IB IDEAL FX spread and order?

B

bbnode

I am going to reopen my InteractiveBroker account for FX trading.

According to their website,

https://www.interactivebrokers.com/en/?f=/en/trading/pdfhighlights/PDF-Forex.php

They claim
>We deliver price quotes in 1/10 of a basis point.
and the real-time quote actually shows that.

However, when I open TWS-demo, then FXTrader and BookTrader, the quote fraction is 1/2(0.5) not 1/10(0.1).

Is this because of the TWS-demo?

I am also confused since even the real quote is 1/10(0.1)basis, the BookTrader seems to be able to deal only 1/2(0.5) fraction, not 1/10(0.1).

I'd like to hear the FX trader who use IB IDEAL FX actively.

Can you actually trade EURUSD or USDJPY with 0.1 pips spread?
I also would like to know the average spread of EURJPY.

Thanks!
 
bbnode said:
They claim
>We deliver price quotes in 1/10 of a basis point.
and the real-time quote actually shows that.
More...

they mean the quotes NOT the spread
it will show when you get fills, not on the quote monitor


bbnode said:
However, when I open TWS-demo, then FXTrader and BookTrader, the quote fraction is 1/2(0.5) not 1/10(0.1).
More...

yep..

bbnode said:
Is this because of the TWS-demo?
More...

no.. same with real account

bbnode said:
Can you actually trade EURUSD or USDJPY with 0.1 pips spread?
More...

no, the spread is 0.5 pip. 99% of the time


bbnode said:
I also would like to know the average spread of EURJPY.
More...

1 pip


btw, all the above is a moot point since nobody's making money trading FX....
 
fxwannaB said:
they mean the quotes NOT the spread
it will show when you get fills, not on the quote monitor
yep..
no.. same with real account
no, the spread is 0.5 pip. 99% of the time
1 pip
btw, all the above is a moot point since nobody's making money trading FX....
More...

upgrade to the latest TWS and you should see the .1 pip spreads. In the attached live real time quote you can see
AUD - USD 0,2 pips
EUR -USD 0.3 pips
USD-JPY 0.2 pips
USD-CNH 1/2 pip (massively better than the HKFE and CME future quotes I should add)
etc.

Currently you can only place orders in 1/2 pip increments but you're most likely to get the price on the screen if not better. (It is also possible to get price improvement from standing limit orders). I don't have a time frame but I understand the longer term project would be to allow order increments of .1 pips .
 
I can confirm that forex spreads trade in .1 increments. I often get price improvement on my orders.
My orders are only enter-able in .5 increments, but that may be to the TWS version (as indicated above).
 
Thanks for comments.

I found Demo TWS is not the latestTWS.

We need to download the standalone latest TWS, then "Configure->display->ticker row->market data->show high precision quotes for forex" must be checked.
 
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