Yes, it should be three. If you have the capital switch to futures, liquidity has greatly increased in the last year+.
IB should state the interest credited/debited per day and per currency in the *daily* statements, so we can all check what is really going on. I paid too much in interest charges at IB, and I wasn't able to tell why or do at least a simple check if that was done correctly.... Also, can someone at IB let us know the *exact* time that the interest is calculated? (The answer "between 16:00 and 19:00 ET" isn't satisfactory, since many of us trade forex at that time.) This will help to reduce our short positions in high-yield currencies before that time so we minimize the charges.
2 days no response. 5pm est time is when the banks switch over. Its way to expensive to carry an overnite position with this company. I will cover all my positions before 4pm or I will use futures... Banks and IB do swaps to cover their rollovers, nobody uses this interest rate crap, especially when you screw people on both sides. I am so furious.....
I am glad that someone else agrees that it's too expensive to carry forex positions overnight at IB. For a moment I thought that it's only me having those huge monthly charges... IB's web-pages are silent about the exact time the daily interest is calculated. Anyone?
They would like to bury this thread, I think... The gigantic interest charges generates lots of cash for them. As I mentioned in another thread, I didn't have a *single* month without interest rate charges...for at least 6 months in a row... Those charges amounted to around 3%/month (on average) of my total equity. That's huge! F**k them. They are much cheaper forex brokers out there. My forex trading costs decreased greatly since I moved away from IDEALPRO to another broker, without affecting my profitability (so I am not sure if I buy this "ECN is more fair and transparent, that's why we rip you off'" BS...