Kaine 3 Posted April 14, 2020 (edited) Ok purely anecdotal however my first experience of IB and their customer support has not been great. I just wanted to experience the process before I started to trade in a few months so opened an account and transfered $4k in - I was 'naive' and didn't realise the restrictions on such a low account so decided to open a CMEG account instead and just wanted to close my IB account and redraw the money - two weeks later, and two rejected withdrawels later I am still on chat (which keeps crashing) trying to find out why my fund withdrawels keep getting rejected. It appears when I make the withdraw quoting the balance in GBP, by the time IB accounts process if the amount has changed due to the USD/GBP rates so my request is rejected - with no notice to me via email etc. So a few days later when I check status all I get is my request has been rejected. aagghhh!!! Anyway I'm sure I'm the idiot and everyone else is fine however needed to share this with people who are more interested to listen than my wife haha Cheers Kaine p.s. still waiting for my funds to be returned from IB Edited April 14, 2020 by Kaine Share this post Link to post Share on other sites
Justin 262 Posted April 15, 2020 That sucks about the confusion around the conversion. While I've found their customer service to be good, I can agree that their chat system is atrocious and extremely buggy Hope you get your money soon! 1 Share this post Link to post Share on other sites
jonosg 11 Posted April 15, 2020 If it's like other brokers you need to quote the withdrawal amount in the currency of the broker account, otherwise this happens. My (Singapore) bank is very competitive on Exchange rates and has zero charges for conversions from to USD but many are not, you can always use something like a Transferwise account which is much cheaper than most banks to transfer between USD and your home currency. 1 Share this post Link to post Share on other sites
Kaine 3 Posted April 15, 2020 Sure it's all clear now. Like I tried to discuss with them unsuccessfully, some of their new customers are new to this and need guidance and support. They appear to be incapable of processing this. If they want to develop their retail trader business I recommend they consider newbies as a good source of growth and support accordingly Don't get me wrong by the way, when I progress to trading more seriously I will go back to IB. I've just felt this first experience lacking the level of support I would like Have a great day guys and stay green Share this post Link to post Share on other sites
