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?
Help with Lot sizing 3 replies
DislikedTo 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?Ignored
DislikedWhat did the CS guy tell you?Ignored
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 helpsIgnored
DislikedRight, ok that makes sense. Do you know how many lots they allow per order?Ignored
DislikedI 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...Ignored
DislikedThey 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.Ignored
DislikedThen 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/pipIgnored
DislikedI 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.Ignored