No, they won't. See IB Made an Error. Will They Fix It? http://www.elitetrader.com/vb/showthread.php?s=&threadid=73400&perpage=20&pagenumber=1 That is several months already. That guy haven't get any compensation yet.
Don't trade forex in IB. Trade in Oanda, a more professional forex broker. I hear quite many bad things about IB Forex. There are also many hidden costs you may not aware of, like the undisclosed real commission equivalents, platform bugs which costs you much money. Read: http://www.elitetrader.com/vb/showthread.php?s=&threadid=64052 http://www.elitetrader.com/vb/showthread.php?s=&threadid=64052&perpage=20&pagenumber=4 http://en.wikipedia.org/wiki/Interactive_Brokers#Interest_rates Best regards.
Read this: It's October now, but the case is still not resolved. I hope IB will react quickly now, help this guy out and compensate his loss as soon as possible.
Sounds interesting. Another issue is that your FX quotes are only sourced from you but your data delivery technology is not that reliable. Any chance of getting your quotes re-vended e.g via Comstock/eSignal or DTN? I don't trade anything unless I can get accurate and very reliable data.
TraderTony, why didn't they help you to close out the position first? They would not credit you the loss, I'm sure, but at least this would stop the loss from growing. Too bad, IB! You even don't know how to handle this issue properly.
Trader_H I really do not know. I did exactly what they told me to do. On the first call they said they believed the issue was a problem their side and that I should do nothing until they had checked. On the second call they confirmed the problem was their end but said they could not close the position over the phone and that I should email. Then on my third call yesterday they said I should close using Ideal. But I fundamentally disagree about compensating for the loss. Just to re-iterate, I had a legitimate gtc mkt stop order in place for the full $50,000 position. The IB system then took a partial fill for $30,000 of this $50,000 position when the stop was hit and automatically re-submitted the order to close the remaining $20,000 position. However, because this is below their $25,000 minimum order size it was rejected. I played no part in this process at all and only realised something was wrong when I checked my statement. It is an absurd and completely unacceptable system flaw that surely they are responsible for. Especially as I notified them by phone at the earliest possible occasion when I realised something had gone wrong and when the potential loss amounted to something like just $30 or so at that stage. Thereafter I did what they asked - namely, nothing until they confirmed what had gone wrong and then I emailed asking them to close the position and compensate me for any loss. As I could subsequently see the position still open and incurring a greater and greater loss I left several messages on the ticket asking why they had not sorted it out and finally called them again yesterday to be told they couldn't close it and I had to do that through Ideal. I did this while on the phone to them and submitted the details on the ticket. They acknowledged receipt but another day on I have heard nothing more from them.
THIS IS TYPICAL OF IB , IT 'S PART OF THEIR CULTURE When everything is fine, IB is great but if you have a problem with them then good luck ! They once refused to reimburse me some small charges that were made to an account I had with them even though they acknowledged that their website was misleading about how and when those charges would be made. I knew that if they screwed up and I lost a few K's with them I could just forget it ! They won't reimburse you a few bucks, don't hope on a few K's !
Sorry to hear that. That's too bad. Their responses are highly UNprofessional. Their forex trading platform are faulty. I once heard someone's order was not executed. It just passed through. Do nothing for minutes until it cancelled. Note it happened in a non-volatile period. I thin you should switch brokers like Oanda. It is much better. Unlike IB, you can trade small orders, so you will never encounter such a silly mistake like this. Also if you wish IB to fix/improve its forex platform quicker, try to submit a request via here: http://www.interactivebrokers.com/en/general/poll/poll.php?ib_entity=llc
It's just completely silly that their platform would allow a non-multiple of 25k to execute which is the fact that led to this problem in the first place. Who the hell puts a 30k order in there? And who the hell lets it execute, sabotaging this guy's 50k order?