ComplaintsforInteractive Brokers LLC

• Initial Complaint

  05/01/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Interactive Brokers sent me a email indicating they are closing my account without a reason. I called them and the customer service threatened me. Opened a ticket and no response after 48 hours. I have time sensitive options that need to be closed. Kindly help.

  Business response

  05/06/2024

  Dear Mr. ******,
  
  Interactive Brokers LLC (IBKR) is responding to your inquiry dated May 1, 2024. In your communication, you state that IBKR sent you a notification that we are going to close your account and did not state the reason. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  Please refer to the notification we sent you on April 29, 2024 at 15:39:24 ET which we see that you read on April 29, 2024 at 16:11:00 ET, see below:
  
  "Based upon a recent Compliance review of the activity in your account, we are closing your IBKR brokerage account.  You may transfer your account(s) to another brokerage firm through the Automatic Customer Account Transfer System (ACATS) or you may liquidate existing positions in your IBKR account(s), and we will disburse the remaining funds to you.  Please be advised that your IBKR account(s) is currently restricted and is restricted to Closing Only, meaning that you may reduce or close positions, but you cannot establish or add new positions.   If you choose to transfer your account(s), please contact your new (receiving) brokerage firm and request an ACAT transfer.  The receiving brokerage firm will initiate the transfer process with IBKR on your behalf. Your new brokerage firm will expedite the process and ensure that the proper account information and position transfer arrangements are completed for you.
  
  To close your IBKR account(s), please follow the "Close Your Account" instructions in our User Guide or:
  
  - Log in to Portal
  - Select the User Menu ("head and shoulders" icon in the top right-hand corner) followed by Settings
  - Under Account Configuration select “Close Account” to launch the account closure page
  - Open the page to view the steps needed to complete the account closing process
  
  If you do not close or transfer all account positions within 30 days of this notice, we reserve the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account or to distribute the proceeds to your last withdrawal instructions on file with IBKR.  Should you require assistance with completing the closure of your account(s), please send us a message directly from Portal. Notifying us in this manner will generate an expedited response to your inquiry. Additionally, you can contact Client Services.
  
  It is extremely critical that you take the appropriate action within the defined time frame.
  
  Thank you for your prompt attention to this inquiry."
  
  IBKR will not disclose the reason(s) for this decision.
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

• Initial Complaint

  03/25/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  I opened two accounts with IB in order to receive distribution as beneficiary from my sister's *** accounts - one *********** *** and one **** ***. After the money was transferred to my accounts I noticed the account name was incorrect, not naming my sister as the *** owner but my mother. So the name is "My Name Inherited *** of My Mother" - it should be "My Name Inherited *** of My Sister" I opened a web ticket with IB 3 weeks ago and also called them. The issue has not been resolved. I cannot move my accounts to my own financial advisor until the name is corrected to reflect my sister as the original *** owner. In addition, the incorrect name has tax consequences as well. Your help in resolving this issue is most welcome.

  Customer response

  03/31/2024

  As of Saturday, March 30, 2024, the issue with my accounts at Interactive Brokers has been resolved.

  Thank you.

  Customer response

  04/22/2024

  I am the executor of my sister ******** * ****** Estate. My sister received all correspondence from Interactive Brokers online. I do not have her login information so I cannot access the three accounts I have a legal right, as Executor, to access. I have requested from Interactive Brokers either access to her three IRA accounts or to receive statements. I created a Web Ticket on April 12, 2024, regarding this matter and have not received a reply. To fulfill my duties as Executor, I must see statements to make sure all money has been transferred to beneficiaries (my sister and me) and must receive any Tax Forms or Tax Documents to complete a future Estate tax return. The three accounts are *********, *********, *********. Interactive Brokers claims they will respond within 1-3 business days to a ticket. On their website, they claim to respond within 24 hours. Neither has happened. I filed another complaint in March about Interactive Brokers when they did not correct their mistake regarding the names of two of my IRA inherited accounts. Five days after filing a complaint with BBB, the matter was resolved. I'm hoping the same will happen with this issue. While I understand Interactive Brokers must be careful about access to client accounts, I am happy and willing to provide them with my documentation proving I am the Executor. Their refusal to contact me about the process to gain access to my sister's accounts is troubling and denying me the legal right to access the accounts. Attached please find my Letters of Authority from the ************ ** *************. Thank you.

  
  

  Business response

  05/06/2024

  Interactive Brokers LLC (“IBKR”) submits this response to your complaint filed with the Better Business Bureau, in which you state that IBKR has denied you access to account statements and tax documents for 3 accounts that you are the executor of.
  
