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Interactive Brokers - experiences and opinions

  • #781
  • Aug 12, 2016 12:40am Aug 12, 2016 12:40am
Quoting MoneyD
{quote} I captured the screen shot of my chat session with the IB representative. See for yourself what she had to say below, btw, I blacked out my username for privacy purposes. {image}
So it's about full margin trading. It applies to spot market . What about future contracts ? what's minimum lot applied ? Certainly if you trade futures you should be allowed leveraged trading. I seen other stock exchanges allowed only future contracts fx trading where leveraged trading are allowed. They have set up Indian sister company( regulated by NSE,MCX SEBI) where they allowing future contracts against minimum margins. All CFTC regulated brokers screwed , only FCA regulated brokers( what we can trust next) left behind. Hope FCA will not implement such rules in future. If FCA too follow CFTC then we have no option to trade in bucket shop brokers with low investment. Only need to search which is better bucket shop in terms of safe withdrawals .

All others regulations are big LOL except CFTC, FCA. ASIC is good only for Australians.
In Next Indian exchanges in negotiation to start all currency pairs ( mainly eu/usd,gu/usd,USd/Jpy,Aud/usd etc) to open for their own citizens and abroad. So may be we have better regulator after CFTC and FCA.

Hope for the best.
Never Gamble Forex
  • #782
  • Aug 12, 2016 2:28am Aug 12, 2016 2:28am
What a bunch of jackasses these government agencies are. Some pass laws enabling people to buy multiple assault rifles and others ban you from trading leveraged FX! Like I said, jackassess.

Any news if this applies to non-Americans?
Road To Wisdom? To err and err and err again, but less and less and less...
  • #783
  • Aug 12, 2016 2:30am Aug 12, 2016 2:30am
I am also trying to research some prime of prime options like Baxter and LMAX. I spoke with a Baxter rep already and this seems like a viable option (they have relationships with many LPs like Currenex, Hotspot, EBS, FXall among others). I have an appetite for an account size of $250-300 but I do not want to tie up $1mm+ which many of the US based prime of primes (FC Stone) require to gain access to the low clearing fees. Do any posters have advice as I begin this search? Any experience, good or bad, with some of the prime of primes. Is it necessary to go this route to improve upon the dependability of market access (i.e. avoid the freezing and requotes of the FXCMs?). ANY advice would be most appreciated. Thank you[/quote]

Hi,
I have traded forex and commodities with Lmax several years now and have never issued any problems with them. I have used both platforms (MT4 and web based), mainly web based and never had any technical issues. Only once I had a problem with money transfers but that was also taken care very professionally in the end. Spreads are good even tough they used to be better before SNB case. If you have decent volumes you can negotiate commissions to very competitive level. Execution is fast, no requotes, no freezes etc. Volumes and depht in majors have always been good enough at least for me. Like you see, I have only positive to say about them and that is quite rare in this business. I recommend to contact them. Not sure though if they accept US clients.
  • #784
  • Aug 12, 2016 6:29am Aug 12, 2016 6:29am
Quoting kalastaja
I am also trying to research some prime of prime options like Baxter and LMAX. I spoke with a Baxter rep already and this seems like a viable option (they have relationships with many LPs like Currenex, Hotspot, EBS, FXall among others). I have an appetite for an account size of $250-300 but I do not want to tie up $1mm+ which many of the US based prime of primes (FC Stone) require to gain access to the low clearing fees. Do any posters have advice as I begin this search? Any experience, good or bad, with some of the prime of primes. Is it necessary...
Hi, I have traded forex and commodities with Lmax several years now and have never issued any problems with them. I have used both platforms (MT4 and web based), mainly web based and never had any technical issues. Only once I had a problem with money transfers but that was also taken care very professionally in the end. Spreads are good even tough they used to be better before SNB case. If you have decent volumes you can negotiate commissions to very competitive level. Execution is fast, no requotes, no freezes etc. Volumes and depht in majors have always been good enough at least for me. Like you see, I have only positive to say about them and that is quite rare in this business. I recommend to contact them. Not sure though if they accept US clients.[/quote]

