IB new forex spreads

In addition to FX reset for value date with IB there is a big gap in the middle of the Asian trading day called IB resest during which the whole world of Forex can deal and you can't.

Right now it is 9.22 in Tokyo and there are NO IDEALPRO quotes from IB and have not been all morning. It is not a holiday and all other quotes are coming through fne and other FX brokers are quoting. Once again teh whole world of FX can deal and you can't.

Shame, because I was impressed by the tight prices and stability of the spread yesterday with UBS on board. Before with BEAR quoting alone it was a complete joke with the spread usually 3-4 pips widening to 5-8 (+comm) anytime the market was actually near a potential entry point.
 
if you are in Asia .. .maybe they can let you open account with USA server too, as we are open now
for trading ....

assuming you are allowed to trade USA futures
and SPOT FX using it ... might that
solve your problem ?
 
Setharb, thanks for suggestions

It's the US reset that also applies to Asian server that causes the problem - so no gain from switching to US server .

Spot FX usually starts quoting at 6.30am my time, but for some reason did not come online until much later today.
 
Quote from ElectricSavant:

IB seems to be Honest Spot Forex....

Question#1: Does IB have variable spreads?

-Currently we have 2 major banks quoting the market. We will be probably be adding 2 more over the coming weeks. They are quoting the true interbank market, while the spreads should remain constantly tight at all times, if the interbank market is wide, then I would expect IDEAL-Pro to also widen out.

Question#2: is this one unit incremental true? IB?
Yes, you can trade in one unit incremental, above the minimum size of 25,000

Question#3: Can you go long and short at the same time in a pair at IB?
No. "Lock-in" trades are just a marketing ploy by FX brokers. It's a clever design which generates the FX broker more commission, and is accepted so well by traders because psychologically they do not consider it a loss until they are out of the market.

Question#4: What do IB users use for charts?
You could use our own charts, or you could use one of the third party companies which interface to us. Quotetracker actually provides a free charting service. (See more under Software >> Toolbox Add-ons)

Question#5: Does IB pay a competitive interest rates in USD account for the cash and the leveraged holding in the pairs. Question#6: How is it earned/paid?.... Daily at rollover? Oanda has a unique way of dealing with this interest...

Interest will be credited or debited at the end of each month during the first week of the subsequent month, and will be based on the month's average benchmark rates. The credit rate will be applied to the average monthly credit balance, the short credit rate to the average monthly short credit balance, and the debit rate to the average monthly debit balance.
Interest will depend on the size of your balance:
http://www.interactivebrokers.com/php/generalAccount/interest.php#interest
More...
 
Quote from saschabr:

to IB:
Why don't you display the last traded price / volume ?

Is it possible you add the last traded price / vol to the datastream ?
More...

saschabr, the last price and volume would not be any use to anyone. Remember this is just a tiny subset of the market, the only last price information we would have would be that traded by our customers. So essentially this would be useless information. For example, if the current market is 104.71/104.73, yet the last IB customer to trade was one minute ago at 104.60, providing 104.6 as the last price is redundant information, i.e. useless. Similarly for volume. Volume in the interbank market is not provided. You could use the futures volume as a proxy if you are trading against USD.
 
Quote from SethArb:

if one places an small order in between the bid / ask of the dealers

on IDEALPRO FX ... does that
retail customer's order become
the new NBBO ?

I think it used to be this way , but am not sure now if this is the case
More...

Yes it will... and I think that is another important point with our FX offering. As well as trading with the market makers, you can always trade with other IDEAL-Pro traders.

If the current market on cable is 1.9150 / 1.9153, you can place a bid at 1.9151 and this will be displayed to all IDEAL Pro customers, so the market will now show 1.9151 / 1.9153, and other IB customers are free to hit your bid.
 
Quote from Steve_IB:

Apologies my post earlier was incorrect. We offer 20 currency pairs. USD, EUR, JPY, GBP are all quoted against each other and against AUD, CHF, CAD, and HKD.

Please see attached screenshot for typical spreads.
More...

How IB's 1pip spread of USD/AUD is possible? Oanda is 2 pip
for AUD/USD, are they any different USD/AUD vs AUD/USD?
 
Quote from Nana Trader:

How IB's 1pip spread of USD/AUD is possible? Oanda is 2 pip
for AUD/USD, are they any different USD/AUD vs AUD/USD?
More...

They are the same.

Why is it possible for IB to be tighter?
Think about our model. We are purely the broker, and are providing access to quotes given from the major banks. These banks are making markets. There is also nothing to stop our customers from making their own quotes which will be displayed in the bid and offer.

I have never used Oanda, but I believe that they are the only ones making a market, and customers cannot trade with each other between the spread.

As we add more liquidity providers, you can expect our markets to get better.

I just took the attached screenshot. You can see the AUD is still 1 pip, and looking at the size displayed it's likely to be a bank market maker on each side. Now look at the CAD/USD line, and you can see that I've placed a bid which is now being displayed as the inside market.
 

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