Author Topic: IBKR - Interactive Brokers  (Read 216164 times)

kab60

  • Hero Member
  • *****
  • Posts: 1492
Re: IBKR - Interactive Brokers
« Reply #660 on: December 09, 2020, 10:24:07 AM »
Isn't the key here interest rates? If they go up, IBKR will earn a lot of money and stock will go up a lot. If they don't it will be slow and steady, but I would guess growing, profits inline with where they currently are.
Yeah, that's what eventually got me to sell the stock early last year. A way to make this less a play on rates is if they introduce a custody fee of say 0,1 pct. of AUM, but I don't really see that happening.


bizaro86

  • Hero Member
  • *****
  • Posts: 1602
Re: IBKR - Interactive Brokers
« Reply #661 on: December 09, 2020, 03:28:41 PM »
Isn't the key here interest rates? If they go up, IBKR will earn a lot of money and stock will go up a lot. If they don't it will be slow and steady, but I would guess growing, profits inline with where they currently are.
Yeah, that's what eventually got me to sell the stock early last year. A way to make this less a play on rates is if they introduce a custody fee of say 0,1 pct. of AUM, but I don't really see that happening.

Raising their margin rates a bit would increase their income and probably cost less customers than a custody fee.

TwoCitiesCapital

  • Hero Member
  • *****
  • Posts: 2951
Re: IBKR - Interactive Brokers
« Reply #662 on: December 15, 2020, 09:26:00 AM »
Just to counter all this IB negativity, my Schwab account has also been down all day. Either it's pure coincidence or the problem that they're having exists outside of their sphere of control and is impacting multiple companies at the same time.

I logged in to my Schwab account before the open and it has been connected all day. I gave up trying to use IB today.

I only trade US stocks and I don't use margin. So the advantages I used to have with IB are not there anymore. I do want to have at least two different brokerage accounts for situations like today when I can't log into one of them.

I dunno. I was able to log-in to my Schwab account, but no trades in any stocks could be made until after 2 PM. It kept telling me the system was down and gave me a number to call. Even after single stock name trading was restored, I received the same notice for all attempted options trades into the close.

For those who worship at the alter of Schwab, it's STILL not letting me trade options today. Same system error BS message.

Once again, not an issue today, but I have options positions that I need to roll before 12/11 and now it's coming down to the wire since I've had two days where I couldn't place orders to try to catch favorable limit-fills.

I'd also add that Schwab messed up on me back in early March and I couldn't trade for 3 days as well. Ultimately, probably for the best as what I wanted to do would've have probably been a slight loss, but definitely unnerving seeing the markets move 5-10% per day and not even having the option to trade because Schwab locked down my account for some reason unknown to anyone. Took two separate calls over 3 days to get fixed.

Robinhood also failed multiple times over that period, though I don't think IB did. Ultimately, this isn't an IB problem is the whole the point. All brokers have periods of being down - even the "customer centric" ones like Schwab.

Just an update - just tried to call Schwab to understand what the issue is and if they anticipate it'll be fixed by tomorrow if I need their assistance placing trades.


Phone rang twice, automatically sent me to an automated voicemail system, and then disconnected me before I could even leave a message. I'm assuming this is some bug with call forwarding/working remotely, but ultimately can't even call/speak with anyone about the issue.

So much for Schwab being "client centric", right?

Receiving error messages again for each trade on Schwab all morning.

I'm not going to keep updating this thread about this (don't worry). Just demonstrating that I think it's clear we need to go easier on IBKR.

Also, for the guy who mentioned that this never happens to Google - you see the headlines happen yesterday where several google services including Gmail and their office suite were down for most clients?

These things happen. At this point, WAY more frustrated with Schwab than I am IBKR.

Jurgis

  • Hero Member
  • *****
  • Posts: 5915
    • Porfolio
Re: IBKR - Interactive Brokers
« Reply #663 on: February 16, 2021, 10:30:00 AM »
I'm gonna kvetch about IB again. Just completed their annual investor info gathering form. They require you to provide your employer's website. It's like WTF dudes. Is this really in KYC or did some idiot put that into your "let's ask more irrelevant questions" package? What if I work for a company that does not have a website? Is www.notyourfingbusiness.com fine for you?