  As you have previously been advised, via email from IBKR, all assets have been transferred from all 3 account and each account currently has been closed with a zero cash balance.  IBKR notes that closing statements have been sent to you via email.  Please check your spam and junk folders if you have failed to receive the documents.  Additionally, IBKR has escalated a request to the IBKR Tax Team for 2023 tax forms to be generated and mailed for the related accounts.
  
  Based on the above, IBKR’s actions with respect to your account activity are in accordance with IBKR’s standard policies and procedures.
  
  Regards,
  IBKR Client Services

  Customer response

  05/10/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

  I urge Interactive Brokers to invest resources into their Customer Service Department. Interactive Brokers encourages customers to create Tickets when there is a problem, yet response time to those tickets is abysmal. We're talking days and weeks before there is a reply. That is not customer service. Do better.

  I would like to give a shout out to the Estate Processing Team. They have been much more responsive, and in a more timely manner, when I have emailed them with requests or questions. Bravo!

  
  Sincerely,
  *** **** 

• Initial Complaint

  03/12/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  IRBD liquidated two of my positions with inadequate notification. Basically they removed my hedges right at the end of the day today, 3/11/24. The ONLY notification that there was any sort of SMA shortfall was in contaned in a tiny FYI message that was sent to me exactly 20 minutes prior to the close today. My IRBD app said I had buying power of $12,000 so there was never any concern on my end. I could have easily deposited more money if notified in advance. I was a professional trader for years and this smells of market manipulation. Both postions "liquidated" were short positions, so buying had to be executed to close them out. ******* ****** and ******* ****** were the positions. My positions were small but if they acted on the same securities firmwide, they would effectively be creating sizable artificial buying which, in turn, could propel the price higher (they use market orders). I'm not concerned enough to report this to the SEC but it certainly is a practice worthy of investigation. I will liquidate and close my account with them asap. This is an entirely unprofessional, dangerous practice. They also hide usuriously high commission rates. I'm a decent trader (not a day trader) so the commissions were not as much of a concern.

  Business response

  03/19/2024

  Dear Mr. *****,
  
  Interactive Brokers LLC (IBKR) is responding to your inquiry dated March 12, 2024. In your correspondence, there were concerns about several liquidation trades that took place in your account on March 11, 2024. IBKR has thoroughly reviewed your concerns and provides the following response.
  
  IBKR has thoroughly analyzed your claim at several levels, examined the relevant trading records and correspondence and reviewed the mark prices and account valuations during the time frame in question. As a result of our review, IBKR has determined that: (1) IBKRs liquidations in this account were directly caused by the lack of sufficient funds in the account to meet applicable margin requirements; (2) the liquidations were consistent with the IBKR Customer Agreement you executed and the numerous disclosures provided to you regarding margin requirements when you opened your account, and with applicable laws and regulations regarding margin accounts; (3) the liquidation trades in this account was executed properly, at prices within the National Best Bid or Offer (NBBO) at the time of the liquidation transactions.
  
  IBKR’s liquidation policies are designed to protect IBKR’s customers and to protect the capital of the firm. Our policies have been explicitly approved by our regulators and our policies are clearly and repeatedly announced to our customers. When you opened your IBKR account, you agreed to be bound by the terms and conditions of the IBKR Customer Agreement. These documents are also available for your review at any time on the IBKR web site.
  
  Specifically, on October 12, 20023 you signed and agreed to IBKR's Customer Agreement. Therein, you agreed to the following, "CLIENT AGREES THAT IBKR HAS THE RIGHT, IN ITS SOLE DISCRETION, BUT NOT THE OBLIGATION, TO LIQUIDATE ALL OR ANY PART OF CLIENT'S POSITIONS OR ASSETS IN ANY OF CLIENT'S IBKR ACCOUNTS, INDIVIDUAL OR JOINT, AT ANY TIME AND IN ANY MANNER (INCLUDING BUT NOT LIMITED TO PRE-MARKET/AFTER-MARKET TRADING AND PRIVATE SALES) AND THROUGH ANY MARKET OR DEALER, WITHOUT PRIOR NOTICE OR MARGIN CALL TO CLIENT IF AT ANY TIME".
  
