They are a dealing desk, so I would avoid them at all costs. It's unfortunate that there are so few retail options, but I can only endorse ECNs for currency trading.
http://www.interbankfx.com/Default.aspx Oh no... How can that be? On their front page here they claim they have no dealing desk...
They avoid the terminology yes, but do they explain what they are instead? It is more or less an "if then else" situation. They might make the claim that they offer STP (straight through processing) instead of a dealing desk, but nonetheless, they're fixing the spread. A fixed spread STP environment is really just an automated dealing desk.
They have by far the tightest spreads of any dealer, great swap rates, and they're a good broker for beginners. Their only problem lies in their spread manipulation. They artificially raise spreads 5-10x normal rates from the Sunday open to Monday morning, 3:45pm on Fridays, and every news release.
I emailed them earlier and asked them if the were an ECN. I'm going to ask them why they say they have no dealing desk if their not an actual ECN. I can trade very well with their demo/platform.. I think I can make money anyway even if they are not ECN's but I'm going to try several other demos just in case I get lucky and find a real ECN that has good tools. The most I'm out is a few pips right with interbank? It's worth it to me if their platform is easy to use. I've also emailed a few others about using their demos such as IB and MBT. So far the brokers labeled as ECN's have non-functioning demos or there to hard to use. If I can't get help using them I won't be able to trade efficiently. My favorite pair is GBP/JPY so that will also influence my decisions. http://www.forexpeacearmy.com/public/review/www.interbankfx.com http://www.forexpeacearmy.com/public/forex_broker_reviews
emailed interbank fx to find out more information and here was the result. "What type of broker is interbank fx and how much is the minium to start an account? Thank you" >Dear Customer; >Interbank Fx is a broker that trades with currency pairs (19 currency pairs). >If you want to open an account with us: >Mini Account: $250 Minimum - $50,000 Maximum (USD only). > >Standard Account: $2,500 Minimum. No Maximum (USD only). "Thanks for reply. I'm doing a broker comparison and this is one of the more likable one's. I wanted to know what no dealing desk meant and if that meant that Interbank FX was an ECN. Neal" A message that you sent could not be delivered to one or more of its recipients. This is a permanent error. The following address(es) failed: helpinterbankfx.com@ibfx.com SMTP error from remote mailer after RCPT TO:<helpinterbankfx.com@ibfx.com>:
Ok so I sent this message from their home page. "I'm doing a broker comparison and interbank fx is one I might consider using. I would like to know what no dealing desk means and if Interbank FX qualifies as an ECN. Thank you." Pending response....
MB Trading offers $5 per lot straight fee and they are an ECN. good charting but wish they would add S & R , pivot points on their charts.
Thanks. I just downloaded their demo yesterday. It wasn't functioning properly so I'm waiting for a reply from them via email.