requirements: - Must be an ECN. Not an "ECN." - low commish - no shady bullshit - good spreads - no stop hunting go go go
it's noon in Europe and I don't get this either. But to answer the question: IB is pretty good, not perfect, but rather good.
I would be hesitant with IB, margin's are at 2.5% which are the highest in the industry. Also you will do better with a pure forex broker, IB's FX trader doesn't work to well with tws, and isn't really quick in placing orders.
MB Trading is top notch for me. Been using them for 2yrs now for my personal and my client accts(all thru Ninja platform), and they are rated#1 by Barron's. You dont want stop hunting?...then stay away from pure forex brokers. I have a friend in Australia who trades spot market for a bank there and has worked for 2 other major FX brokers. he told me those pure market makers like FXCM, ACM, Crown, etc, have computer programs to stop hunt and move your order back in line. Plus any broker with a dealing desk is a major red flag for its capacity of order shifting against you...
IB is NOT the easiest platform to enter spot fx trades, even using their FX Trader front end. You still got to play with it to get it right especially if you are used to all the pretty platforms that preceded your decision to look at IB. I too use Ninja as my front end. It really facilitates order entry and strategies. In re: to thinkorswim's forex offerings, they are nothing more than a white label for Gain Capital/Forex.com. Read here, anywhere, everywhere about trading with or thru Gain first before you commit. That makes them a dealing desk, not an ECN.
I kept my IB account for equities, because they are the best at that. I pulled my fx trading due to fx trader not being a great program, after coming from a more streamlined fx program. I also find margins a bit high, since IB will liquidate either way. I may look into Ninja trader, is it's ui cleaner then TWS?