Hi @phildawson ,
Any idea if it’s computational resources or bandwidth?
Cheers.
I would just be guessing tbh. I would like to see a techy post from T212 about what they have and how they are working on improving it.
The IB issue however is the one bottleneck they can’t solve, unless they find another broker to piggyback on.
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I think it’s a bit late now, retail investors have been robbed of the opportunity to buy and now T211, Robinhood and Weebull are now facing backlash from the community. It’s never been about protecting us from risky investments, otherwise you’d not allow us to trade on penny stocks or other highly risky companies. It’s about giving the edge back to the institutional investors. You dug this pit for yourselves and you can’t get out now, people are pissed
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@Rob45 Without repeating this of the millionth time, T212 didn’t decide, Interactive Brokers that they use made the decision.
They can’t magically make the API do something different.
They kinda cocked up in repeating the same statement about protecting customers rather than just saying from the start, its what our intermediary has done, it’s out of our control. And possibly saying look we agree you have a right to buy this stock.
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The IB guy was incriminating himself on the news yesterday and I haven’t seen anything on the IB twitter about allowing trades. How are T212 allowed to trade?
Also yes - T212’s biggest mistake was covering for IB with the in-app messaging and if they get in trouble I suspect it will be for that (which they then updated after getting called out on here).
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I saw the vid too. That’s a question for @David because I haven’t seen anywhere where IB have publically stated they have changed their position on this.
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They definitely made an error with the messaging. How can you trust your broker if they lie to you?
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Being realistic, they probably felt they had to cover for IB as its a business relationship that they abosolutely rely on to function. Unfortunately that has put their reputation in the … poopy place.
I’ve mentioned before, but when the dust settles, I’ll look for a broker that doesn’t rely on IB as the video from yesterday angered me so much that I’ll ride the stock to zero (as illogical as that is) out of spite. It was disposable income anyway.
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I agree with you on the IB bottleneck.
Nevertheless, I would think that guaranteeing access to user accounts on the T212 side - better load balancing to avoid 502 maybe ? - would massively improve PR and avoid panics.
My two cents.
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@David can you please remove the cap on sell limit for GME and GS2C?
Without us being allowed to set our own sell price we are going to get manipulated by wallstreet when selling at market rate, it has been happening all week!
I know it is within your power as it has apparently been increased once already along with other stocks - please allow us to control our own share sell prices!
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Yeah lying is a strong word here. But they could have won brownie points with retail if they had said look we agree you have a right to buy but it’s out of our hands.
Communication could have been much better.
@Wiener there’s another thread for that where many people have already asked
Cant wait for T212 to crash for 4 hours today!!! lets goooooooo
Wow I feel people need to read up on how brokers, clearing houses ect all work and their regulatory requirements!
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So after testing on the german ticker for GME, with no major market volatility or volume, not a single order for buying or selling has gone through in the past hour.
This does not look great for prime market hours.
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I think my one main worry now is just not being able to sell when we want to sell. Safest way a limit order? (which I’ve read last night people were stuck in a infinite cancelling loop) or a basic market order?
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As far as I can tell after nearly two hours of testing, no orders are being sent through. If an order was having execution delays, it would still appear in the pending panel. This is not the case currently, no order can be completed past the set order type screen. I am doubtful if T212 have enabled trading at all on GME.
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M1 Finance in the US called out their intermediary on twitter saying they were against their trades being stopped. They were clear, transparent, apologetic and on the side of their clients. Had T212 come out with the same attitude I would be applauding them now.
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They have capped the difference between current market price and limit orders, so you can’t put your ideal sell price in.
You’re gonna have to wait until the market goes crazy which i’m assuming:
-
More market manipulation by wallstreet/hedge funds
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T212 app crashes
So the end result may be you miss the sale as T212 is not allowing us to set our own sell limit orders.
If I wanted to sell at say $1,000/share, I can’t! Unbelievable.
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Big thanks to everyone buying up GME so I can buy cheaper shares in my BVIC position!
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