  IBKR also discusses our margin policies on our website. Please refer to the following page for more information: ********************************************************
  
  Our records show that on March 11, 2024 your account ********* was setup as a Reg T margin account. In order for this account to be margin compliant it must always maintain a positive excess liquidity at all times and must have a positive SMA balance at 09:40:00 (ET) and again at 15:50:00 (ET). On March 11, 2024 at 15:52:10 (ET) our records show that your SMA balance was -607.62 USD, thus prompting the two liquidation trades (see below). After these liquidation trades took place your SMA balance was 6.00 USD, thus bringing your account back into a margin compliant state. Therefore, IBKR considers these trades to be valid and will stand as executed.
  
  ****      2024-03-11, 15:52:12     BUY       2            600.7700
  ****     2024-03-11, 15:52:10     BUY       30          254.0300
  
  Based on the above it appears that IBKRs actions with respect to your account activity were in accordance with IBKRs standard policies as set forth in the IBKR Customer Agreement.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/19/2024

  
  Complaint: ********
  
  I am rejecting this response because: I was notified of a margin call literally 20 mins prior to the liquidation (and the market close). The day after the liquidation, I received a margin call email for $234. There is no adequate margin warning system in place on the IBKR system. If there was, I could have easily deposited funds. And very importantly, the value of the liquidated position was $8822: FAR in excess of even the ~$600 SMA shortfall mentioned. I have zero confidence or trust in IBKR and have since withdrawn all of my money from the account. My hope is this correspondence will enlighten others to IBKRs practices prior to opening new accounts. 
  
  Sincerely,
  
  ******* *****

• Initial Complaint

  02/27/2024

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  INTERACTIVE BROKERS APPROVED MY SUCCESSFUL ACCOUNT APPLICATION AND OPENED AN INDIVIDUAL BROKERAGE TRADING ACCOUNT ON 2024-JAN-26. YESTERDAY, 2024-FEB-26, I RECEIVED WRITTEN NOTICED THAT MY ACCOUNT VIOLATED INTERNAL POLICIES WHICH REMAIN UNDISCLOSED. I AFFIRM THAT MY ACCOUNT HAS NOT PERFORMED ANY ACTIVITIES WHICH MAY BE CONSTRUED NOR UNDERSTOOD TO BE VIOLATING ANY POLICY APART FROM NORMAL ACCOUNT ACTIVITY IN COHERENCE TO THE TERMS AND CONDITIONS. INTERACTIVE BROKERS IS TO RESOLVE THIS MATTER VIA THE BBB COMPLAINT PORTAL AND NO ATTEMPT TO CONTACT MY PERSON OUTSIDE OF THIS PLATFORM SHALL BE ADDRESSED. INTERACTIVE BROKERS IS TO MAINTAIN MY ACCOUNT AND ISSUE A WRITTEN APOLOGY WITH RECOMMENDATIONS TO BE MADE TO MANAGEMENT TO IMPROVE THE PRESENT STATE OF NEGLIGIBLE QUALITY OF SERVICE STANDARDS AND NON-COMPLIANT COMPLIANCE ENVIRONMENT WHICH POSES A DISTINCT RISK TO U.S. CONSUMERS ENGAGED IN THE TRADING OF FINANCIAL SECURITIES.

  Business response

  03/11/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence to the complaint filed with the Better Business Bureau, in which you state that IBKR unjustly terminated your account.  

  IBKR records reflect that as stated in the notification sent to you on February 26, 2024, a determination has been made to close your IBKR brokerage account as a result of IBKR's internal policy.

  IBKR wishes to remind you that as stated in the IBKR Customer Agreement, of which you signed and agreed to, IBKR may terminate client's use of IBKR's services at any time in IBKR's sole discretion without prior notice to Client.

  To close your account please log into Client Portal, select the User Menu followed by Settings.  Under Account Configuration, select Close Account.  Please note that if you do not take steps to close or transfer your account within 30 days of notification, IBKR reserves the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account and distribute proceeds to your last withdrawal instruction on file.

  Should you require assistance completing the account closure process, please contract IBKR Customer Service via phone, shat or web ticket.

  Regards,
  IBKR Client Services

  Customer response

  03/15/2024

  
  Complaint: ********
  
  I am rejecting this response because:

  Interactive Brokers is side-stepping their own Terms & Conditions in regards to what is reasonably applicable under U.S. commercial law in specificity to operating entities related to the exchange of securities with respect to individual U.S. consumers; their original Notice issued a violation Notice -- thus the account is unjustly removed from service and my complaint stands.

  To remain compliant under jurisdictional law, Interactive Brokers must state the fact(s) and supporting evidence of the violation stated. There is zero reason to (1) remove the account from service (2) remove the account from service after active trading and no activity justifying termination (3) remove the account as a violation of an internal policy which has yet to be revealed.

