Terrible customer experience, good fees & range of products
The customer experience of being an Interactive Brokers client is pretty awful. Most recent example: pre-approved a third-party transfer recipient for an important purchase, but when it came time to make the transfer, they held it up "under review" indefinitely, unable to give a clear answer as to what further information they needed or how long it would take. Account terms can be opaque and change without notice (eg, they silently eliminated Lombard loans). The website portal can display innacurate information (eg, my account shows a significant daily loss every day, because their model for declining balance bonds is broken and they are not interested in fixing it; there's no cash settlement ladder, so it's difficult to see how much cash in an account versus pending). Corporate bond execution is spotty to poor, and there is no access historical prices. Cash sweep between account segments is incomprehensible, leading to unwarranted interest charges. The phone app is slow and clunky, prone to logging you out when you try to access a different area of functionality.
Why even bother with IBKR? They offer the widest range of investment products of any broker I know of, and fees are quite reasonable. If you're experienced, need access to lots of product types, and don't mind being ignored when there is a problem, IBKR is a good broker for you.
6. januar 2025
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