Australian (ASX) Stock Market Forum

Interactive Brokers Troubleshooting

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investa said:
Hi all,

Personally I don't have any direct experience with Interactive Brokers and I haven't actually seen how the platform works. A couple of my friends opened an account with IB but didn't have a good experience. Since we have an IB representative on this forum, I thought he may be able to explain how things actually work with IB.

One of my friends is a long term commodity trader. He opened an account with IB via Lifestyle Investor Services last year in May. He only placed 3 trades, AUD/USD, Wheat and Corn in the first week of opening the account. Somehow, a few days after his initial 3 trades, he noticed that someone else was using his account to trade other currency pairs. As soon as he found out, he tried to cancel those trades that weren't placed by himself but to no avail. (The IB system wouldn't accept the cancellation)

He then contacted the "broker" Lifestyle Investor Services (his name is Scott Goold) and explained to Scott that he didn't place those trades. He asked Scott to cancel those trades for him but Scott advised him to ignore them. My friend then requested Scott from Lifestyle Investor Services to cancel his account. Scott advised him that he was not able to cancel his account and that my friend would have to ring IB's Sydney number. So my friend rang IB's Sydney number and he was transferred to Hong Kong and the HK customer service rep's supervisor somehow canceled the account for him. But he couldn't take all the money out!!! He had to take the money out in smaller chunks.

Up until today, IB still couldn't resolve the issue for my friend.

Another friend of mine opened an account with IB and she said she just simply couldn't understand how the platform works. She said she was trading options and for some reason for the trades in profit she couldn't see them on the screen. And when closing a position, it doesn't appear on the screen either. As a result, she thought the instruction didn't go through so she tried to "close" the trade again and ended up losing money.

investa
Click to expand...

1. Brokers that private label the software, have a dealing terminal where they can place trades on behalf of the client. Depending on the way it is set-up, some brokers also control the distribution of login details.
2. While I dont' know the specifics of the above case, it sounds to me like the currency trades were liquidation trades, i.e. the account went below the maintenance margin and thus, IB reduced the margin exposure by liquidating the currency positions. This would explain why he was unable to cancel them.
3. We issue security tokens to all account holders. If you opt out of the security token then you are restricted to a limited amount of money that you can withdraw at one time. This is a security precaution.
4. I can see no pending case for this customer. You are welcome to send me details by PM and I will look into it.
5. As for understanding the platform. Your friend simply didn't open the account window, audit trail, trade/exeuction window, order pending tab, read the user guide, or call customer service! At the risk of being flamed, and trying not to sound harsh, but this information is very basic and very easy to find - please try the demo on our website, - after logging in I would be surprised if you couldn't find the information within 30 seconds (or even 10!)
Executions are instant and appear in a number of places on the TWS.
We do offer a simpler platform, and I suggest he/she tries Webtrader, this is a far simpler platform which is more similar to the usual online broker platforms.
 
Steve-IB said:
1. Brokers that private label the software, have a dealing terminal where they can place trades on behalf of the client. Depending on the way it is set-up, some brokers also control the distribution of login details.
2. While I dont' know the specifics of the above case, it sounds to me like the currency trades were liquidation trades, i.e. the account went below the maintenance margin and thus, IB reduced the margin exposure by liquidating the currency positions. This would explain why he was unable to cancel them.
3. We issue security tokens to all account holders. If you opt out of the security token then you are restricted to a limited amount of money that you can withdraw at one time. This is a security precaution.
4. I can see no pending case for this customer. You are welcome to send me details by PM and I will look into it.
5. As for understanding the platform. Your friend simply didn't open the account window, audit trail, trade/exeuction window, order pending tab, read the user guide, or call customer service! At the risk of being flamed, and trying not to sound harsh, but this information is very basic and very easy to find - please try the demo on our website, - after logging in I would be surprised if you couldn't find the information within 30 seconds (or even 10!)
Executions are instant and appear in a number of places on the TWS.
We do offer a simpler platform, and I suggest he/she tries Webtrader, this is a far simpler platform which is more similar to the usual online broker platforms.
Click to expand...

Thanks heaps Steve! I will PM you when I get all the info from my friend.

cheers
investa
 
What is the reason we can't short stocks at the moment Steve?

Absolutely ****ing pathetic yet again.

Just as well I'm not an options trader.
 
If there are any long time members of ASF who have been shorting Aussie stocks via IB since they opened here please share your experiences.

Maybe IB doesn't have access to as much local stock since they're the new kid on the block....I'm hoping that they'll be able to source more stock soon....surprised that not a single one was available today....they normally list about 130 (give or take a couple), not sure how many are actually available if you place an order though.

It really seems simple to short stock via IB due to their integrated system, the only issue is stock availability. So share your experiences guys.
 
