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Interactive Brokers

Average Customer Rating: (based on 6 reviews)

(3.2 stars vs. 3.4 category average)

Your Rating: (write review)

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Recommendations by Profile:

Casual Trader
3 of 4
75%
Intermediate Trader
1 of 1
100%
Expert Trader
0 of 1
0%
All Traders 4 of 6 67%

Recommendations by Usage Length:

A month or less
1 of 2
50%
1 - 3 months
2 of 3
67%
3 - 6 months
0 of 0
0%
6+ months
1 of 1
100%
All Traders 4 of 6 67%

Characteristics:

Pros:
Low spreads, Good transaction reporting, Web-based platform
Cons:
Poor customer support, Poor charting software

Description:

Forex ECN

Single Review: (view all 6 reviews)

jgonion
jgonion

Expert Trader

Not for Sophisticated Traders

4/9/2010

1 of 1 customers found this helpful (100%)

Pros:
Web-based platform
Cons:
Poor customer support, Poor charting software
Bottom Line:
No, I would not recommend this to a friend
Quote:
IB is missing basic capabilities that are offered by most brokers. Their portfolio information provides incorrect information about P&L, and I was told that I would need to type-in stock basis information myself (even though I had already done this in a different area of their website). Apparently the trading platform and account management don't interact. They also won't provide any information about unrealized short & long-term gains for tax purposes, so you can't offset your gains with losses to minimize taxes. The customer service has a take-it-or-leave-it attitude. One of my stocks recently split, and I was told that I would need to type-in a new basis myself, because they don't track stock splits. Makes you worry about what happens to stop-loss orders during a split...
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