IB not executing MKT orders

[DanielBaeumler]

Today, the majority of my MKT orders were not executed by IB.

After waiting for 30 minutes in chat, they just mentioned technical problems. I should cancel and reopen the orders… Not quite the behavior I would expect from a broker when it comes to fundamental technical issues potentially costing a lot of money… Ant this is the 2nd time within a couple of month. Luckily, no financial damage.

Nevertheless, I’m really loosing confidence is IB operations. Also considering the poor support (chat function often not working, fairly snippy support staff in chat).

Any thought or recommendation for an alternative broker?

[Nick Radge]

Same has happened to me – both times first day of the month. They have a clear issue and they’re aware of it.

[SaidBitar]

+1
Some of the orders for momentum system were not filled actually they were cancelled so i submitted them for tomorrow

[TrentRothall]

I had the same but in my trade log it says they have executed; even has fills etc, they are highlighted in red though. Anyone have the same?

[Nick Radge]

YES YES YES YES!!!

IB had a system failure on there data time server. Any MKT orders was executed pre-market.

They reversed those trades (shown in red) but failed to place them for the normal session.

There were two separate issues last night, the one above, and another with the Island exchange.

[TrentRothall]

Lol, thanks Nick

[Anonymous]

Just worked through last nights issues – win some/lose some, but it ended up costing me around $600. Combined with the losses on the first of last month (around the same dollar value) and other issues in the last month, starting to wonder if can have any faith in IB at all.

The most disturbing was a couple of days ago when I was filled at open a full dollar above the Opening (and High) of the day! Time and sales showed no sales at the price I paid.

If you can get a reply they give you a reference number and say they will get back, but will never reply to subsequent requests. Even more annoying is on a couple of occasions they have told me they don’t recommend using market orders at all!

[#REF!McGrath]

For those with a cash account using market orders i had 3 trades rejected on NYSE because I had exceeded the 5% buffer. This is for a monthly momentum system on the Russell 1000.

For those of you who have a cash account do you use market orders or another order type to gets fills but not exceed the buffer? The other way I suppose is I just put some extra cash in the account & just have it sit there to cover the buffer.

From IB website:
FAQ: My Cash account has plenty of cash – why is my MKT order rejected?

A Cash account must have enough cash to cover the cost of a position plus commissions and can never hold a negative cash balance. When placing a Market order (or Stop order), the order value cannot be known with certainty prior to execution as the market can move in any direction at any moment. Because of this, an extra 5% is added to the order amount at the credit check step for Market type orders to account for market movements. If you receive an order rejection for not enough Settled Cash when you do in fact have the Settled Cash to execute your order at your desired price and quantity, try using a Limit order (or Stop Limit order for a Stop) or reduce the MKT order size.

[ScottMcNab]

To be confident will get fill with buy limit order probably place it 4-5% above previous close too ? My XTO rotn system is done at 5×19% (started it again this month…apologies to others for impending crash in XTO)…..with buy limit of course as asx

[SaidBitar]

it happened to me before and according to IB market orders should be 5% above or bellow the current price so if the current price is 100 you calculate the position size based on 105

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