Looks like Interbank FX has its problems when it comes to trading but what about for carrying trades? Would they have a problem paying out daily interest (swap) on positions you buy and hold?
I am demoing a strategy on their platform where you buy 10 lots of GBP/JPY and you short 18 lots of CHF/JPY (not exactly sure why 18 lots) as a hedge because of their close correlation. The daily interest collected on 10 lots of GBP/JPY from Interbank FX would be $210.00 and you would be paying -$31.50 for the 18 lots short CHF/JPY position netting you $178.50 per day. In a month (30 days) that comes out to $5355.00. With an account of $50,000.00 and 100:1 leverage you have enough to purchase the two positions while maintaining enough margin during the times the currency does not correlate.
I am actively trading on Oanda's platform and experience very few problems with them. I would like to keep them as my only broker however with the leverage Oanda offers (max 50:1) and the daily net interest of $143.36 for the two positions ($203.40 for the long 10 lots GBP/JPY and -$60.04 for the short 18 lots of CHF/JPY), I am looking elsewhere to trade this strategy.
Would Interbank FX give me problems trading this way live? Does anyone know of a better broker for this type of strategy?
Thanks for your replies!
I am demoing a strategy on their platform where you buy 10 lots of GBP/JPY and you short 18 lots of CHF/JPY (not exactly sure why 18 lots) as a hedge because of their close correlation. The daily interest collected on 10 lots of GBP/JPY from Interbank FX would be $210.00 and you would be paying -$31.50 for the 18 lots short CHF/JPY position netting you $178.50 per day. In a month (30 days) that comes out to $5355.00. With an account of $50,000.00 and 100:1 leverage you have enough to purchase the two positions while maintaining enough margin during the times the currency does not correlate.
I am actively trading on Oanda's platform and experience very few problems with them. I would like to keep them as my only broker however with the leverage Oanda offers (max 50:1) and the daily net interest of $143.36 for the two positions ($203.40 for the long 10 lots GBP/JPY and -$60.04 for the short 18 lots of CHF/JPY), I am looking elsewhere to trade this strategy.
Would Interbank FX give me problems trading this way live? Does anyone know of a better broker for this type of strategy?
Thanks for your replies!