I had put through 6 short stop orders for execution yesterday, off which two had reached the stop price, but were not executed. Mate, it is not working !!!!
 
will look into it. Did anyone report this to our CS desk (pls let me know if you have case/ticket numbers) as I hadn't heard complaints and these issues would usually be escalated to me.
 
Steve-IB said:
will look into it. Did anyone report this to our CS desk (pls let me know if you have case/ticket numbers) as I hadn't heard complaints and these issues would usually be escalated to me.
Click to expand...

Fixed the short stock issue. (appears we were getting blank files from our lenders). Please let me know if any more issues.
 
Gday steve,

Great that someone from ib is here as ive just opened an account a few days ago.I thought I was doing something wrong as no of my shorts were going through.now I know cool.

The reason I changed to IB from my previous broker is because your platform allows stop/limit orders.

When you have a chance can you please explain the correct way so Im 100% sure I,m doing it correctly.

Ok I want to short stock xyz.Its currently trading at $10.50 and I want to short it once it drops below $10.00 but dont want to pay anymore than $9.80.

Is the correct way to put a sell stop price at $10.00 then a limit of $9.80?

I generally dont use profit targets usually have a trailing stop so only want to put a stop on.So from what I can gather from the platform to use auto brackets and a stop of say $11.00 for eg.

Is this correct?Any advise you can give me on putting in orders going long and short and the correct way to set entry prices with a limit Im willing to chase the stock would be much appreciated.

thanks for any advice you can give.

cheers
 
Gday Steve,

I think I have sussed it out.Ive put a few different types of trades on my paper trading account.Ill see how they go during the week and let you know if I have any dramas.

cheers
 
Has anyone been able to view the aussie shortable stocks list for IB? it still says 'none available', it's almost 9am....maybe they'll be available after 10am once the market opens? I've missed out on trades as a result....forced to look at CFD's via macquarie now and US stocks via IB.
 
Yep. None available.

Pretty pathetic if you ask me.

Would really like an explanation.
 
SteveIB, in relation to the shortable stock issue:

Optimistically, if there are indeed shorts available via IB for the asx but the only thing missing is the published list, would it be possible for you to attach a copy of the 150 stocks or so which you mentioned are available for shorting please?

If you attach a list to this thread then IB clients and potential clients can dl a copy for reference. Then we can at least work off that list (eventhough it varies daily) rather than trying to guess from amongst hundreds- it's easier to check the list first than to go through the whole process of planning and charting a short to find it's to no avail when it comes to placing the trade as the stock isn't shortable.

Thanks in advance.
 
Is there a problem with IB this morning steve? Or is it my computer?

My orders arent accepting and graphs arent loading.

Maybe daylight saving hassles? (being not this weekend to change in sydney, but some computers are changing times anyway.)

And if it is you guys, any estimate on time to be fixed?

thx.
 
Whats wrong with businesses today?:(

Want to start an account with IB
Emailed them for application form - no reply
Phoned them - on hold for 15 minutes gave up and emailed them again - still no reply.

Apparently they don't want my custom.
 
dutchie said:
Whats wrong with businesses today?:(

Want to start an account with IB
Emailed them for application form - no reply
Phoned them - on hold for 15 minutes gave up and emailed them again - still no reply.

Apparently they don't want my custom.
Click to expand...

What do you mean, the application process is done online :confused:
 
RichKid said:
SteveIB, in relation to the shortable stock issue:

Optimistically, if there are indeed shorts available via IB for the asx but the only thing missing is the published list, would it be possible for you to attach a copy of the 150 stocks or so which you mentioned are available for shorting please?

If you attach a list to this thread then IB clients and potential clients can dl a copy for reference. Then we can at least work off that list (eventhough it varies daily) rather than trying to guess from amongst hundreds- it's easier to check the list first than to go through the whole process of planning and charting a short to find it's to no avail when it comes to placing the trade as the stock isn't shortable.

Thanks in advance.
Click to expand...

I notice that I couldn't short the stocks I was once able to short. But if there are still shortable stocks, please post a list like RichKid described.
 
G'day TH

Are you saying I can't apply on a paper application form?

Cheers

dutchie
 
dutchie said:
G'day TH

Are you saying I can't apply on a paper application form?

Cheers

dutchie
Click to expand...


no idea whether it can be done on paper or not but I have opened 5 accounts with them and always done it online. Very simple although lots of pages. but you don't have to do it all at once.
 
dutchie said:
G'day TH

Are you saying I can't apply on a paper application form?

Cheers

dutchie
Click to expand...

Excuse me for butting in but I think that's what TH meant, probably was a missing comma there in his last post, I've edited it now.

The online application form can be saved and completed at your leisure (although there is some long time limit to prevent you from taking forever to finish it). It takes a bit of getting used to (will take at least half an hour if you read through all the relevant info). From memory, once you register your initial user name and pw you can ask them for assistance online or call the HK Customer service desk. See the related thread on IB in this forum: https://www.aussiestockforums.com/forums/showthread.php?t=7303
 
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