  These practices are not conducive to the promotion of a safe and fair marketplace for financial consumers, instead the opposite is true as evidenced of this Complaint.

  Should Interactive Brokers remain steadfast in their aggressive, reckless, and irresponsible manner of business operations, I will be more than glad to relocate this dispute from the court of fair business to the jurisdictional authorities with the issuance of said complaint and supplied documentation and recordings to the respective authorities, elected officials, and additional non-governmental and consumer dispute agencies. As I have investigated this matter upon my own accord and this behavior is far outside of normal, reasonable business operations including their applications process and the fact that many other users have received the same outrageous record of behavior from Interactive Brokers, I find it appropriate to pursue a class representation.

  I would like to believe that the C-Suite at Interactive Brokers takes my complaint as seriously as they take their point of abusing consumer rights and infringing upon financial interests of U.S. consumers with ambiguous and arbitrarily applied tactics not warranted for U.S. consumer trading practices. Interactive Brokers is to confirm if their party has exhausted their administrative remedies so that I may pursue the appropriate course to remedy all applicable damages.

  Sincerely,
  
  ****** ** *****

  Business response

  03/29/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence filed with the Better Business Bureau, regarding the termination of your account.

  IBKR notes your dissatisfaction with its decision to terminate your account and wishes to remind you that upon opening your account with IBKR, you signed and agreed to certain terms and conditions as set forth in the IBKR Customer Agreement.  As stated in the IBKR Customer Agreement, IBKR may terminate use of IBKR's services at any time in IBKR's sole discretion.  

  IBKR wishes to remind you that you can close your account by logging into Client Portal, selecting the User Menu and Settings.  Under Account Configuration, select Close Account.  Should you fail to close your account within 30 days of notification, IBKR reserves the right to liquidate remaining account positions, credit the proceeds of the liquidation to your account and distribute the proceeds to your last withdrawal instruction on file.  

  Should you require assistance completing the account closure process, please contact IBKR Customer Service.

  Based on the above, IBKR's actions are in accordance with IBKR's standard policies and procedures as set forth in the IBKR Customer Agreement.

  Regards, 
  IBKR Client Services 

  Customer response

  03/29/2024

  INTERACTIVE BROKERS REMAINS HOSTILE TO PARTY; INTERACTIVE BROKERS DISPATCHED ELECTRONIC MAIL CORRESPONDENCE ON 2024-03-29 WITH NOTICE DESCRIBING A REQUEST TO CLOSE THE ACCOUNT AS A REMINDER TO DO SO POSED AS AN INQUIRY. "Please note that if you do not follow these steps, our system will not be able to process the closure request."; NO REQUEST FROM MY PARTY HAS BEEN ISSUED TO CLOSE THE ACCOUNT AT INTERACTIVE BROKERS AND WILL NOT DO SO AS THIS ACCOUNT HAS NOT PERFORMED ANY ACTIVITY NOR DIRECT/INDIRECT VIOLATION WHICH WOULD VIOLATE THE TERMS AND CONDITIONS EXPRESSED AS INTERACTIVE BROKERS CLAIMS. "Thank you for your prompt attention to this inquiry." NO INQUIRY FROM MY PARTY HAS BEEN ISSUED REGARDING A REQUEST TO CLOSE THE ACCOUNT AT INTERACTIVE BROKERS. INTERACTIVE BROKERS IS TO EITHER RE-OPEN THE ACCOUNT FOR TRADING ACTIVITY OR CONFIRM THAT THEIR ADMINISTRATIVE REMEDIES HAS BEEN PERFORMED TO ENSURE THAT WE MAY FILE CLASS SUIT WITHOUT ANY FURTHER GAMES AGAINST THEIR ORGANIZATION. OUR PARTY HAS MAINTAINED ALL DOCUMENTS, SCREENSHOTS, AND TELEPHONE TRANSCRIPTS WHICH EFFECTIVELY DEMONSTRATE INTERACTIVE BROKER'S FAILURE TO PERFORM COMPETENTLY AND IN GOOD FAITH ON BEHALF OF U.S. CONSUMERS. NO OTHER FINANCIAL INSTITUTION HAS PERFORMED IN THIS MANNER ESPECIALLY ONE WHICH MANAGES FINANCIAL SECURITIES, WE INTEND TO FULLY HOLD INTERACTIVE BROKERS TO ACCOUNT OF ALL BEHAVIOR IF THIS MATTER IS NOT EXPEDIENTLY RESOLVED AS INTERACTIVE BROKERS HAS HALTED TRADING, DAMAGING MY PARTY.