Thank you very much for the info on LMAX, I will give them a call today.
  • #785
  • Aug 12, 2016 9:59pm Aug 12, 2016 9:59pm
Quoting Calculus
What a bunch of jackasses these government agencies are. Some pass laws enabling people to buy multiple assault rifles and others ban you from trading leveraged FX! Like I said, jackassess. Any news if this applies to non-Americans?
So far we haven't heard anything and I am in Canada.
Make your losses in demo. Earn your profits live.
  • #786
  • Aug 12, 2016 10:22pm Aug 12, 2016 10:22pm
Quoting Calculus
What a bunch of jackasses these government agencies are. Some pass laws enabling people to buy multiple assault rifles and others ban you from trading leveraged FX! Like I said, jackassess. Any news if this applies to non-Americans?
I have two accounts with Interactive Brokers, trading forex solely, i'm non-US resident , so far no emails from them regarding forex SEC ban. Hope things doesn't get worst for non US traders.
  • #787
  • Aug 12, 2016 10:42pm Aug 12, 2016 10:42pm
I haven't heard anything either about international customers so holding off trading for now. It seems to only affect US customers BUT might also have unintended consequences or the rest of us :/
  • #788
  • Aug 13, 2016 7:59am Aug 13, 2016 7:59am
Quoting Forexia
{quote} So far we haven't heard anything and I am in Canada.
Me too. Non-US resident and didn't get the email. I wonder if there are any US-residents here who also didn't get the email? Something similar to this happened in 2012 (sorry, can't find the link at the moment) - an email was sent to some traders stating that they were no longer eligible to trade leveraged FX. It turned out their account trading requirements (experience, net worth, liquid net worth, etc.) was out of date or insufficient, so they updated it and were allowed to trade once more. This current situation sounds much more serious, but I wonder if they would turn a blind eye if you had extensive experience and a decent-sized account (say $100k)?
You reap what you sow.
  • #789
  • Aug 13, 2016 11:00am Aug 13, 2016 11:00am
The only exception that is made for trading leveraged FX @ IB is for ECPs, with assets > 10 mill. Is there a way to be registered as an ECP with assets less than the specified amount ? Don't know and doubt it, either way its too much of a hassle. Had one more conversation with customer service and they told me that it is highly improbable that this new rule is likely to change anytime soon for us little guys here in the US. She did say I could continue to trade leveraged FX if I had/maintained primary residence overseas.

That ain't happening, therefore, I closed my account yesterday, now onto plan B, deposit a (relatively) small amount of capital at the best known bucket shop, continue to trade FX there and hope for the best. If the rules change back again, will go back to IB, but will not be holding my breath.
  • #790
  • Aug 13, 2016 11:11am Aug 13, 2016 11:11am
Quoting MoneyD
The only exception that is made for trading leveraged FX @ IB is for ECPs, with assets > 10 mill. Is there a way to be registered as an ECP with assets less than the specified amount ? Don't know and doubt it, either way its too much of a hassle. Had one more conversation with customer service and they told me that it is highly improbable that this new rule is likely to change anytime soon for us little guys here in the US. She...
Do you have any plan to trade Forex Futures and Forex Options (CME/ISE/Globex) with Interactive Brokers ?
I thought the rule doesn't apply to those instruments so US client will still able to trade it ?
  • #791
  • Aug 13, 2016 11:26am Aug 13, 2016 11:26am
Quoting sahamv
{quote} Do you have any plan to trade Forex Futures and Forex Options (CME/ISE/Globex) with Interactive Brokers ? I thought the rule doesn't apply to those instruments so US client will still able to trade it ?
I think so, this only applies for spot forex traders. Unfortunately, I do not know anything about futures or options as I have been solely focused on spot FX for the past few years, my entire trading system is built around spot forex. I do agree, one thing this new development has brought to light is the need to broaden my horizon on the instruments that I trade, but that is more of a long term thing, for the shorter term the only solution is to look for the best bucket shop and take the plunge.
  • #792
  • Aug 13, 2016 3:02pm Aug 13, 2016 3:02pm
Quoting MoneyD
{quote} I think so, this only applies for spot forex traders. Unfortunately, I do not know anything about futures or options as I have been solely focused on spot FX for the past few years, my entire trading system is built around spot forex. I do agree, one thing this new development has brought to light is the need to broaden my horizon on the instruments that I trade, but that is more of a long term thing, for the shorter term the only solution is to look for the best bucket shop and take the plunge.
No one thing that this has brought to light is how piece of shit and useless that SEC is. They were completely incompetent against the real crooks and they just cost us otherwise law-abiding traders who are just trying to make a living a decent broker that actually works for us, forcing us to use brokers that make us less profitable.

