Hi there, lets start a huge thread just on IB. No crap, just rate it 1 out of 10, with 1 reason why you gave it that rating. I still have yet to go into IB, as I still using Oanda for forex, but I wana get into CF's www.forexreviews.com even says IB is better than Oanda at forex and CF's Let me know. Thanks guys, best of luck this month. Cheers
8/10 Pros Low spread. Low commission. Orders are sometimes filled inside the spread. Earn competitive interest on cash. Trading with Buttontrader front end helps with splitting orders, setting take profits and stop losses. You capital is available for all other financial instruments (equities, futures, options, etc.) not just FX. Cons Short communication disconnects occur regularly. Apparently stops don't work outside of New York session...not an issue if you have Buttontrader like I mentioned before. Also, I would not take anything seriously from ForexReviews.com, especially with their top rated broker only requiring a $50 deposit. It is unfortunate that so many beginners get sucked into such nonsense. All the best!
10. Not because they are perfect. They arent. But they are the best compared to all the others. You often see people posting asking for an alternative to IB, and no one has ever replied with an adequate alternative. I have used them for 5 years now, and there was only one time when they screwed up and it cost me 5K. But if you consider all the interest paid and low commision savings i got over 5 years, then 5K isnt really that much. Actually i had a good case for trying to get some compensation off them, but i didnt bother.
Another guy who hasn't read the user manual, or evidently even explored around on his TWS. Stops work out of NY session if you configure TWS to do that. OldTrader