service who do not understand IB's procedures.

They had been a huge waste of my time and money.

- Reviewed by Ah Phui, May 9, 2008. Rating = 1/10
They are hard to communicate with, If you try to withdraw funds, they hold it for 5 days.
- Reviewed by 1moretry, May 7, 2008. Rating = 1/10

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2007/08 Interactive Brokers Reviews

May 1, 2007 - Apr 30, 2008

I wouldn't recommend it. Execution takes a bit of time, spreads need to be a little tighter....they are all about taking your funds and offer little or no resolution other than double talk.
- Reviewed by samlee, April 2, 2008. Rating = 1/10
Always stealing money from your account. You trade more will lose more. And you will never have any chance to understand the complicated account statement. Worst customer service with the rudest staff. Complicated platform, will waste a lot of time when you trading. The charts are the worst.....

Very bad experience.

- Reviewed by truly, March 14, 2008. Rating = 1/10
The worst customer service with the rudest staff. The most complicated platform with long time to load up. Complicated passcodes to enter each time you log in. The charts are the worst amongst all brokers. Low rates, big company, many products offered. Stay away if you're not trading alot to save on the rates.
- Reviewed by Daniel, February 24, 2008. Rating = 1/10
Fast and good on many aspects.
- Reviewed by jie, November 8, 2007. Rating = 10/10
Great execution, fast platform with Java. Amongst the safest broker to choose, and have a very big capital and insurance for it's member.
- Reviewed by dosqi, September 26, 2007. Rating = 10/10
Good.
- Reviewed by od, August 7, 2007. Rating = 9/10
Great execution and platform. But GOD help you if you have a problem and need to talk to customer service!!
- Reviewed by TraderJoe, July 24, 2007. Rating = 4/10

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2006/07 Interactive Brokers Reviews

May 1, 2006 - Apr 30, 2007

Unbelievably low spreads, horrible customer service and so far no problem with slippages.
- Reviewed by Wilson, April 23, 2007. Rating = 8/10
Been with IB for years. Execution is instantaneous. Can place limit orders within the spread. Very advanced API and many vendors to choose from. The front end I use will place stop and TP orders upon execution of an order. It will also place staddles and bracket fade orders. One click to modify orders on a DOM. Hotkeys. One of the largest brokers (for safety). Can also trade everything at one broker in one account; futures, spot, stocks, bonds, options, international securities. Spreads are small, execution flawless.
- Reviewed by Trade888, April 7, 2007. Rating = 10/10
+ Low fees for trading. - Would like more leverage than 50:1. - Clunky platform. ECN type is great because they don't seek stops.
- Reviewed by sstheo, March 1, 2007. Rating = 7/10
They were good at first, but then they started filling me outside the spread and essentially stealing money from me. They also have horribly slow execution. The average execution during news events is over 10 seconds in my experience.
- Reviewed by CJ, August 23, 2006. Rating = 2/10

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2005/06 Interactive Brokers Reviews

May 1, 2005 - Apr 30, 2006

I love IB, because they allow me to enter limit orders within the spread. They also have an ECN-type model of forex-trading, which is great, because the spread on EURUSD can be as low as 1 pip (+ you can even buy at the bid) !!
Rating = 10/10 - December 26, 2005

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