And what's even more ridiculous if you think about it is that they always compare us retail forex to online gambling saying how bad it is blah blah blah and yet they actually allow real online gambling. You can actually go onto any online gambling websites, take out a loan and lose your life savings and nobody would care. I don't see those "regulators" breathing down those real online gambling sites' neck telling them they are banned. And yet we are trading a legitimate financial product and they close our brokers down, a decent broker mind you. All the bucket shops are still there.
Make your losses in demo. Earn your profits live.
  • #793
  • Aug 13, 2016 4:37pm Aug 13, 2016 4:37pm
I'm a US citizen and reside in the US with an account with IB and have not received this email yet...wonder why...perhaps I should call them Monday.
  • #794
  • Aug 13, 2016 9:05pm Aug 13, 2016 9:05pm
Quoting fxRichard
I'm a US citizen and reside in the US with an account with IB and have not received this email yet...wonder why...perhaps I should call them Monday.
Richard, I notice from your profile that you are a full time trader and scapler. This implies to me: large account size, high number of trades (generating large commission) and good risk management (less chance of margin calls). If so, you're the ideal customer and IB would be crazy to lose your business unless they really really had to. So I'd be interested in hearing what they have to say on Monday, if you don't mind posting back please.

No offense to the people who got an email. I'm just wondering if IB have double standards about this. Thanks.
You reap what you sow.
  • #795
  • Aug 13, 2016 9:26pm Aug 13, 2016 9:26pm
Quoting texashedge
I have been with IB for about a year trading forex for my own account full time (prior to this I traded spot at a bulge bracket in NY for 9 years followed by a 3 year stint at a prop house in Chicago). I chose IB after much research and was especially pleased with the FXTrader platform, its reliability, and functionality (though it can be overwhelming in the intricacies of its capabilities). I have read here and in other forums about the poor customer service at IB but aside from this most recent stunner of a development, I have nothing but good...
I got screwed 2 times by FXCM this week. On the 1st occasion I immediately opened up a new application at IB, who i was with before (prior to hearing this news of course). I have been sending emails to my rep at IB everyday requesting clarity on this Sept 1st issue and im not getting any response on it so im guessing its a done deal. After the 2nd bullshit instance, which happened friday morning i started hunting for a futures broker. I have some amazing setups i see in FX right now and im not sure i even want to bother trading them. Im thinking FXCM is liking its chops at the news of basically being a monopoly to US based clients because I cant imagine why anyone would want to go to Oanda with serious money( I also have a small account there) or Forex.com. I called around to a couple different FX brokers I found on a google search and all of them are just running through FXCM. As far as I can see they are basically just doing whatever the hell they want and theres nothing anyone can do about it. They are still in huge debt and no matter how many times Ive requested info on the restructuring of the debt, I can get no straight answer from them. But i definetly get bullshit trades in the past week that have never happened to me before. But searching around at others comments it seems to not be an isolated incident. My advice....dont go to them. If I could go offshore I would but unfortunately i can not right now. Given the chance I would jump on a flight to Spain and open up with Saxo. Anyways, like i said, I can trade currencies through futures and truth be told its actually cheaper to do so. Without even negotiating im at about $5 roundtrip which is so much cheaper its not even funny and were not even taking the spread into account here. I dont have all the exotic crosses but who cares, Mini S&P and Oil alone are enough to give me action daily and id venture to say the moves are even more technical than forex which is just fine by me. Anyways, good luck with your search dude. If you find any place worth mentioning please let me know.
  • #796
  • Aug 13, 2016 9:32pm Aug 13, 2016 9:32pm
lol , so now they are screening customers based on trading performance? and then telling the customers that do not meet up to their standards that they need over 10 mill in assets or else they can't trade FX ?
They are brokers not a prop-shop. Denial is a hell of a drug.
  • #797
  • Edited Aug 14, 2016 12:19am Aug 13, 2016 11:13pm | Edited Aug 14, 2016 12:19am
Like I said before, until I see something official announced by IB or published by any Forex online publications, I am still treating it as a hoax or a false rumour started by whoever is targetting IB to scare their customers to jump ship to either Futures and/or other forex brokers.

