I have been trading for 2 years on Interactive Brokers and these are the reasons why I finally left the broker.
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As an AI language model, I cannot provide a personal experience, however, here is an article on this topic:
Why I Left Interactive Brokers
Interactive Brokers, the popular online brokerage firm, has been one of the most preferred choices for traders across the globe. Its advanced trading platform, competitive pricing, and robust trading tools make it an attractive option for many traders. However, I recently decided to leave Interactive Brokers, and here’s why:
1. Inadequate Customer Support
One of the major reasons that led me to leave Interactive Brokers was their lack of quality customer support. Although they offer substantial support, it’s often hard to reach a human representative, and the support team’s assistance is not always satisfactory. As a trader, when you face a problem or an issue with the platform, timely support is critical. But, in my experience, the communication from the support team was not to my expectations, and hence I decided to switch to another platform with more efficient customer support.
2. Complex Fee Structure
Another reason behind my decision to leave Interactive Brokers was their complicated fee structure. Despite being known for low-cost trading, Interactive Brokers charges multiple fees, including minimum trading fees, data fees, and account maintenances fees. These fees can add up and make it tough for a trader to budget expense accurately. Although some traders might find it reasonable, for me, this was an unnecessary expense, and I looked for a more straightforward fee structure.
3. Trading Restrictions
Interactive Brokers also impose several trading restrictions, notably with their leverage and margin. In my experience, Interactive Brokers put limitations on traders with trading bots or algorithms as they reduce leverage for these traders. For a trader using algorithmic trading methods, this can significantly affect their trading strategy and profitability. Ultimately, I found these restrictions limiting and counterproductive.
Final Thoughts
Interactive Brokers is a prominent brokerage firm for a good reason. The platform’s advanced trading tools and competitive pricing model give traders a good buying and selling experience. However, the reasons above were why I decided to leave Interactive Brokers. For traders who face similar issues, I recommend spending time evaluating other online brokers for a better experience. Nevertheless, always consider your trading strategy and needs to find a platform that best meets them.
Hello Jesse, i was wondering if i can use Margin and just take out money from Interactive Brokers for my bank account. The same way Robinhood allows you to do it?
Sorry to say but those are all your own faults. Transmission from IBUK to IBL, you have to read messages that your broker sends you and fill in needed applications. When you trade CFDs you have to understand them. So don't blame the broker, blame yourself. PS. IB is a shitty broker nevertheless, not because of what you said but because of their obsolete platform, terrible customer service, and ridiculously high margins for futures.
U r stupid
I will say that they appear to have fixed the application timeout issue on the web app. Now it asks you if you wish to continue, rather than just logging you out automatically.
The phone and windows app are way to complicated to use. The web platform is OK. I've never had problems with order speed though.
Is true, but I think the platform now is having a new update let see what they give us. It has and amazing Insurance this days has a lot of value
I just opened an account, but it is to buy and hold ETF's for retirement without leverage lile VWRL. So i do not think i will have the problems you say.
I completely agree with you. TWS/IBKR is so slow. It's a nightmare to sell over 1000 shares, even if the volume is 10 million. The way TWS starts up is also terribly slow. I can't understand how Lightspeed can start up in 10 seconds, but TWS takes 1 minute. My plan is to drop IBKR as soon as I can. And their Level 2 and Times and Sales are completely out of sync with how other brokers deliver this data and visuals.
Investment is far better than money saved. When you invest your money it works for you and help you earn more money.
Only for Professional trader
What broker you use now?
Is there no way to police the scammers out of the comments to your video? Being how censored we can be, I don't understand how these scammers still exist. No one comes to watch a video about why someone left interactive brokers so they can ask others where to give someone their money to get rich.
I left IBKR fir alot of the same reasons…. never again….
big leverage to lose money hahaha
Interactive Brokers Liquidated my entire equity portfolio and kept the proceeds to themselves. Please avoid this broker
Hi man, I have some problems w Trading 212, and I'm looking fo new broker for daily trades. Please do you have any advice for broker ?
I guess this broker is not for traders, but rather for long term investors, who want an access to a wide range of securities. But the problem with not moving the orders when migrating from UK entity to Ireland entity is embarrassing, it should be their responsibility to make their best to at least inform you via email
traders like this are the cancer of modern economy since they earn by manipulating prices instead of investing
I've come to realize as an investor that instead of letting my money sit idle in my savings account it is more productive to invest the little available and build a portfolio from the accumulated profit of investment
Thanks for the video! I also firstly got a restriction of trading and then just random closing of my account with no reason
Goodbye
im based in uk but recently have come to ghana for some work. Created an international account but im struggling to find a international broker that approves stock investment in ghana.
atm ive just got interactive brokers but ive seen people have issues with withdraws and there customer service aint the best .
is there a international broker you would recommend that works with a international account that was created in ghana
Joke dont waste ur time and money
On the delisting of the CFD, this is most likely your failure as well. It is called knowing your positions. Keep up with news of stock your trading or have in your portfolio. I am sure the news was already out before the stock and CFD was actually halted. Your other complaint about your orders, open orders. Your mistake as well. Do you really think a broker is allowed to open orders for you on a new account number with a new entity. This is basically like moving bank. Like your move from ING to Saxo. Yes positions can be moved but certainly not open orders