And then there's the "did you really stop beating your wife" question about backup withholding. Anybody knows if the answer should be yes or no? They phrase it in a way that makes you really not sure what "yes" means and what "no" means. It's something like "Are you not subject to the backup withholding?" (sorry can't get to the actual formulation anymore). Their form answer defaults to "no", which would seem to indicate that "no" means that you're not subject to backup withholding. But for someone who reads the question "yes" seems to indicate that you're not subject to backup withholding. I marked "yes", but WTF really.
"Human civilization? It might be a good idea." - Not Gandhi
"Before you can be rich, you must be poor." - Nef Anyo
"Money is an illusion" - Not Karl Marx
-----------------------

Sunrider

  • Hero Member
  • *****
  • Posts: 583
Re: IBKR - Interactive Brokers
« Reply #664 on: February 16, 2021, 01:48:09 PM »
IB really is not living up to its claim to great anything anymore ... try dealing with support on a time critical matter which they are the cause of? Good luck, may as well be with any of the large incumbents ... and probably not have the issue in the first place

Spekulatius

  • Hero Member
  • *****
  • Posts: 6055
Re: IBKR - Interactive Brokers
« Reply #665 on: February 16, 2021, 03:46:51 PM »
If you donít use margin often or deal with international stocks, there really isnít a reason to use IB any more.
Life is too short for cheap beer and wine.

rb

  • Hero Member
  • *****
  • Posts: 4159
Re: IBKR - Interactive Brokers
« Reply #666 on: February 16, 2021, 06:22:25 PM »
Except when you try to trade on a high volatility day (aka when shit gets cheap) and for some reason all other brokers don't work or are reaaally slow.

CorpRaider

  • Hero Member
  • *****
  • Posts: 2596
    • The Corpraider
Re: IBKR - Interactive Brokers
« Reply #667 on: February 16, 2021, 06:46:55 PM »
Those margin rates are attractive AF, but I just can't put real money with an institution that doesn't have a local physical location.  I might need to yell at someone or flip a desk or something.

bizaro86

  • Hero Member
  • *****
  • Posts: 1602
Re: IBKR - Interactive Brokers
« Reply #668 on: February 16, 2021, 06:53:14 PM »
IB really is not living up to its claim to great anything anymore ... try dealing with support on a time critical matter which they are the cause of? Good luck, may as well be with any of the large incumbents ... and probably not have the issue in the first place

I use IB and one of the big Canadian brokers. I submitted tender instructions 7 days prior to a tender deadline. They didn't get around to filing them. The stated reason was that customer service was busy due to higher volatility. So they were too busy worry about GME related margin issues to bother submitting my tender instructions. Thats a few thousand dollars I won't be getting back, but I'm moving a bunch more money from there to IB this week.

Okta

  • Newbie
  • *
  • Posts: 33
Re: IBKR - Interactive Brokers
« Reply #669 on: February 16, 2021, 10:31:45 PM »
IB is great as long as you do not have to deal with service. Peterffy said once, they think they made a mistake if you have to contact them (praphrased from memory).

Most things work automatically with the corporate action tool. For example international tender offers can be tendered with IB most of the times on the deadline day, my other brokers sometimes require at least 7 days advance decision and some even in written form (print/sign/scan or send via post). Even non-traded warrants can be excercised without calling in person, also partially with their tools. TWS is quite intuitive and has even more functions than I need. They have more order types than my other brokers. One weak point is the safety of money deposits. European customers after Brexit have very low EU insurance now (USA customers have better insurance).

One bad example: Account has been short calls on GME and in TWS purchasing GME shares was blocked (temporarily), which would have made the trade a fully covered call (risk reducing). I do not know the reason, but sure cost money to close the option instead at the then higher price of GME after recognizing this. I would not use them for any critical position, but many things are very time efficiently dealt with via their computer system and cost is low in my opinion.

other weak points:
-If you have non-traded options/warrants/preferreds, which are excersisable, they will not even update it to intrinsic value automatically making the reports relatively useless.
-Withholding tax reclaim (most often from dividends) is not supported and they provide a limited number of tax forms only at extra charge (which is more expensive than local alternatives in my case, who can even file paperwork automatically at extra charge).

Overall, still the best for many use cases in my opinion (European perspective).