Instant fill and 3 seconds to report a fill or 3 seconds before filling an order? If it is really 3 seconds to execute then the market isn't what you see is what you get. def wrote:
can IB FX Pro market makers cancel their quotes? Is there a queue? Anyway I have seen other things questionable on IB IDEAL networks , 10 +pip spread in the majors during and for an hour after NFP . The same MM's vanishing during volatile time on IDEAL (currency exchange) or showing ridiculous size. It tells me you are at their mercy , pretty much anything can happen they will have an excuse. I am starting to think there is no safe place to trade spot FX during high volatility events. I will make these trades on Globex and use something like OANDA for multi day trades because there is no commish and there is more flexibility with size.
Banks can and do pull their quotes. Quite often the orders that are there to be hit when spreads widen are limit orders left by e.g corporate treasurers not MM quotes. They also quote on a "your risk" basis to clients in a fast market. They also pull their phone jacks out on serious days. One of the biggest fears we had in the old voice dealing days was the chance that you just could not get a line to a counterparty when it really (really) mattered. There is no absolutely safe way to trade FX, even if you carry a lot of weight with the quoting bank. Frankly IB is the best I have seen out of a very limited choice of ECN. (forget the bucket shops with their requotes and conveniently slow platforms).
Have you always been impressed with Oanda when it is volatile? I have 4 brokers/market makers on at all times in case of problems. I then can cover a position a position with one counterparty even if it is open with another, if for some reason there is a problem with the original counterparty. Of course this means at some stage I am likely to have to pay the spread away to close both sides but that is still preferable to be not able to close the position etc.
There are comments regarding this under "IB new forex spreads" under Forex Brokers. It would be great if someone is able to consolidate these threads or link them up....
Best available to retail and pros? Didn't you tell us Ideal Pro was meant to cater for those trading 250k sized lots? XD
true but when you often have a 1-2 pip spread in the majors and with the reduction in minimum fees, it becomes a viable product for all.