• Initial Complaint

  02/26/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  In short ,this company is making unnecessary excuse to delay the process of money withdrawal. They used ******* for Identity Verification with minimum instruction and I made mistake initially but finally corrected, I was in need of money so I made few request in short time and to see the status I had to make new request so I made few new request and canceled that . I have only 15K to withdraw I requested for money withdrawal and they wanted some sort of verification, I talked to customer service people and verification was completed , I saw the the status As"" withdrawal request received, verified and being processed"" after few days I got a message about video verification. I requested a call for video verification and they promised to call but never got a call. At present customer service people cannot give any information about my account and they were supposed to leave a note for back office. I left message for back office through support center but that did not help I want BBB to help me getting my money back

  Business response

  03/11/2024

  Dear **** ******,
  
  Interactive Brokers LLC (IBKR) is responding to your correspondence to the Better Business Bureau on February 26, 2024 regarding your pending withdrawal request. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  Upon review our records show that on February 6, 2024 IBKR's Securities and Fraud Prevention team (SFP) found you account to be potentially compromised by an IP address that has already been deemed fraudulent which prompted for a review of your account. As noted in ticket ******, in order for IBKR to finalize this review please complete the ******* verification and kindly let us know what day and time is best for you so we can schedule a call to complete this process.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/12/2024

  
  Complaint: ********
  
  I am rejecting this response because:  this is the first time IBKR talking about fraudulent activity on my account and IBKR never informed me of this. IBKR never asked me o change my passwd in that case. They should and they must stop trading activity but they should not stop fund transfer back to my original bank account .They have not responded to my fund transfer issue

  and no  promise on when my fund will be back to my account

  Also there is no pending task on my account ( ******* verification )
  

  they should send new link if anything need to be done and I don't have any problem with that.

   

  hope IBKR team will understand my point

   

  
  
  Sincerely,
  
  ******** ******

  Business response

  03/20/2024

  Dear **** ******,
  
  Interactive Brokers LLC (IBKR) is responding to your follow up correspondence to the Better Business Bureau on March 18, 2024 regarding your pending withdrawal request. Upon receipt of your complaint, we reviewed the facts and circumstances surrounding your concerns and provide the following response.
  
  For security purposes IBKR does not disclose our findings or the reason(s) for the temporary freeze of your assets. What we can say is that your account appeared to be compromised which initiated the freeze. After a thorough review by our securities and fraud prevention team the issue has been resolved and the check withdrawal request for $15,000 USD has been processed.
  
  Kind Regards,
  
  Joey
  IBKR Client Services

  Customer response

  03/25/2024

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  I have nothing  to say about business policy  but I was little frustrated when I saw my account was freeze, I got the check  today 
  Sincerely,
  
  ******** ******

• Initial Complaint

  02/22/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  This is in regard to the value in my brokerage account. I had been following the trade very closely and this particular trade was a positive gain in my account. On these particular trades, 2 to be exact, I was slip 223%. During pre-market, the value in my account was at $916. As soon as 9:30am, at the opening bell as the markets opened, the value in my account lost a whopping $300. There was no change to the stock price. It even continued to rise in price thus adding value to my option contracts. Once again it lost $300 in value and I want to know why. I’m not a new investor. I have used many platforms and never seen this happen.

  Business response

  03/06/2024

  Interactive Brokers LLC ("IBKR") submits this response to your correspondence to the complaint filed with the Better Business Bureau, in which you state that your account experienced a significant drop in value upon the opening of the options market.

  As you were previously advised by an IBKR Customer Service Representative (CSR) via phone on February 22, 2024, account value is determined by the total dollar value of all the holdings in a trading account. Option value is comprised of intrinsic and extrinsic value.  Option values change based on strike price, volatility and time until expiration.  Account value displayed on TWS prior to market open is based on indicative prices and can change upon market open when actual bid/ask values are available.

  Should you have additional questions regarding the values displayed in your account, please contact IBKR Customer Service via phone, chat or web ticket.

  Regards,
  IBKR Client Services

• Initial Complaint

  01/30/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Interactive Brokers allowed someone to sell my stock and have funds sent to 3 different bank accounts. They were notified immediately of the theft and should have retrieved all funds. They took more than a month to figure things out with absolutely no cooperation on their part. Now they say I stole my own money without any proof being given or provided. I am pretty well convinced that one of their employees stole the money and they are covering it up. I have repeatedly asked for proof to be given and just told their investigation shows I logged in on my phone and did this. They refuse to give me any information on the bank accounts that the deposits went to. the total stolen is $37000 and should be refunded to me immediately. Why would i report theft and continue to pursue this if I stole my own money?

