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Interactive Broker commissions

  • #21
  • May 17, 2008 12:47am May 17, 2008 12:47am
Quoting fxtrader42
Besides the banks I have not found anything better... enjoy.
Are you currently trading with Hotspotfx? And what do you mean by besides the banks? Am I able to get better prices going directly to a bank? If so, how do I do that? Do you have to have a very high volume to do so?
  • #22
  • May 17, 2008 6:42am May 17, 2008 6:42am
Im trading with Hotspot europe. Its quite good, but after factoring in the commissions($30) its about the same as Oanda (some pairs a bit cheaper on average, some a bit more expensive, i.e. Eur/Usd). The only reason i switched is that i had often disconnections/connectivity problems at Oanda. Not so with Hotspot, i never had a single disconnect ever with them. Stability and reliability is my main concern, everyone who ever was in a position during a platform outage probably can understand. Executions are very fast and accurate.

The only thing i miss are the competitive rolls and interest on funds at oanda.

Spreads can be hughe during news releases (even bigger than at oanda), but settle down within 30 seconds or so.

Customer support via email is lacking, some of my mails were not even answered, so if you need something quick, its better to use the phone.

Im also under the impression, that pairs with a bit bigger spread like Gbp/Jpy are quoted way tighter on demo, on live its more like 3-4 on average.

I guess overall they are one of the better choices a retail trader can make.

What API are you using? The Java api or their new C++ dll?
  • #23
  • May 17, 2008 7:18pm May 17, 2008 7:18pm
Quoting shrike
Im trading with Hotspot europe. Its quite good, but after factoring in the commissions($30) its about the same as Oanda (some pairs a bit cheaper on average, some a bit more expensive, i.e. Eur/Usd). The only reason i switched is that i had often disconnections/connectivity problems at Oanda. Not so with Hotspot, i never had a single disconnect ever with them. Stability and reliability is my main concern, everyone who ever was in a position during a platform outage probably can understand. Executions are very fast and accurate.

The only thing i miss are the competitive rolls and interest on funds at oanda.

Spreads can be hughe during news releases (even bigger than at oanda), but settle down within 30 seconds or so.

Customer support via email is lacking, some of my mails were not even answered, so if you need something quick, its better to use the phone.

Im also under the impression, that pairs with a bit bigger spread like Gbp/Jpy are quoted way tighter on demo, on live its more like 3-4 on average.

I guess overall they are one of the better choices a retail trader can make.

What API are you using? The Java api or their new C++ dll?

That is one of the major reasons for me not going back to Oanda with majority of my funds. Their disconnections were becoming too frequent, and this was happening outside of major news announcements. The thing that tipped me over the edge was when I had to ring them when I had a position open and their was a disconnection, the customer representative made it quite clear that they can not make any trades for me, ie modify a sl, close out a position etc http://www.forexfactory.com/images/icons/icon13.gif I would have to wait for the platform to re-connect before I could do anything to my position. I withdrew all my money out the next day.

I do miss the daily interest, and the good swaps, but I would rather pay 1/2 a pip more in spread and have better stability, and know that I case of an emergency, I can actually ring someone who can do something about my trade. Their spreads are excellent, and once you factor in the commissions with most ECNs', Oanda does come out on par if not better than quite a few.

Also, the disconnections have only been an issue over the last 6-8 mths, never had such probs before, in the 2-3 years I was with them.

Regards,
K.
  • #24
  • May 17, 2008 10:48pm May 17, 2008 10:48pm
Quoting shrike
What API are you using? The Java api or their new C++ dll?
I am using Java for their US based API. Are you using the API in Europe? I have heard that it is a little different there in that you can access historical data, is that true? I would like to gather historical data like I used to do at Oanda, but it would be easier for me to do if I could call like the last several minutes of data at once. That is what I did at Oanda, but right now I'm trying to set things up to collect each tick that comes in and turn it into 1 minute OHLC for both bid and offer prices (kind of a pain).
  • #25
  • May 17, 2008 11:46pm May 17, 2008 11:46pm
Quoting phil90
The minimum is 2.50 $ for every trade.


