IB: is it really good???

[Eagle Eye]

Quote from nyc-hotshot:

The price isn't bad.

As long as you're not looking for good (or nice) customer service they're ok.

I totally agree that the service is good, no doubt. But you know i still think if they claim liquidity from major banks, and the only way you see it is on the TWS or hear as a hearsay.

So I am asking them why like other show them on their site. I mean Fxall, currenex, hotspot has all the liquidity providers names officially displayed on the site.

 

[Eagle Eye]

Quote from IBsoft:

I say that you really seem to like the smileys, but seriously:

The language of the agreements is prepared by our legal counsel and I am not qualified to discuss with you whether or not the wording should be different.

If you find our customer agreement objectionable, then perhaps you could email the management or maybe just not open an account. However, if you do pick the later, you will never find out how good IB really is.

Now, while I enjoyed our little conversation, I do not intend to carry it any further.

With respect,

IBsoft

OK that is good way to leave the things

And seriously please prove to the fact who the liquidity providers are not just I hear this and I hear that.

I have no doubt legal department has done very good job and the clients should be aware of that

Finally, I have no doubt IB is good and may be the best, but I would certainly consider them and even recommend if the liquidity providers are officially displayed and included in terms and conditions!!

take care

 

[Kevin Schmit]

Quote from IBsoft:

2) Why should they be disclosed?

IBSoft, for the same reason that I want to know which
of the six option exchanges a given quote comes from.
I know that the ISE quote is more real than the PHLX
quote and much more likely to be filled.

You wrote:

Quote from IBsoft:
...IB FOREX, we display the best quotes that the liquidity
providers send us, we route your order to them, but it is
they who have to execute it

You are not an ECN, except insofar as IB customers' quotes
go. On an ECN anyone who quotes on it has to honor his
quote, he can't back away from it. Liquidity providers have
different propensities to honor their quotes. Some liquidity
providers, like the ISE in options, almost always honor their
bids and offers. Others, in fast market conditions, will back
away from their quotes.

This is why I want to know who is making each bid/offer.
Many of your "ECN-like" competitors are willing to specifically
identify the liquidity provider behind each quote, why won't
Interactive Brokers?

 

[Bitstream]

Quote from nyc-hotshot:

The price isn't bad.

As long as you're not looking for good (or nice) customer service they're ok.

I am located in Europe and call the European helpdesk when in need and I NEVER had a problem: they answered the phone immediately and were very cordial.

The only think I can complain is the swiss/dutch accent....

...just kidding

 

[IBsoft]

Quote from Kevin Schmit:

IBSoft, for the same reason that I want to know which
of the six option exchanges a given quote comes from.
I know that the ISE quote is more real than the PHLX
quote and much more likely to be filled.

You wrote:



You are not an ECN, except insofar as IB customers' quotes
go. On an ECN anyone who quotes on it has to honor his
quote, he can't back away from it. Liquidity providers have
different propensities to honor their quotes. Some liquidity
providers, like the ISE in options, almost always honor their
bids and offers. Others, in fast market conditions, will back
away from their quotes.

This is why I want to know who is making each bid/offer.
Many of your "ECN-like" competitors are willing to specifically
identify the liquidity provider behind each quote, why won't
Interactive Brokers?

Revealing the identity of the liquidity providers should not be all that helpful to you. Even if you know their name, if they wish, they can still decide not to honor their quote (albeit it is a lot less likely in case of the big banks). Think of the biggest banks in the FX dealing, and I really mean biggest, those are the ones on our system.

I don't know who the competitors are you are referring to, but my suspicion is that they are not in the same league as IB. One reason behind their revealing their provider(s) may be that they have 1 or maybe 2 of them, hence to attract the customers they have to reveal who they are so heavily relying on.

Given that we are adding the fifth major bank, we depend a lot less on every single one of them. The strength of ours we like to emphasize is the breadth - which should already be very apparent in how tight our quotes are, even during times of volatile markets and economic news announcements.

Again, we are not asking anybody to take our word for it, although if you think about it, I should not be able to get away with lying in this forum.

In closing, I suggest you open an account and trade a portion of your capital on IB-TWS side-by-side next to your current favorite broker's platform. In time it should become very clear that IB's offering is superior.

 

[Eagle Eye]

Quote from IBsoft:

Revealing the identity of the liquidity providers should not be all that helpful to you. Even if you know their name, if they wish, they can still decide not to honor their quote (albeit it is a lot less likely in case of the big banks). Think of the biggest banks in the FX dealing, and I really mean biggest, those are the ones on our system.

I don't know who the competitors are you are referring to, but my suspicion is that they are not in the same league as IB. One reason behind their revealing their provider(s) may be that they have 1 or maybe 2 of them, hence to attract the customers they have to reveal who they are so heavily relying on.

Given that we are adding the fifth major bank, we depend a lot less on every single one of them. The strength of ours we like to emphasize is the breadth - which should already be very apparent in how tight our quotes are, even during times of volatile markets and economic news announcements.

Again, we are not asking anybody to take our word for it, although if you think about it, I should not be able to get away with lying in this forum.

In closing, I suggest you open an account and trade a portion of your capital on IB-TWS side-by-side next to your current favorite broker's platform. In time it should become very clear that IB's offering is superior.

I don't think it is an issue of revealing the liquidity providers being helpful or not, it is whether they are real liquidity providers or not. And if they are then please display officially on the site and include the names in terms!!

I think that could also be said about Hotspot FX, interestingly they have names of liquidity providers for institutional clients but not retail, and the reply was it is some of the providers from the list, so lets guess which on it is.

To me all this appears to be an inequality of bargaining power between retail clients and brokers!!!!

 

[FanOfFridays]

Quote from Bitstream:

I am located in Europe and call the European helpdesk when in need and I NEVER had a problem: they answered the phone immediately and were very cordial.

The only think I can complain is the swiss/dutch accent....

...just kidding

Could I ask the size of your account?

lol... the answer is obviously no. I just want a general idea - mid 5 figures? 6 figures? I have a theory about why some people say they can never get anyone on the phone at IB and others say they pick up on the first ring every time.

 

[Eagle Eye]

General question, how is it IB comes on this forum and posts comments to different topics relating to IB? but other brokers dont seem to be doing that?

 

[jimrockford]

Quote from Eagle Eye:

General question, how is it IB comes on this forum and posts comments to different topics relating to IB? but other brokers dont seem to be doing that?

IB's interaction with serious, experienced traders, on this website, helps make IB superior to other brokers. Other brokers don't do it because they aren't as motivated as IB to do a quality job.

 

[Eagle Eye]

Quote from jimrockford:

IB's interaction with serious, experienced traders, on this website, helps make IB superior to other brokers. Other brokers don't do it because they aren't as motivated as IB to do a quality job.

True, or instead of interacting here why wont they just save that time and make it superior by other means rather than "serious" traders coming here posting and the IB replying and resulting in some progress if so.