Beware - critical flaw in IB Ideal Pro

Quote from blue_seraphim:

and we continue to wonder why bucket shops continue to thrive.....
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Yeah I was pretty surprised by this. I know 25,000 is not a lof of volume but I was just testing how IDEALPRO works in anticipation of more volume. In fact you are screwed if you have a remainder of less than 25,000. Enough reason for me not to look further into IDEALPRO.

Maybe a solution would be something like all-or-none order or no-partial-fills or immediate or cancel but I am not sure if such a thing exists on IDEALPRO. Anyone?

regards,
Ivo
 
Quote from ivob:

Hi all,

I had the same problem today. Just starting with IDEALPRO.

Tried to sell 25.000 eur at market. At first only 10.000 was filled. The other 15.000 was not filled at all. So I could not take full opportunity of the market at the moment I wanted.

Later on when closing the position I had to use IDEAL paying more than necessary on commissions and spread.

regards,
Ivo
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That is EXACTLY how it works, and EXACTLY why IB is not a good place to trade forex.
 
Quote from cscott:

That is EXACTLY how it works, and EXACTLY why IB is not a good place to trade forex.
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IB is not a good place to trade SMALL sub-standard lots.

Standard lot = $100,000 retail, $1,000,000 interbank.

OANDA is best suited for small account or small order trading.
 
Here's IB's reply:

"You are correct in your assessment of the IDEALPRO/IDEAL systems. Unfortunately, this is one of the risks inherent in trading FOREX. At this point, you will need to use IDEAL to close the remainder of your trade. We are working to upgrade our systems, and hope that in the future, this can be avoided. Thank you. "

Funny. First they say this is the risk of trading FOREX. Then they admit their system cannot handle this and they will upgrade in the future.... Also I think in Tradertony's case they did admit it was their fault.


Imagine you have some automated orders or stop losses etc and you don't even notice.

regards.
Ivo
 
they need an all-or-none option for forex trades on IB. it should be left to the user to decide if they want to take small lots at good prices or wait for enough liquidity to fill the whole order in one go.
 
Quote from walterjennings:

they need an all-or-none option for forex trades on IB. it should be left to the user to decide if they want to take small lots at good prices or wait for enough liquidity to fill the whole order in one go.
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That would be best. Or simply do away with the 25,000 minimum, raising it to the retail industry standard of 100,000.
 
Quote from ddunbar:

That would be best. Or simply do away with the 25,000 minimum, raising it to the retail industry standard of 100,000.
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they should'nt impose a minimum lot size since many users use forex for hedging.
 
Here's a thought. If you try to close 25,000 but get left with 10,000, why not open another 25,000 position and try to close with 35,000? That would be cheaper than using the silly 100 pip IDEAL spreads.
 
I've had an account with Oanda for 2 years. I would like to close it and use my IB acct for everything, but I can't because of IB's forex flaws. I wish IB would get their forex act together.
 
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