IB for forex?

O

Option Trader

In this website link, someone strongly critiqued IB regarding forex. I saw a previous thread on ET that views IB as being borderline ECN. Is the critique below founded or not?

http://209.85.135.104/search?q=cach...t+forex+broker"&hl=en&ct=clnk&cd=6&lr=lang_en


08-03-2006, 11:59 PM
Jaffy
Junior Member Join Date: Aug 2006
Posts: 1




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I would vote for interactive brokers but they are not listed as a choice

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08-22-2006, 05:22 PM
GEORGE BUNKER
Junior Member Join Date: Aug 2006
Posts: 1


Ib Is A Joke & I'll Tell You Why

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They will re quote you all day. They have a dealing desk. What that means is that they have 20 -30 traders per shift CHANGING PRICES. I call this theft or stealing. They call it good business. I believe these crooks should be prosecuted or at least run out of the business but until they are regulated people will continue to be rape their customers.
 
Complete lies. In all likelihood, it sounds like it was posted by a bucket-shop owner whose firm offers "no commissions" and laughably terrible 3 pip spreads, and simply can't compete with IB's 0.5-1 pip spreads.

The other thread on that forum "Best Futures Broker" also doesn't even list IB as a poll choice. That site must be the anti-ET...
 
I've used various fx platforms and switched over to IB a few months ago because of their reputation and low costs.

No ECNs are perfect, but so far I've been satisfied with them and haven't experienced the requote issues described in the other thread.

If you're considering IB to trade forex here's my opinions...

Pros:
- cost
- execution speed
- relatively good reputation

Cons:
- almost inept customer service
- poor reporting for fx trades (although I believe IB is working on redesigning their reports)
- poor charting (instead I use Sierra Chart)
- the TWS closes for about 15min at 4pm CST everyday
- the TWS must shutdown everyday (unless using something like IBController)

In light of my complaints, I do recommend IB because I am able to work around those issues and anticipate future platform improvements.
 
Quote from Trader KGB:

Complete lies. In all likelihood, it sounds like it was posted by a bucket-shop owner whose firm offers "no commissions" and laughably terrible 3 pip spreads, and simply can't compete with IB's 0.5-1 pip spreads.

The other thread on that forum "Best Futures Broker" also doesn't even list IB as a poll choice. That site must be the anti-ET...
More...
It disturbs me how someone can say such a blatant falsehood about anyone or anything. That's using one's God given gift of intelligence and power of speech to become less than an animal.



Quote from datamerc:

I've used various fx platforms and switched over to IB a few months ago because of their reputation and low costs.

No ECNs are perfect, but so far I've been satisfied with them and haven't experienced the requote issues described in the other thread.

If you're considering IB to trade forex here's my opinions...

Pros:
- cost
- execution speed
- relatively good reputation

Cons:
- almost inept customer service
- poor reporting for fx trades (although I believe IB is working on redesigning their reports)
- poor charting (instead I use Sierra Chart)
- the TWS closes for about 15min at 4pm CST everyday
- the TWS must shutdown everyday (unless using something like IBController)

In light of my complaints, I do recommend IB because I am able to work around those issues and anticipate future platform improvements.
More...
Thank you for this objective evaluation.
 
Quote from Option Trader:

It disturbs me how someone can say such a blatant falsehood about anyone or anything.
More...

Falsehood? Ok, let's analyze:


GEORGE BUNKER:
"Ib Is A Joke
They will re quote you all day. They have a dealing desk. What that means is that they have 20 -30 traders per shift CHANGING PRICES. "

Now per the source:
http://www.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc
"IDEALPRO provides professional interbank spreads which are generally 0.5-3 PIPs (smallest price increment) wide. Multiple large forex dealers provide direct price feeds with IDEALPRO displaying the composite of the best available price."

Did you see anything in that description about a "dealing desk" of "20-30 traders" who are "CHANGING PRICES"? Well neither did I, ergo, complete lies.

You could've done some due diligence and arrived at the same factual conclusion yourself..
 
There is a simple way to work around IB TWS shutting down at 4:30.

Before IB's TWS is ready to shut down late afternoon it will prompt you and you will have a chance to change the setting and extend the session.

Change the setting to the middle of the next session and when that prompt comes in change it to a minute earlier and it will prompt you a day - 1 minute later. This way you are prompted during the session when you are there and keep postponing shutdown for 24 hrs. continually.
Repeat and rinse until the weekend.

Regards,

GC.
 
Quote from Option Trader:
...a previous thread on ET that views IB as being
borderline ECN.
More...


Of all the forex quasi-ECN's I have traded on, IB''s
IDEAL-Pro is the worst.

If you want to trade forex with IB, trade the CME
forex futures. If you want to trade forex on an ECN,
go with CurrenEx.



.
 
What are your thoughts about HotSpotFXI, EFX Group, and MBTrading as opposed to Currenex?

Note the descriptions below:

http://www.vcapfutures.com/forex-trading/institutional-fx-platforms.asp

Currenex – Currenex is an ECN-based platform that provides live, streaming, executable bids and offers for instant execution. Users request prices from multiple user-defined banks and executable prices are presented and refreshed in real-time as banks respond.

HotSpotFXi - Hotspot FXi is an ECN-based platform is the most sophisticated, intuitive, well-designed and efficient platform ever built for on-line FX trading. Hotspot FX allows market participants to “earn a spread” by giving them the ability to directly input bids and offers into the platform, to deal on actual live prices and to see the full depth of the market.
 
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