If this is pertaining to something so substantial like some IRS rules or the recently published SEC ban on leveraged forex, there is NO WAY a company as large as IB would just quietly send emails out to its customers or even selectively without publishing anything official on their website or make some kind of public statements. And if you REALLY are a genuine IB customer, you would know that IB NEVER deals with any inquires via email due to security and privacy reasons. If you have any inquires or issues that need to be resolved, you are required to either phone, chat or open a formal ticket in their Message Centre for them to address it. So emailing them makes no sense.

And for those of you thinking of venturing into trading Futures, you should know that IB is still the BEST Futures brokers around. It has one of the lowest commissions (all the fees included), lowest maintenance margin and on CME, it has the HIGHEST trading volume. It's not only just a FCM, it's also a self-clearing firm which means that it also clears trades for other Futures brokers on CME. So if you are contemplating trading Futures which is not a bad idea, I would definitely recommend you to still stay with IB.

And if you are thinking about moving to other brokers all based on this still unconfirmed rumour, I would recommend you to stay away from Saxo. They are one of the worst MM broker that screwed its traders big time during the SNB crisis. They manipulated price so much that drove the loss of this one trader to $100K of losses from just a micro-lot trade and still had the audacity to go after that trader. And because of this, Saxo was heavily investigated by the Danish financial regulators. And just a correction: Saxo is NOT a Spanish bank. It's from Denmark.

Overall, again UNTIL it's confirmed, I still think it's a rumour or a hoax. Not surprised and not the first time though that other entities try to scare traders away to trade Futures and/or move to other brokers. And not the first time IB is targetted.

Good trading!
Make your losses in demo. Earn your profits live.
  • #798
  • Aug 13, 2016 11:50pm Aug 13, 2016 11:50pm
It is very simple really, if you are an Ib customer why don't you call them and ask them if its a hoax or not ?
  • #799
  • Aug 14, 2016 12:12am Aug 14, 2016 12:12am
Quoting MoneyD
It is very simple really, if you are an Ib customer why don't you call them and ask them if its a hoax or not ?
I did. When the SEC ban was first published in Leaprate.com, it stated that as of July 31, 2016, any institutions registered with SEC would be banned from offering leveraged forex service to its customers. I contacted IB immediately and spoke to a representative over the phone and I was advised that IB is aware of this new policy from SEC and is addressing it and as of the day that I called, there is NO plan for IB to stop offering leveraged forex to its customers. This SEC ban was discussed extensively on FF when it came out and I posted my findings from my contacting IB in that thread: http://www.forexfactory.com/showthread.php?t=592372

And so far, there is NO public announcement from IB contrary to what that representative advised me nor have I received any notices by IB regarding any stoppage in offering leveraged forex. This is WHY I am stating that UNTIL I receive anything officially announcement by IB, I will treat this as an hoax or a false rumour started by somebody with very likely ulterior motives taking advantage of this SEC ban development.

According to this article, https://www.leaprate.com/2016/05/sec...-retail-forex/, if this ban was to happen, it would've happened long time ago.
Make your losses in demo. Earn your profits live.
  • #800
  • Aug 14, 2016 12:29am Aug 14, 2016 12:29am
Forexia, you have been screaming that this was hoax since Thursday evening, but you've had plenty of time on Friday to call and verify if it is a hoax or not, and yet you are still screaming that it is a hoax without doing your due diligence.
For genuine IB FX customers who are trying to find a real solution to this mess, you are offering nothing but distraction.
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