Brokers Not Interactive

[Chinavet]

There is a large brokerage firm advertising on the commercial TV channels in Asia, in English, and clearly targeting us, the expatriate investors.

I commenced my account registration early March (before the recent historic market bottom). I had to qualify why I had a mailing address (Thailand) different from my proof of being a resident of Australia (drivers license). After having to repeatedly resend document attachments. Eventually, my application was approved and after jumping through a few hoops with username and password, I made initial funding ($10K) and purchase some stock.

I then received an email telling me a 'security device' had been sent to me and I had days to initiate it, or lose access to the account. I checked, and sure enough the device was sent to Australia. Without an activated device, my only means of accessing my account are to make weekly long distance phone calls to renew verification and get temporary login details.

After much correspondence with infantile assistance and responses, and after repeatedly explaining I am living in Thailand at my Thai wife's house and here the Thai government uses Thai language and text, they still insist the ONLY way they can send me a security device to Thailand is if I fax them a Thai utility bill in MY name and in ENGLISH.

I am not against having a security device, I use them for banking. Bottom line, with all the alternative ways of confirming I am who I am and where I am, they will not budge from this mindset, which is a geographical accident that makes it impossible for me to comply.

Their products and services may be OK. I don't know because in three months I have only achieved one log on to buy one block of stock. Since then, I have not had access to my account, not even to check status and balance.

So, pleased be very careful if you intend to respond to the very confident guy in the advertising and try to open an account. For me, it has been a very time consuming, frustrating, costly mistake.

[Boater]

and the company is???

[Chinavet]

and the company is???

The Not INTERACTIVE brokers? Can I name names?

[trd]

In common with all brokers I know of including Interactive Brokers and Interbank FX which both advertise on CNN as you mentioned (didn't), you will need a utility bill with your name and address. That is common practice. Some brokers will accept the name and address in Thai. Others ask for a certified translation. These are NFA (National Futures Association) rules.

[lannarebirth]

That's not "not Interactive Brokers" you're talking about. it's IB for sure, as the very same thing appened to me. Took many months to straighten out and cost me a new phone which I shattered on my desk. Soon they'll be wanting to charge you $150 for not accepting the security device. My recommendation; buy a cheap phone to use when speaking with them.

[trd]

Well I knew it wasn't IBFX because I have an account with them and there is no security device.

[Chinavet]

In common with all brokers I know of including Interactive Brokers and Interbank FX which both advertise on CNN as you mentioned (didn't), you will need a utility bill with your name and address. That is common practice. Some brokers will accept the name and address in Thai. Others ask for a certified translation. These are NFA (National Futures Association) rules.

TRD, I understand these organizations need their verification systems, but it is impossible for me to meet their requirements. This was not made clear prior to depositing money and commencing trading. Most galling to me is that a faxed utility bill is a wild stretch for this much disruption, in the name of security. How can they conceivably put a security value on a utility bill but permit one week access if I make international phone calls and jump through hoops. Surely, I am either secure enough to access my account, or not? I can make a phone call and get access to an IB account (mine). A phone call to send the device to my registered mailing address is exactly the same security process. It's been a week since I sent an 'Opt Out' form so I can access and close the account. No response.

Anyway, appreciate your input. How do you rate IBFX?

[Kf6vci]

Relax. I'm a customer of IB. They can disable this card and reissue a new card. It's just a piece of plastic with codes.

Call, answer security questions and get a new password which lets you log on for a week or so. then repeat until you get that card.

[Digitalbanana]

I commenced my account registration early March (before the recent historic market bottom). I had to qualify why I had a mailing address (Thailand) different from my proof of being a resident of Australia (drivers license).

I chose Passport as proof of Identity and bank statement as Proof Of Address. As the former doesn't have an address, there was no confusion and the application was simple enough.

I never sent them any money tho. Found there incessant emails asking me to send money annoying and I was happy with Etrade.

It also wasn't clear how I could get my money back from them. Let us know how your account closure works out.

Edited May 11, 2009 by Digitalbanana