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Interactive Brokers - experiences and opinions

  • #281
  • Oct 24, 2009 1:27pm Oct 24, 2009 1:27pm
guys im trying to get something added to the time and sales on the workstation that would help all of us trade better. Right now the Time and Sales window updates alot. Anytime ANYTHING changes, even just the bid or ask, and even if the data changing isn't even displayed in the window.

All I want to see is a trade occurring, just like in power etrade pro and giving me the time, price and quantity. I can't get only that now and the constant stream of numbers scrolling down the window is confusing since it is impossible for a trader to see why a new line was added for even a medium volume product.

i.b needs to give us the choice to only update either, the columns we are viewing, or only on a trade. Thanks.

here is a link to the voting page to vote for this option.
https://www.interactivebrokers.com/e.../poll/poll.php
you just have to create a voting name and password which is simple and quick to do. on the link if you click on "trader workstation (tws)", the 10th post down which is post #4846. all you have to do is click vote then a page will pop up at the top then you click submit. thats it. i would appreciate this favor so much everyone and at the same time it would help all of us trade better. thanks everyone
  • #282
  • Oct 24, 2009 11:20pm Oct 24, 2009 11:20pm
You could always use a 3rd party app like Quotetracker, it will filter the T&S to just show transactions.

I'm sure there are advanced API traders, HF guys, etc who prefer the T&S raw feed updating for all possible events as it is now.
  • #283
  • Oct 25, 2009 12:18am Oct 25, 2009 12:18am
Quoting Trader KGB
You could always use a 3rd party app like Quotetracker, it will filter the T&S to just show transactions.

I'm sure there are advanced API traders, HF guys, etc who prefer the T&S raw feed updating for all possible events as it is now.
i wish i could use Quotetracker but i have a mac. if you know any good 3rd party software i could use on my mac thats compatible with i.b please let me know. the point is though is theres a few basic things i.b needs on there platform. they dont even have a line chart that shows the volume in green and red. its crazy. if i can just get a couple basic features voted on then il be good with there platform
  • #284
  • Dec 11, 2009 6:46am Dec 11, 2009 6:46am
Is anyone using trading forex via Interactive Brokers?
If so would you mind listing the adavantages/disadvantages over say a forex only broker (e.g., Alpari).

Also can some please how I determine position sizing via IB. Im used to calculating via mini lots ($1) but I dont see that option. I already have an IB account.

Thanks,
Steve
  • #285
  • Dec 11, 2009 10:39am Dec 11, 2009 10:39am
Quoting sleepy004
Is anyone using trading forex via Interactive Brokers?
If so would you mind listing the adavantages/disadvantages over say a forex only broker (e.g., Alpari).

Also can some please how I determine position sizing via IB. Im used to calculating via mini lots ($1) but I dont see that option. I already have an IB account.

Thanks,
Steve
Many people trade forex via IB, especially as you can complement the spot forex market with currency futures and options. ANd I think, they are the brokers (real brokers - no bucket shop) with the highest liquidity, best execution and lowest costs/spreads in the market - plus free api. But no MT4, actually no serious charting (use your own via api) and utmost capable TWS frontend. SO capable that there are many frontends for easing the usage. No Chevy, pure Porsche.
With spot forex there is NO defined lotsize, you can trade any amount. But to get the best rates (spreads) the amount of the opening should be 25K ( 2,5 mini-lots). For the most liquid pairs you also could trade the mini-futures which are standardized 0,1 lots .

So the advantage of IB is cost, qualitiy and TWS. The disadvantages are TWS /no MT4 and margin - just like Oanda.

Regards

Forex37
  • #286
  • Dec 11, 2009 11:30am Dec 11, 2009 11:30am
Thanks. With respect to spot forex ... does 'no defined lot size' mean I can just purchase a specific $ amount for say AUD.USD rather than one based on lot size.

