IB shutting down Malta accounts?

[Frankie]

IB shut down my account after 3 years. I'm resident in Malta.

I tried to open a corporate account after their sales rep told me it is possible. During the sign up the registration said "not accepting new clients from your jurisdiction".
Stupidly I contacted the agent and said "hey, it says you don't accept from this jurisdiction but I already have a personal account".
The rep asked for my account ID and a week later I got an email that my IB account (with a very solid amount) is being shut down.

I wonder if this is a new policy not to accept Malta or something that I did wrong. They did ask me questions about PoF/SoW, I always replied with invoices, explanations, etc.

 

[jafo]

Frankie said:
Stupidly I contacted the agent and said "hey, it says you don't accept from this jurisdiction but I already have a personal account".
Click to expand...

stupi#21 stupi#21 stupi#21 stupi#21 stupi#21

 

[JimBeam]

Ouch!

What other brokers are available on Malta?
Can you migrate your portfolios to another broker or you must liquidate everything and move the cash out?

 

[lacomaco]

Use Saxo, they are more expensive but Malta is OK for them

 

[Frankie]

JimBeam said:
Ouch!

What other brokers are available on Malta?
Can you migrate your portfolios to another broker or you must liquidate everything and move the cash out?
Click to expand...

Yes, I am already migrating the portfolio to another broker. Lots of brokers work with Malta, as @lacomaco mentioned Saxo work with Malta. But they are a lot more expensive on the custody fees, trading fees, don't give % on deposits, etc.

lacomaco said:
Use Saxo, they are more expensive but Malta is OK for them
Click to expand...

Correct, they do work with Malta.

 

[gatrader]

It's strange... I open an account with IB a month ago from Malta

 

[jafo]

Niurrr05 said:
It's strange... I open an account with IB a month ago from Malta
Click to expand...

Great! But don't call them now and ask them "why." Please...

😉

 

[JohnLocke]

Niurrr05 said:
It's strange... I open an account with IB a month ago from Malta
Click to expand...

You better ask them what is going on before you are going to deposit any money there.

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[gatrader]

Maybe i need to be sure.. I will call them

JohnLocke said:
You better ask them what is going on before you are going to deposit any money there.
Click to expand...

I already put a huge amount of money there 6 figures.
I have two accounts, one with a 1-year term and another one with a month of activity.