  Business response

  02/08/2024

  **** *** *********

  Interactive Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau (BBB), submitted on January 29, 2024.
  

  In your correspondence you stated that a) IBKR allowed someone to sell your stock and with draw the funds to 3 different banks and b) IBKR was notified immediately of the theft and should have retrieved all funds and c) that IBKR refuses to provide you bank information as to where the funds were transferred. As such you are requesting IBKR to credit your account accordingly for the unrecovered funds.
  Interactive Brokers is an online broker that provides trade execution and clearing services to its clients. All trading and transactions in an Interactive Brokers client account are self-directed by the client or its self-selected introducing broker or financial advisor.
  
  During the account opening process, you signed IBKR’s Customer Agreement, in which you agreed to the following passage stating that it was your responsibility to protect the privacy of your username and password:
  
  Client is responsible for the confidentiality and use of, and will reasonably safeguard and will not permit others to use, Client's account credentials, such as Client's username, password or security device. Client agrees to provide immediate Notice to IBKR of any theft or loss of such credentials, or any unauthorized access to Client's account. Use of Client's credentials to effect any action will constitute conclusive evidence that IBKR may treat such action as authorized. Client is responsible for all transactions entered using Client's credentials. IBKR is not liable for loss or damages caused by any third party using Client's credentials.
  
  The security of your assets and personal information is of utmost concern to us. Your assets were withdrawn to ********** **** ***, ******** **** *** and ***** **** ** ******** ***. After you contacted us concerning these withdrawals, we sent recall notices to all three banks asking that they return the funds. ********** **** *** agreed and were able to obtain a return of the funds from them. ***** **** ** ******** *** and ******** **** *** have refused to return the funds.
  
  We have carefully reviewed your complaint and concluded that the withdrawals in question were not caused by any breach of IBKR’s systems. IBKEY, our mobile second factor authentication tool, was added to your account with your username, password and your phone number. In addition, the withdrawals were made from your associated User ID, which can only be accessed with your username and password. IBKR also noted that the trades in the account occurred the following day after the last withdrawal.
  
  The withdrawals made from your account cannot be attributed to any failure or breach by IBKR. Accordingly, IBKR respectfully denies your request for compensation.
  
  Regards,
  
  Sandra
  IBKR Client Services

  Customer response

  02/08/2024

  
  Complaint: ********
  
  I am rejecting this response because:
  There is no way anyone got this information or access to my phone. If they did there is other accounts on there with far more cash than this account. You have provided no proof and not responded to when and who you talked to at each bank. You refuse to discuss this with me on the phone or in person. You are hiding something. After my investigation I am sure your company stole my money. 

  that statement carries about as much weight as your statement. Show your proof that it was me. You have a responsibility to protect your senior citizen account holders. You did nothing when I called (fact) you procrastinated and delayed doing anything for as long as you could. Another( fact).

  Let's meet face to face, prove you or one of your employees didn't take it.

  Sincerely,
  
  ******* ********

• Initial Complaint

  01/29/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  IBKR - interactive brokers LLC trading platform is allowing and not protecting consumers from fake companies in the **** **** market. IBKR is allowing pump-and-dump transactions coming from **** **** market.I lost on a ******** scam who pushed me to open IBKR account in the month of oct 2023 just to trade pump and dump stocks and scammers said they are from *** Invest and lost all my savings of 111,000 US dollar on a scammed stock **** **** **** stock ( super strong holdings ltd) which is recommended by scammers on IBKR, fidelity did not allow this stock to trade. These are list of companies *** ****, ****, ***, ****, **** . I am requesting an investigation ASAP because IBKR is still allowing transactions like this to happen. Several people are victims of this scam and please contact me asap as I lost all my savings due to this scam. We need ** ***, *** to investigate this ASAP. We have proof of all the company's and all the individual's losses on record and my loss is 111000 us dollars on **** ******** stock, you can reach me at **********. The total loss of the group loss who lost money in this scam is 3 million us dollar

  Business response

  02/13/2024

  Dear Mrs. *********,

  Interactive Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau (BBB), submitted on January 26, 2024.
  

  In your correspondence you stated that you are a victim of a pump and dump scam and that a third party manipulated you in purchasing security ****, ****. As such, you are requesting IBKR to help you recover the loss. Please note IBKR will only respond to a complaint in writing.
  
