Anybody have recent experience using InterBank FX (IBFX) for intraday scalping Yen pairs? Could you tell me about it?
They used to be real bad when it came to scalpers and stop hunting. Over the years they have added new features on the customer service side of the operation, but understand they use metatrader as their platform, and contrary to whatever they put on the front of their web page all trades go thru their dealing desk. Period. Most trades never are offset in the open market - metatrader's strength is in matching trades internally. You make money, Paul loses money. House takes the spread. As far as dealing desk brokers go, you could do worse. You could also do better. No matter what, in the spot fx market, if the firm you trade with goes under, you are SOL, so it is in your best interest to check the financial viability of any firm you may want to deposit money with. The link below has a listing of registered FCM.s and their reported financial condition. Find your firm and compare it with other names you may be familiar with and add that to the equation before you make your decision. Either way good luck with your choice. http://www.cftc.gov/marketreports/financialdataforfcms/
Scalping via MT4 is not a good idea, especially with IBFX's spreads on the Yen pairs. USDJPY 3, EURJPY 4, GBPJPY 9.
Forget any of the MT4 brokers, they're all garbage. IBFX spreads are too wide for scalping and from what I saw it's quite probable they're using some sort of individual pricing model. They also have very odd trading hours, they open 1 hour later on Sunday and close an hour earlier on Friday. If you're serious about scalping you need a 'single-click' MMaker, MT4 is too clunky for live trading in my opinion. JPY spreads: Gbp/Jpy 9 Usd/Jpy 3 Eur/Jpy 4 Aud/Jpy 8 Chf/Jpy 7 Nzd/Jpy 10