In other words, if my position sizing was $20000 at 2% I could get an exact $400 risk between my entry and stop price.
  • #287
  • Dec 12, 2009 1:11am Dec 12, 2009 1:11am
Quoting sleepy004
Thanks. With respect to spot forex ... does 'no defined lot size' mean I can just purchase a specific $ amount for say AUD.USD rather than one based on lot size.

In other words, if my position sizing was $20000 at 2% I could get an exact $400 risk between my entry and stop price.
Yes, make a trade size of 36594 USD!!! No problems.

Regards

Forex37
  • #288
  • Dec 12, 2009 1:57am Dec 12, 2009 1:57am
Quoting Forex37
Yes, make a trade size of 36594 USD!!! No problems.

Regards

Forex37
Agreed. I've used IB in the past. Make any trade size you want.
  • #289
  • Feb 17, 2010 5:19pm Feb 17, 2010 5:19pm
What is up with interactive brokers? Are they good? I keep seeing their commercials every 2 seconds on Bloomberg. Do they allow you to drop a few hundred into your account and trade or is there a minimum for forex trading?
  • #290
  • Feb 17, 2010 5:36pm Feb 17, 2010 5:36pm
NO.

$10,000 minimum.
  • #291
  • Feb 19, 2010 10:20pm Feb 19, 2010 10:20pm
Quoting youngin'
What is up with interactive brokers? Are they good? I keep seeing their commercials every 2 seconds on Bloomberg. Do they allow you to drop a few hundred into your account and trade or is there a minimum for forex trading?
$10,000 USD to open an account.

I traded with them for a while, and I can’t stand them. Every time I read a positive review, I can’t help but think that it’s an employee doing the review.

If I start commenting now, I’ll only rant, and then that employee will have to work overtime replying to my post. Always happens.
  • #292
  • Mar 1, 2010 4:21pm Mar 1, 2010 4:21pm
I am trading with InteractiveBrokers on Stock and Option, not Forex, and I am very happy with their prices and services.
They demand a minimum of $10,000 to open an account and are oriented toward large volume.
They don't use a spread, only take a commissions. If you have a large volume, their commissions are very very cheap.

Their support is of low quality and their trading platform is complex and as far as I understand (I haven't traded Forex) they don't convert automatically to you base money of your account.

To keep it simple IB is oriented toward professional traders and investors. Many traders need support from their broker, simpler trading platform or doesn't have the money to trade on IB profitably.
  • #293
  • Mar 1, 2010 5:47pm Mar 1, 2010 5:47pm
Quoting fxtrader15
IB is ok. problem is, they price is 1/2 pips so if the real spread is .3 on the EUR/USD you trade on .5 and the real spread is .6 you trade on a 1 pip spread since they markup. They also have a floor of 1/2 a pip on all spreads so again, you really arent trading the true interbank market here.
I want to clarify a couple of points as I've used IB for about 10 years now. The spread is variable, based on the banks and liquidity providers who quote it. IB is not your FX counterparty but acts as a broker - charging a commission for making the liquidity providers available. And that commission needs to be factored into the total cost of the quoted spread. Depending on the size you trade this can add anywhere from 0.5 pips (100K+ USD trade size) to 2 pips (25K trade size) of cost to your trade. Minimum trade size is $25,000 USD and maximum is $5,000,000 per trade IIRC.

And sometimes (not often) pairs do cross on IB like EUR/GBP where you can actually buy and sell at the same price (or better), if you're quick enough to get these choice prices. IB offers a free API for automating trades so you can take advantage of those opportunities if this is how you choose to trade and if you have the technical savvy.

And no, it isn't the true interbank market. The interbank market is only open to banks. That's a common misconception among retail FX traders.