  Interactive Brokers is an online broker that provides trade execution and clearing services to the public around the world. Interactive Brokers does not employ any human advisors or brokers who manage client accounts. Trades are entered by the client or the client’s self-selected financial representative on a personal computer and transmitted over the internet to Interactive Brokers for execution on various exchanges and market centers.
   All trading in an IBKR customer account is self-directed by the client and requires the client to securely login to their account. IBKR personnel are specifically prohibited from providing any investment, trading or tax advice to customers. Customers are responsible for all trading activity they engage in through the IBKR platform.
  
  IBKR does not compensate customers for claims of fraudulent activity conducted by third parties away from IBKR.  If you believe you are a victim of such a fraud please contact your local law enforcement agency.
  
  Regards,
  Sandra
  IBKR Client Services

  Customer response

  02/13/2024

  
  Complaint: ********
  
  I am rejecting this response because:
  
  Sincerely,
  
  ***** ********* *********

  Customer response

  02/13/2024

  IBRK platform is being used by the scammers to get investors to open new accounts in IBKR, so they can trade in **** **** market . In the IS market no other broker firm is allowing to trade some of these pennies stocks , for example fidelity and others are not allowing it to trade any sticks like **** **** ****  stocks . I see that still IBKR is still allowing all these transactions to take place daily. IBKR are also making momey of all these transactions . We have group of investors that have lost millions of dollars in pump and dump scams from some fake institutions that IBKR is allowing and not stopping . IBKR is not protecting the regular consumers and investors , so the scammers are still functioning using IBKR and all the consumers are losing their lives savings and putting their families through hell. These scammers pretend are teaching the investors step by step how to trade the stock in IBKR to do it only on **** **** market . All these companies are fake companies and they disappear after pump and dump scam .We have big group that is affected by this scam and millions of dollars are lost. Can you help us looking into indepth and recover out lost funds. The stocks below are manipulated attached and pumped and dumped . We beg you to get every US agency involved and catch these scammers and protect  the consumer from this evil , rule less fake scams from US shifting all US economy to ******** .  Please give some hope to the regular consumer by acting immediately on these scammers and protecting the rights of investors by taking immediate action on them and helping us to get our money back as I lost all my savings close to 50 years
  

   

• Initial Complaint

  01/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  IBKR - Interactive Brokers Trading Platform is allowing and not protecting consumer from fake Companies from the **** **** Market. They are allowing Pump and Dump transaction coming from **** **** Market. We have a lot of people that lost millions of dollars on 12/26/2023 from a fake institutions involving these Companies from **** **** These are a list of the Companies. *** ***** ***** ***** **** ***** ***** ***** ****   I am requesting an investigation ASAP because they are still allowing transactions like this to happen. We beg you to please contact me ASAP. Many other investors are losing the lifetime savings by this unlawful behavior. Right now we are estimating of a least $3,000,000, more victims are coming up everyday to the group with their losses. We need the ** **********, *** to investigate this ASAP. We have proof of all the Companies and all the individual losses on record. You can reach me at: ***** **********

  Business response

  02/07/2024

  Dear Mr. ****,

  Interactive Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau, submitted on January 26, 2024.
  
  In your correspondence you stated that you are a victim of a pump and dump scam and that a third party manipulated you in purchasing securities 1111, 2187, 8262, 593 and 8482. As such, you are requesting IBKR to help you recover the loss. Please note IBKR will only respond to a complaint in writing.

  Interactive Brokers is an online broker that provides trade execution and clearing services to the public around the world. Interactive Brokers does not employ any human advisors or brokers who manage client accounts. Trades are entered by the client or the client’s self-selected financial representative on a personal computer and transmitted over the internet to Interactive Brokers for execution on various exchanges and market centers.
  
  All trading in an IBKR customer account is self-directed by the client and requires the client to securely login to their account. IBKR personnel are specifically prohibited from providing any investment, trading or tax advice to customers. Customers are responsible for all trading activity they engage in through the IBKR platform.
  
  IBKR does not compensate customers for claims of fraudulent activity conducted by third parties away from IBKR. If you believe you are a victim of such a fraud please contact your local law enforcement agency.
  
  Regards,
  Sandra
  IBKR Client Services

  Customer response

  02/09/2024

  
  Complaint: ********
  
  I am rejecting this response because:
  
  Sincerely,
  
  ***** ****

   

  My correspondence to BBB was that IBKR “Interactive Broker” platform is being use by the scammers to get investors to open new account in IBKR, so they can trade in **** **** market.
  
  In the US market no other broker firm is allowing to trade some of these pennies’ companies. For example, Fidelity and others are not allowing it
  
  So, I am complaining to IBKR and BBB of the fraud that is happening on the platform and they are still allowing all these transactions to take place daily. Plus, IBKR are also making money of all these transactions.
  
