FX SCAM

[jamesmawm]

Unfair???? That´s the BUSINESS MODEL of dealers? Why don´t you start your own broker/dealer and offer to ALL THESE UNFAIR TREATED TRADERS BETTER SPREADS/DEALS?

I assume you would close your business at day 1.

money changers dont close their business at day 1. and they don't profile customers based on their bids/asks. in fact, you can request for better rates if you have a larger sum. so what makes you think so?

 

[gainpower777]

I am going to share my experience, I opened my account and was very pleased with overall experience, margin, commissions, etc.

The conflict comes in with who Interactive Brokers clears through JP Morgan that there is where the problem is:

FX Trading is a Scam / gives the illusion as if you are trading in the Sea of transactions and nothing could be further from the truth. Not sure why i haven't learned my lesson from FXCM / and CMS all platforms are there TO TAKE YOUR money.

I closed my account for now

Consider your self fair warned. DO NOT Consider Trading FX-

So where is the scam?

 

[Nighthawk]

money changers dont close their business at day 1. and they don't profile customers based on their bids/asks. in fact, you can request for better rates if you have a larger sum. so what makes you think so?

I worked for a Tier1 desk more than 20 years ago. We don´t have to discuss the nuances of Tier1 FX trading to the ET crowd, do we?

 

[volpunter]

STFU, the only idiot in the room is you, just because you do not understand how currency markets work. Every market is rigged to some degree, even when you buy a used car, if you are careless you will be taken advantage of.

IB is one of the most reputable brokers out there, especially in currency trading. I have countless times submitted market orders rather than limited risk through limit orders simply because slippage that was not due to market impact (and my order sizes hardly move markets)is virtually zero. The only room for improvement I see is to introduce a more transparent model to allow clients to trade larger size knowing by how much spreads widen. Currently, unless you request for larger order size with wider spreads you are limited to 5-6 million USD equivalent notional at displayed spreads. But that is hardly a criticism but simple economics of supply/demand and increased risk for the broker/liquidity provider as a function of order size that they ask to be compensated for through spread widening...

Interactive Brokers can defend all that they want.

At the end of the day FX is a scam.

1. You can say what you want
2. Make your bias point after another
3. IB overall can be like every other broker and be the banks gopher in this case
JP morgan
4. FX creates no value its a gimmick
5. I am glad IB came out to defend, i like there commercial with the owner stating they do not trade against their clients, and i am sure this could be true. The fact they clear through JP Morgan this i am sure is not the case with JP Morgan.
6. So affliation with JPM is the conflict

Be fair warned, IB clears through JPM which will take your money.

 

[ronblack]

mid frequency trading is not economical due to the spread.....plain wrong....

my spread in EUR/USD is 0.00001 on average THROUGHOUT THE YEAR. Mid Frequency Trading in EUR/USD is just a cash machine.

Are you saying that you pay 1/10 pip spread? Through which broker?

 

[trader_phil]

this discussion is heating up. id like to know what broker offer 1/10 of a pip as a spread man thats really something,

 

[def]

IB has spreads as low as 1/10 of a pip. You can place orders in 1 pip increments only at this time but you'll get the price improvement and best available quote shown which is as you can see quite often is as low as 1/10 of a pip. Snapshot was taken 5 minutes ago 8:40 AM EDT.

Also since we're talking spreads - I should also point out that IB you can also work a bid.

 

[Hate2Lose]

I am going to share my experience, I opened my account and was very pleased with overall experience, margin, commissions, etc.

The conflict comes in with who Interactive Brokers clears through JP Morgan that there is where the problem is:

FX Trading is a Scam / gives the illusion as if you are trading in the Sea of transactions and nothing could be further from the truth. Not sure why i haven't learned my lesson from FXCM / and CMS all platforms are there TO TAKE YOUR money.

I closed my account for now

Consider your self fair warned. DO NOT Consider Trading FX-

You haven’t said what exactly your problem is. However, if you are dissatisfied with any part of the service you have received then you have the right to raise a complaint.


Your complaint should be made to Interactive Brokers as it is they who your account is with. They are regulated by the FCA and must investigate the complaint and provide you with a response within eight weeks. If you’re still not satisfied with their decision then you have the right to refer it to the Financial Ombudsman Service for independent assessment. This must be done within six months of Interactive Broker’s decision. The service provided by the Financial Ombudsman Service is free to the consumer.