To calculate the price of a transaction you multiply your lot size by 0.0001.(value of a point) Then you multiply by the commission multiplier depedning on how much trade per month.


For exemple if you trade less than 1 million per month.

Your trade is 100 000

100 000 x 0.0001= 10

10 x 0.2 = 2 $

The minimum is 2.50 $ so you would pay 2.50 $.

If I misunderstand their commission system please let me know.
these charges are done through per trade basis or are they cumulative? as in on monthly basis?
  • #26
  • May 18, 2008 1:33am May 18, 2008 1:33am
2,5 $ is charged per open a position and 2,5 is charged for closing a position, so if you open and close a position of 100 000 you pay 2,5*2 + spread. the more the tarde value per month the cheaper the comission. I think one can find this information on their site. thousands times it is asked here about their comissions and alotof wrong information is posted. you can find all the info on their site, search the site for fx comissions there is everything explained clerarly.
  • #27
  • May 23, 2008 4:18am May 23, 2008 4:18am
with IB I also paid $ 5 a day for a position......
why is that?
  • #28
  • May 23, 2008 8:50am May 23, 2008 8:50am
Quoting yonnie
with IB I also paid $ 5 a day for a position......
why is that?
Depending on the size of the lot and the pair it might be the Rollover (swap) which is charge or paid everyday depending on the rates

http://individuals.interactivebroker...?ib_entity=llc

I believe these rates are what is being charge or paid for positions
  • #29
  • May 23, 2008 10:04am May 23, 2008 10:04am
Quoting Trader KGB
~$40 for 1mio. GBP/USD. $20 per USD $1mio traded.

The US division of HotSpotFX is the only ECN broker that I'm aware of that charges the same amount regardless of base currency ($30 per 1mio. bcu = ~$15 for 1mio. GBP/USD).
So trading only GBP/USD, is HotSpot FX the cheapest ECN at ~$30 per million round trip ?
  • #30
  • May 23, 2008 10:34am May 23, 2008 10:34am
Quoting nqtraderman
So trading only GBP/USD, is HotSpot FX the cheapest ECN at ~$30 per million round trip ?
You got it!
  • #31
  • May 23, 2008 10:36am May 23, 2008 10:36am
Hotspot USA branch is cheaper with $30/mio. units flat, Hotspot Europe is not cheaper with $30/mio USD traded.

P.S. the downside with the US branch is that they offer USD accounts only
  • #32
  • May 23, 2008 11:23am May 23, 2008 11:23am
Quoting shrike
Hotspot USA branch is cheaper with $30/mio. units flat, Hotspot Europe is not cheaper with $30/mio USD traded.

P.S. the downside with the US branch is that they offer USD accounts only
I've heard that HotSpot stops you from cancelling or ammending an order if its within 10 pips of the current price ?

If this is true, then I can't change or move my stop order if its within that range ?
  • #33
  • May 23, 2008 12:11pm May 23, 2008 12:11pm
Quoting nqtraderman
I've heard that HotSpot stops you from cancelling or ammending an order if its within 10 pips of the current price ?

If this is true, then I can't change or move my stop order if its within that range ?

In their order manual they do say it might not be canceled or modified if you are less than 10 pips away from the market

"
Note:
Clients who have an active order and want to modify or cancel the active order:
If the market rate is close to the active order rate (1 to 10 points away),
the order modification or cancellation may not be accepted. If this occurs, your original order will still be active."
  • #34
  • May 23, 2008 12:46pm May 23, 2008 12:46pm
Quoting phil90
In their order manual they do say it might not be canceled or modified if you are less than 10 pips away from the market

"
Note:
Clients who have an active order and want to modify or cancel the active order:
If the market rate is close to the active order rate (1 to 10 points away),
the order modification or cancellation may not be accepted. If this occurs, your original order will still be active."
Thanks Phil, has anyone experienced this restriction ?
  • #35
  • May 25, 2008 12:33pm May 25, 2008 12:33pm
This manual is old. The 10 pip restriction for stops was removed quite some time ago. I never had a problem moving a stop with them.
  • #36
  • Last Post: May 29, 2008 12:25am May 29, 2008 12:25am
thanks for the info my fren
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