wow...glad i ask! that does not look good. it oanda had what appears to be about a 30 pip spike - maybe? i see where it sold off about 50 pips but i can live with that. it seems im back to oanda with the 50-1 leverage and the little sucky charts. (sigh) thanks for the comments and insite. im still on the quest for quality and leverage... what about forex.com? now we will have to hear all the "told ya" stuff from misha...lol by the way, currenex looks heavy institutional pip...i couldnt even see where they had any charts available. ive already been thru the esig/refco thing where you never knew what the price was... hi elec...fig u would get around here. wasnt that some hoot about samson?:eek: lol
Jumpin' Jackflash What was all that about?....sheesh, Samson has always been the king of the Charlatan police...then he was being falsely accused by Steve... Sometimes when helping people with an honest heart, gets you in trouble... Michael B. hi elec...fig u would get around here. wasnt that some hoot about samson? lol
I think in Retail Spot Forex you gotta' find a dealer/MM you can trust... See this short thread below: (don't worry its an easy-read) http://www.elitetrader.com/vb/showthread.php?s=&threadid=54808
Thats right savant. I am looking into FXDD now which is one of the largest brokers in a bunch of markets in the world. Thats the problem with FX retail shops very bucketshop ish. Oh well. I seriously dont have a problem but when the spike and data problems are 500+ pip big that i cant live with.
yea elec, i just read some of that on another thread too. still cant get around oanda at this point. im finding that even the leverage advantage can put u into hot hot water- matter of fact that seems to be the come on with the less than scrupulous. (man i saw thru that samson character a long time ago. he's a hose bag in sheeps clothing. just goes to show u, u never know about people in here or on the internet. all he ever preached was all vendors were scum bags, only fools used them, go to woodies room and buy whatever that book was. this is not the first time hes left et either so he will probably be back) mahras...im with you. what a racket.
Luckyily I dodged that spike, but a few weeks ago, I got hit with one. In their defense, I will say that I've been to their office, met with the owners/management... whoever. Unless they were lying to my face, all of their trades go to a bank. About a year ago, they started offereing mini-accounts because they were able to negotiate that with this bank. Whereas most dealers/brokers fill mini accounts internally. I know one of the programmers there and asked about the spike and MT4. According to him, the spike had to do with errors in the data feed and he's working on it to prevent future mishaps in the future. I also saw a thread where IBFX responded to someone's complaint about the spike and the person was re-imbursed. I can't find the link to that thread, but it's on moneytec. Oanda isn't all roses either. I've had platform mishaps that they have acknowledged as their error, but no more action after that. I prefer Oanda, myself and only trade IBFX in small doses. I'm starting to like MT4, though, but until I get a healthier account there, I will continue to trade it in small doses and focus more on my Oanda account.
I have used the Interbank FX platform for a month now and can say I like the platform. Spreads are good. I like the expert attachment, kind of reminds me of Metastock which I do like using. Some Positives: Hand held devices, spreads, leverage, liquidity to 10M (?) & the ability to automate Negatives: Firm Size, excess capital on hand, price feeds (I noticed that the 30min charts are at different levels then the longer term price charts at certain times ??????) The major problem I have with them is the misrepresentation regarding investor protection. If you follow this link on their website: http://www.interbankfx.com/investor_protection.htm it talks about discipline, leverage, and stops, etc. These issues have nothing to do with investor protection. Investor protection issues are handled more professionally in the following manner: http://fxtrade.oanda.com/fxtrade/funds/fund_safety.shtml The biggest mistake anyone could make trading is putting yourself in a position where funds are vulnerable to broker defualt / fraud. I know FXCM and some other brokers actually have insurance policies in place to protect your capital, like Gain also: http://www.gaincapital.com/company_safety.html If you get to the point where you trade a decent size then you should look for these protections.
have u been trading them or the sim account? and what size are u trading (if u are trading cash) i dont know that it necessarily makes them out to be liars but...capital security can be a big deal if the firm is undercap'd. any scoop on that? i could probably take that risk if everything else is solid. but what about the spike problems mentioned earlier?
I traded them with a simulated account for 1 month. I traded 110 lots round turn for the month taking on 5 lot positions each time. When I would enter trades i would check the price feeds on some other platforms I am using (live accounts) and prices matched up very well, and with the 2 pip spread on the EUR even better with Interbank FX. I didn't say they were liars, nothing on their website is untrue. The information they have listed under investor protection has nothing to do with that topic, could just be their lack of creating a website because they do have some good info like: 1. Registered Futures Commission Merchant Interbank FX, LLC, a registered Futures Commission Merchant (FCM), regulated by the Commodity Futures Trading Commission (CFTC). Interbank FX is also a member of the NFA (ID #0326091 NFA web site ). As an FCM and NFA member, Interbank FX must comply with the strictest of accounting and control standards, which include weekly and monthly reporting requirements. Interbank FX must also submit to annual audits from independent accounting firms. 2.Bank Used: (Not a small bank) Bank: Bank of The West Bank Address: Wire Department Monterey Park, CA http://www.bankofthewest.com/BOW/home But,............. 3. But excess Capital on hand is only 1.3 M ? Look at some other firms, but this number would only mean something to us if we knew the firms potential risk exposure at 100:1 leverage. Considering the problems they have had with their price feeds this becomes an important issue. http://www.cftc.gov/tm/tmfcm.htm 4. Something I'm unclear about - Who is the counterparty on the FX transactions ? For instance Tradestation has the following on their website: GAIN Capital Group, Inc. acts as the counterparty for each forex transaction and as a liquidity provider to clients using its access to the inter-bank market. In doing so, GAIN Capital Group, Inc. assumes the risk associated with each transaction. A portion of GAIN Capital Group, Inc. and TradeStation Securities' profitability may be the difference between the bid and the offer provided to the client, as well as GAIN Capital Group, Inc.'s ability to offset any risk transferred to GAIN Capital Group, Inc. by clients. I could not find info on Interbank's site. They claim that we are trading direct interbank, which would imply there is no counterparty. In that case their LLC setup may be used at some point ? 5. If your funds are deposited to Bank of West to setup the account then why does the request to withdraw funds go to a fax number in NY, NY (212) when Bank of West has no branches in NY and Interbank FX is located in Utah ? Could be a logical explanation for this, but I don't know of one. Maybe they have a counterparty located in NY, NY ? In the end I'm going to go with a different broker and setup even though I like their platform with Metatrader and expert attachment. If was only opening a small account I would probably go with them. Good Luck with your decision JF. Regarding some price spikes. They do happen on their platform. Which If you think about, how could this happen if they were simply transferring the interbank quote to their system. I also have noticed that at times on their system the 30 minute charts will go off on their own direction vs longer term time frames, reach highs or lows not seen on longer term time frames. Almost like the 30 minute chart is its own futures contract with different prices. Could happen I guess if too many traders attached their automated systems to Interbank's 30 min chart. Do your homework and you'll realize that the 2hr bar chart was not left out by accident. Good Luck with your decision.