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-   -   IBFX Lot sizing (https://www.forexfactory.com/showthread.php?t=60651)

renegade7 Dec 13, 2007 4:25pm | Post# 1

IBFX Lot sizing
 
To anyone who uses IBFX, do I have this right? I just talked to customer support about their account types. I want to trade micro, although they offer 0.1 lots on mini which is esentially the same. Yes?

opie999 Dec 13, 2007 4:27pm | Post# 2

What did the CS guy tell you?

cesarnc Dec 13, 2007 4:29pm | Post# 3

To anyone who uses IBFX, do I have this right? I just talked to customer support about their account types. I want to trade micro, although they offer 0.1 lots on mini which is esentially the same. Yes?
Almost...

You open a mini account, in which 1 lot = $1.00 / pip (in GBPUSD).

But the system allows you to trade as low as 0.01 lot (microlot) = $0.01 / pip.

You can enter the lot size you wish from 0.01 (0.02 / 0.15 / 0.50 / whatever)

Hope it helps

renegade7 Dec 13, 2007 4:36pm | Post# 4

What did the CS guy tell you?
That's what he told me, that Ic ould make a standard account mini by lot sizing or mini into micro. I also asked him about their position as a market maker and if they hedge client positions and he said that they don't have a dealing desk, so I said "Would you consider yourself an ECN then?" and he said he did not know what that was. So I asked him if their primary profits were from spreads and he said yes.

renegade7 Dec 13, 2007 4:37pm | Post# 5

Almost...

You open a mini account, in which 1 lot = $1.00 / pip (in GBPUSD).

But the system allows you to trade as low as 0.01 lot (microlot) = $0.01 / pip.

You can enter the lot size you wish from 0.01 (0.02 / 0.15 / 0.50 / whatever)

Hope it helps
Right, ok that makes sense. Do you know how many lots they allow per order?

cesarnc Dec 13, 2007 4:40pm | Post# 6

Right, ok that makes sense. Do you know how many lots they allow per order?
I can't remember that. You'd better contact them

And also, the MT4 has a dropdown list of lot sizes. But you can type the amount you wish. You're not stuck to those options...

renegade7 Dec 13, 2007 4:46pm | Post# 7

I can't remember that. You'd better contact them

And also, the MT4 has a dropdown list of lot sizes. But you can type the amount you wish. You're not stuck to those options...
Ok, I am on with them right now and they are saying 50 in mini 100 in standard...hmmm.

renegade7 Dec 13, 2007 4:49pm | Post# 8

They also said 0.01 for standard and mini, which means I could open a standard and just use 0.01 for micro thereby increasing ammount of lots available.

cesarnc Dec 13, 2007 4:52pm | Post# 9

They also said 0.01 for standard and mini, which means I could open a standard and just use 0.01 for micro thereby increasing ammount of lots available.
Then you change the "size" of your microlots.

If you open:

- a standard account, 1 lot = $10 / pip (in GBPUSD)
- so 0.01 lot = $0.1/ pip

- a mini account, 1 lot = $1 / pip
- so 0.01 lot = $0.01/pip

renegade7 Dec 13, 2007 5:01pm | Post# 10

Then you change the "size" of your microlots.

If you open:

- a standard account, 1 lot = $10 / pip (in GBPUSD)
- so 0.01 lot = $0.1/ pip

- a mini account, 1 lot = $1 / pip
- so 0.01 lot = $0.01/pip
Exactly.
Perfect!

Thanks!

opie999 Dec 13, 2007 5:15pm | Post# 11

I also asked him about their position as a market maker and if they hedge client positions and he said that they don't have a dealing desk, so I said "Would you consider yourself an ECN then?" and he said he did not know what that was. So I asked him if their primary profits were from spreads and he said yes.
Funny.


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