Forex Reviews and Recommendations

Not for Sophisticated Traders

for Interactive Brokers

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...