IB is set up for experienced traders who don't need a lot of technical help or hand holding. This is good because their customer support is hit or miss. They have some very knowledgeable customer support people and some who can most charitably be described as hamburger flippers. YMMV

The minimum account size of $10,000 is designed to scare away retail traders who don't fit in the experienced trader category. They have very good uptime and they continue to improve their trader workstation, though it's a one of a kind type of thing (like driving a car with the steering wheel on the wrong side) if you've used other types of brokers and platforms but IB provides a varied assortment of tools - some that you won't find anywhere else. IB isn't a bucket shop and your money is FDIC insured with private insurance up to like 2 mil if I recall correctly so safety of funds is just about as good as with a regular bank in case of bankruptcy and in the case of the private insurance, better. And although we know from the Refco fiasco that large capital reserves are no guarantee, IB's financial reserves are at or near the top of the industry. This wasn't intended as a review of IB though it appears to have turned into one.
  • #294
  • Mar 2, 2010 3:14am Mar 2, 2010 3:14am
10000 is enough. if you can trading, you can also start with 1000 or less.
  • #295
  • Mar 2, 2010 5:27pm Mar 2, 2010 5:27pm
I've been looking at Interactive Brokers. I would prefer to trade with an FX broker like them instead of with a FX counterparty. Seems to me that with a FX counterparty there would be trust issues and we know some of those companies have crossed the lines to do unethical things so they can grab more of your money.

Any other good FX brokers out there in your opinion?
  • #296
  • Apr 5, 2010 2:09pm Apr 5, 2010 2:09pm
Hi,

I want to open an account with IB, it seems the min balance is 10k dollars. Is it possible to open the account then withdraw say 8-9k just after the account is open while I get to know the platform and test their API? i.e. Is there a minimum working balance?

Mark
Economists have forecast 9 out of the last 5 recessions
  • #297
  • Apr 5, 2010 10:29pm Apr 5, 2010 10:29pm
Yes, you can pull out whatever you want after the acct is opened. I'm not 100% sure of this, but I think the min balance to trade futures is $2,000 (or the margin if larger), maybe less to trade options. You can test the api with the demo just to get started, but the data is useless. After you open a 10K acct, then they will open a paper trader acct with the same live feeds as your real acct.
  • #298
  • Apr 6, 2010 4:12am Apr 6, 2010 4:12am
Quoting Kenz987
Yes, you can pull out whatever you want after the acct is opened. I'm not 100% sure of this, but I think the min balance to trade futures is $2,000 (or the margin if larger), maybe less to trade options. You can test the api with the demo just to get started, but the data is useless. After you open a 10K acct, then they will open a paper trader acct with the same live feeds as your real acct.
Great thanks, I suppose if they demand it stays at 10k then you can just close it and remove all the cash.
Economists have forecast 9 out of the last 5 recessions
  • #299
  • Apr 6, 2010 4:05pm Apr 6, 2010 4:05pm
I have been with Interactive Brokers for a while and I just wanted to let you know about my experience with the Iphone Forex trading.

I had a Short EU position opened at the regular platform this morning (1.3399). I had to leave home shortly after. Of couse I had a SL before I left home. To make the long story short, when I saw that I was 30 pips in profit I wanted to test the Iphone application. First I cancelled current SL and then I switched to Market Order and bam. In a split second I got the confirmation and the fill was perfect.

The charts do suck on TWS and on the Iphone as well. I canNOT believe they are doing nothing to make it better with all the technology out there. The spreads and the execution is excellent during London and London/NY hours. I don't bother with Asia. My time zone is Eastern US. Customer Service is getting better or depending on the person you talk to.
  • #300
  • May 2, 2010 6:17am May 2, 2010 6:17am
Quoting JeffUSA
I've been looking at Interactive Brokers. I would prefer to trade with an FX broker like them instead of with a FX counterparty. Seems to me that with a FX counterparty there would be trust issues and we know some of those companies have crossed the lines to do unethical things so they can grab more of your money.

Any other good FX brokers out there in your opinion?
I am also considering to open an account at Interactive Brokers, but welcome recommendations on other alternative / better options.

Cheers
CAT
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