I opened accounts with Interactive Brokers more than a year ago attracted by global coverage + low comms + SIPC security etc
However been very annoyed with them due to following reason
Is anybody in same boat?
IN a nutshell "Why can't a big broker like IB sort the mess they have with ASIC and start offering Australians clients the service we deserve"
Stop blaming the regulator and just get on with the job (other from overseas have done it to name a few Options Express, IG, Saxo, and in FX area Oanda , FXCM or worst many small time brokers have AFSL!)
Every time I ask why this is not sorted out yet I get a stock standard answer we are working on it ( for what more than a year!)
1) Don;t offer Margin T a/c
2) Can't short stock
3) Can't trade Single Stock Futures (but can trade other futures)
4) Can/t trade FX
and the latest
5) Can't convert FX balance
IB if you are listening sort out the mess (stop blaming the regulator) or stop taking Australian clients