Interactive Brokers

CanOz said:

There was allot of press during that time GB, i think it was FXCM that got hit the hardest of the larger FX brokers. IG did ok but they got hit....

Industry Impact: Swiss Black Swan Storms through Currency Markets

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Gringotts Bank said:

Thanks. My general impression of IB so far is that it's probably more robust than most brokers here in Australia, but customer service is terrible. This was confirmed when I called them. A women greeted me in Chinese before switching to English. I thought that was rude - does she understand she's in Sydney? I couldn't understand her accent. Finally she put me through to an Indian voice who was even harder to understand. Took me a good 10 minutes to get a simple question answered.

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CanOz said:

Yeah I've been a client for nearly ten years, i avoid using phone support and go with tickets.

I'm setting up an IG Markets account because i can't carry the number of positions in my swing portfolio any more with IB, unless i want to leave more money with them, i don't.

I like to trade on margin, IG should be ok for swing trading. I'll leave enough funds in IB to cover intra-day margin on the futures i like with my normal size.

IB needs to get their crap together....

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Gringotts Bank said:

I liken it to Telstra - they had the best product and they knew it, and eveyone needed it, so they went ultra cheap on hiring Indians to do the customer service. Eventually the Communications Ombudsman got so sick of complaints he forced change. Nowadays TLS's customer service is very good. I think it's in Philippines.

TLS managed to survive with a good product and poor customer service, so I guess IB can too. btw, I've noticed some ok and some bad customer service from IG. Bell Direct, whom I no longer use has by far the best cust service from any broker I've used.

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CanOz said:

Yeah, agree. IB just doesn't give a toss.

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Gringotts Bank said:

Anyone know what interest does IB pay on money held in account please? Been searching the website.

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bellenuit said:

Click "Interest Paid to You" if it isn't automatically open....

https://www.interactivebrokers.com/en/index.php?f=interest&p=schedule2

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Gringotts Bank said:

Thank you. Wow, they're tight. Basically get nuthin!

Am I right in thinking theres no CFDs or margin lending for us Aussies?

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Gringotts Bank said:

Thank you. Wow, they're tight. Basically get nuthin!

Am I right in thinking theres no CFDs or margin lending for us Aussies?

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Gringotts Bank said:

Thank you. Wow, they're tight. Basically get nuthin!

Am I right in thinking theres no CFDs or margin lending for us Aussies?

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Gringotts Bank said:

Thanks bellenuit.

Thanks Canoz, I already have an account with IG but it lacks a few features I need.

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CanOz said:

Like an API!

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Gringotts Bank said:

IG has an API now, for retail traders.

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lenny said:

Hi GB,

Do you use it for automated trading?

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Gringotts Bank said:

Back to the drawing board for me. Turns out cash only made available 3 days after settlement. I'm not used to that, since with most Aussie brokers, cash is immediately available.

I just don't think my system would cope with waiting 3 days. I think it would kill it, but I can't tell.

Any suggestions?

The options are so limited for us Aussie traders. There's not a single broker who has everything I need, and it's not like I have some ridiculously high standards.

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