My complaint:
I had applied to open brokerage account with Interactive Brokers,
On March 2, 2021. I received mail from Interactive Brokers Saying
We are experiencing a significant increase in new account applications, which may lead to longer than normal review times for application approvals.
However, we prioritize review of funded applications. If you would like to fund your account, please log in to your application and find the Fund Your Account button under Pending Items. “
Day Later on Mar 3, 2021, I have received an email from Interactive Brokers, the email saying :
Your account UXXXX705 is approved but you will need to fund your account to access market data and trade your account.
During the application process you created a deposit notification that indicated you would contact your bank or broker to move funds into your account.
In the same Day March 03,2021 , I made the transfer of 500 USD Immediately to credit to my Interactive Brokers account on the basis that I will be able to start trade
On March 5,2021 I received the email saying :
“Now that your account UXXXX705 was approved and funded, you may find the following information helpful as you begin.”
but I stuck in the middle the message I received since that day whenever I login to my Interactive Brokers account
“We periodically perform additional reviews of recently opened accounts. This review process is underway for your account and you will be unable to trade until this process is complete.”
The only thing I can do to create a ticket to complain this to Interactive brokers because whenever I am calling them by phone It takes long time about one hour to wait for customer services. And no live chat and many times phone call disconnected.
I created the following ticket on March 5,2021
“Still I can’t trade.
I have received messages my account approved and I try to trade I am receiving message that my account still being reviewed and this message still appear”
Then after 2 weeks (days are passed with no reply from Interactive brokers) I called them by phone and as usual I should wait about one hour to get answer from customer service representative and I was so angry and complaining that my account still inactive and no response to my ticket I received the following message by interactive brokers replying to my ticket
“As discussed on call we are checking with our corresponding team, if anything else is required then you will be notified.
Please let me know if you need further assistance.”
On Apr 2, 2021, I received mail from another email from interactive brokers ask to submit a document that reflects the Estimated Net Worth you have provided (I mentioned in my application that my net worth in the range 100,001 —250,000 USD , as I replayed to their email explaining my net worth including precious metal on hand and I have no document to proof that and giving details for worth but right now I have no reply from their side. And when I call their customer service by phone I should wait about an hour till connect with customer representative he said we have not received email from you and you can login our portal and you will find… when I logged to my account the pending Items I found only proof of my Income required not wealth without ability to upload any documents …… this new Item
I stuck in the middle … I am not able to start trade and they are not answer my email and open account for trade accordingly
Not : no answer for emails and no reply when you open ticket and the answer for ticket given after shouting with customer service representative without solve the issue.
Suggested solution:
open my account... i called customer service and spend alot of money...
if interactive broakers doesnt want to open my account for trading they should refund my money without withdrawal fees and compensate me for the transfer fees i have incurred
