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IB for forex?

  1. In this website link, someone strongly critiqued IB regarding forex. I saw a previous thread on ET that views IB as being borderline ECN. Is the critique below founded or not?

    http://209.85.135.104/search?q=cach...t+forex+broker"&hl=en&ct=clnk&cd=6&lr=lang_en


    08-03-2006, 11:59 PM
    Jaffy
    Junior Member Join Date: Aug 2006
    Posts: 1




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    I would vote for interactive brokers but they are not listed as a choice

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    08-22-2006, 05:22 PM
    GEORGE BUNKER
    Junior Member Join Date: Aug 2006
    Posts: 1


    Ib Is A Joke & I'll Tell You Why

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    They will re quote you all day. They have a dealing desk. What that means is that they have 20 -30 traders per shift CHANGING PRICES. I call this theft or stealing. They call it good business. I believe these crooks should be prosecuted or at least run out of the business but until they are regulated people will continue to be rape their customers.
     
  2. Complete lies. In all likelihood, it sounds like it was posted by a bucket-shop owner whose firm offers "no commissions" and laughably terrible 3 pip spreads, and simply can't compete with IB's 0.5-1 pip spreads.

    The other thread on that forum "Best Futures Broker" also doesn't even list IB as a poll choice. That site must be the anti-ET...
     
  3. I've used various fx platforms and switched over to IB a few months ago because of their reputation and low costs.

    No ECNs are perfect, but so far I've been satisfied with them and haven't experienced the requote issues described in the other thread.

    If you're considering IB to trade forex here's my opinions...

    Pros:
    - cost
    - execution speed
    - relatively good reputation

    Cons:
    - almost inept customer service
    - poor reporting for fx trades (although I believe IB is working on redesigning their reports)
    - poor charting (instead I use Sierra Chart)
    - the TWS closes for about 15min at 4pm CST everyday
    - the TWS must shutdown everyday (unless using something like IBController)

    In light of my complaints, I do recommend IB because I am able to work around those issues and anticipate future platform improvements.
     
  4. It disturbs me how someone can say such a blatant falsehood about anyone or anything. That's using one's God given gift of intelligence and power of speech to become less than an animal.



    Thank you for this objective evaluation.
     
  5. Falsehood? Ok, let's analyze:


    GEORGE BUNKER:
    "Ib Is A Joke
    They will re quote you all day. They have a dealing desk. What that means is that they have 20 -30 traders per shift CHANGING PRICES. "

    Now per the source:
    http://www.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc
    "IDEALPRO provides professional interbank spreads which are generally 0.5-3 PIPs (smallest price increment) wide. Multiple large forex dealers provide direct price feeds with IDEALPRO displaying the composite of the best available price."

    Did you see anything in that description about a "dealing desk" of "20-30 traders" who are "CHANGING PRICES"? Well neither did I, ergo, complete lies.

    You could've done some due diligence and arrived at the same factual conclusion yourself..
     
  6. There is a simple way to work around IB TWS shutting down at 4:30.

    Before IB's TWS is ready to shut down late afternoon it will prompt you and you will have a chance to change the setting and extend the session.

    Change the setting to the middle of the next session and when that prompt comes in change it to a minute earlier and it will prompt you a day - 1 minute later. This way you are prompted during the session when you are there and keep postponing shutdown for 24 hrs. continually.
    Repeat and rinse until the weekend.

    Regards,

    GC.
     
  7. What is IB ? Interbank FX (alias IBFX) ?
     
  8. Interactive Brokers
     

  9. Of all the forex quasi-ECN's I have traded on, IB''s
    IDEAL-Pro is the worst.

    If you want to trade forex with IB, trade the CME
    forex futures. If you want to trade forex on an ECN,
    go with CurrenEx.



    .
     
  10. What are your thoughts about HotSpotFXI, EFX Group, and MBTrading as opposed to Currenex?

    Note the descriptions below:

    http://www.vcapfutures.com/forex-trading/institutional-fx-platforms.asp

    Currenex – Currenex is an ECN-based platform that provides live, streaming, executable bids and offers for instant execution. Users request prices from multiple user-defined banks and executable prices are presented and refreshed in real-time as banks respond.

    HotSpotFXi - Hotspot FXi is an ECN-based platform is the most sophisticated, intuitive, well-designed and efficient platform ever built for on-line FX trading. Hotspot FX allows market participants to “earn a spread” by giving them the ability to directly input bids and offers into the platform, to deal on actual live prices and to see the full depth of the market.
     
  11. Kevin,



    What issues make IB the worst ?
     
  12. Currenex caters to institutional clients only. HotSpotFXI has a nice platform & execution, though the rates aren't exactly "competitive"..

    Will interest be earned on my account?
    Yes. We pay competitive rates. Clients can expect to earn interest daily and paid monthly according to the following grid:

    <$20,000 no interest
    $20,000-$49,999 0.75%
    $50,000-$149,999 1.00%
    $150,000-$499,999 1.25%
    $500,000-$2,999,999 1.50%
    $3,000,000-$9,999,999 1.75%
    $10,000,000 and over 2.00%
     
  13. What charting are you guys using to trade FOREX? I have access to IB IDEAL only and I find that it has no historical charting or backfill for forex pairs. I'd appreciate it if someone would kindly point me to a realtime backfilled ( and historical ) charting source. I just begun looking into FOREX trading, please excuse the ignorance.
     

  14. Try to display the "midpoint" not "trades";
    IB's charting should work.
     
  15. Hello, if I may, do not trade subsize lots with IB. Trade only 100k units, there are still issues with partial fills on sub size lots, which IB admits to freely. They set their platform up for standard, so it has difficulty with subsize. They are working on a fix but as of yet it has not been completed.

    As far as CurreneX is concerned, comparing the CX platform to anything else is like comparing a Hemi Cuda to an Accura, the Cuda is noisey, belches pollution, most had no A/C P/W and maybe had an am radio. Of course the Accura has all the extras including auto nose picker and butt wiper, but if I was racing 1/4 mile for money I would take the Cuda every time. If you have 50-80k you, yes you, the retail trader can also access the CX platform.


    The Ever Lovin CX VIPER
     
  16. I've been trading 25K lot sizes and have had good fills. Limit Orders are filled at price.

    Of course that could change :)

    And trading news has been good (So Far)
     
  17. i sometimes trade news events through IB and as expected get pretty significant slippage on my market orders or I miss the liquidity for my limit orders. For trading forex would you say currenex would be more likely to get my limit orders filled or my market orders with less slippage during news events over IB?