  We have a group of investors that currently has lost millions of dollars in a Pump and Dump transactions from some pretend and fake institutions that IBRK is allowing and not stopping.  IBKR is not protecting the regular consumers and investor, so the scammers are still functioning using IBKR and all the consumers are losing their lives savings and putting their families through hell right now.
  These scammers, pretend and fake companies have an inroad process in how to open an account in IBKR and are teaching the regular consumer step by step in how to do it, how to process and execute trades, and how to execute orders in a premarket basis on the HK market on companies that are fake and that the internal legal structural of the company is all a pretend to so they can scammed everyone after and run off with the money. These are all fictitious and fake companies that disappear after the Pump and Dump occur.
  
  Where is the Justice and protection to the regular consumer. I thought we are a country of laws and principals. How can we allow the scammers, fake and pretend to be companies to continue destroying people lives.
  
  We beg you to get every US agency involved and catch these perpetrators and protect the consumer from this evil, rule less, fake, scams from this country.
  
  We have a big group that is affected by this, and millions of dollars are lost. Can you help us, we begged you, PLEASE!

  Attached is example: All of these stocks were manipulated. We need an investigation before the scammers are behind all of these stocks. 

   

  Sincerely,

   

  *****

• Initial Complaint

  01/26/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Fraudster pretending to be from IBKR and convincing to buy ** ****** on IBKR platform. IBKR was aware of the fraud and still did not stock their customers on trading in ** ***** *****. The scammer then sort the stock and you lose all the money. The scammer also earned trust by asking to set a stop loss of $1.80 but IBKr never triggered the stop loss until $0.49 causing loss of all funds.

  Business response

  02/08/2024

  Dear Mr. ****,

  Interactive Brokers LLC (IBKR) is responding to your letter to the Better Business Bureau (BBB) submitted on January 26, 2024.
  

  Please note IBKR will only respond to a complaint in writing.

  In your correspondence you stated that you are a victim of a pump and dump scam and that a third party manipulated you in purchasing s******* ****. You also stated that your stop order to sell 168,000 shares of **** executed at a lower price than the stop price. As such, you are requesting IBKR to help you recover the loss.
  
  Interactive Brokers is an online broker that provides trade execution and clearing services to the public around the world. Interactive Brokers does not employ any human advisors or brokers who manage client accounts. Trades are entered by the client or the client’s self-selected financial representative on a personal computer and transmitted over the internet to Interactive Brokers for execution on various exchanges and market centers.
   All trading in an IBKR customer account is self-directed by the client and requires the client to securely login to their account. IBKR personnel are specifically prohibited from providing any investment, trading or tax advice to customers. Customers are responsible for all trading activity they engage in through the IBKR platform.
  
  A Stop order is an instruction to submit a buy or sell market order if and when the user-specified stop trigger price is attained or penetrated. A Stop order is not guaranteed a specific execution price and may execute significantly away from its stop price. A Sell Stop order is always placed below the current market price and is typically used to limit a loss or protect a profit on a long stock position. A Buy Stop order is always placed above the current market price. It is typically used to limit a loss or help protect a profit on a short sale.
  A review of the audit trail indicates that on January 18, 2024 at 07:49:26 ET a bracket order was submitted from your ****** *** to buy 168,000 shares of **** at Limit price 2.61 (PARENT ORDER) attached was a Stop order to sell 168,000 shares of **** at stop price 1.85 utilizing trigger method Last on a Good Till Cancel basis (CHILD ORDER 1) and a limit order to sell 168,000 shares of **** at Limit price 3.65, on a Good Till Cancel basis (CHILD ORDER 2).
  

  On January 19, 2024, at 00:24:24 ET a modification was submitted from your ****** *** to buy 168,000 shares of **** at limit price 2.61 (PARENT ORDER). At 01:39:31 ET an execution was reported for the purchase of 168,000 shares of **** at 2.61 (PARENT ORDER), activating the CHILD ORDERS.
  

  At 02:42:40 ET the stop order was triggered and routed to the **** exchange. At 02:47:55 ET an execution was reported for the sale of 168,000 shares of **** at 0.49 and the attached sell limit order was cancelled.
  

  According to the above, it appears that the execution reported to your TWS was consistent with the orders submitted.
  

  IBKR does not compensate customers for claims of fraudulent activity conducted by third parties away from IBKR. If you believe you are a victim of such a fraud please contact your local law enforcement agency.
  

  Regards,
  Sandra
  IBKR Client Services

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