I ususally aver complaints, after all trading is something that forces you to confront yourself with absolute honesty and deal wtih yourself and take responsinbilty for your own actions. That is precisely why im closing my account at IBFX. After six months of trading with them( following FXSOL)
the experience has exposed the very worst of brokerage practices.
Namely spreads that widen at the first sign of any volatility often to horrific levels ( who do you know who pays 5 pips for USD/JPY ) - recent experience.
13 pips for GBP JPY, sometimes wider. Etc etc
Requotes- endless f***ing requotes.
They honour entries and stops but unless you've placed them beforehand forgot trying to get market execution in anything apart from a tortoise paced market.
Server downtime - more often than i care for - not for long periods necessarily but they can be patchy feeds.- and no it isnt my connection - i work in a related tech field and i know when my connection is live or not.
Basically retail brokerages are generally much of a muchness- riddled with dubious practices. Some notable exceptions are ones like ACM who are such huge market makers that they have a pool of liquidity which can usually accomodate pretty much anything nad 1 click execution.
Standard lots though. Im not in that league yet.
To be honest go find an ECM - you get transparency, real interbank prices , inter spread dealing , small commissions , very tight spreads , 1-2 pips even the big crosses dont typically ever go beyond 5.
Until recently though it was standard lots only - now and i dont work for them GOD BLESS EFX. finally the little guy gets a level playing field.
Incidentally when IBFX says no dealing desk it does not mean what you think. Are they crooked- ? no , but thts about where it ends. REtail brokers are like drug dealers, theyd happily take a position against their clients and you get pretty much the same deal on the street corner, usually cut with dubious substances.
best
Taos
the experience has exposed the very worst of brokerage practices.
Namely spreads that widen at the first sign of any volatility often to horrific levels ( who do you know who pays 5 pips for USD/JPY ) - recent experience.
13 pips for GBP JPY, sometimes wider. Etc etc
Requotes- endless f***ing requotes.
They honour entries and stops but unless you've placed them beforehand forgot trying to get market execution in anything apart from a tortoise paced market.
Server downtime - more often than i care for - not for long periods necessarily but they can be patchy feeds.- and no it isnt my connection - i work in a related tech field and i know when my connection is live or not.
Basically retail brokerages are generally much of a muchness- riddled with dubious practices. Some notable exceptions are ones like ACM who are such huge market makers that they have a pool of liquidity which can usually accomodate pretty much anything nad 1 click execution.
Standard lots though. Im not in that league yet.
To be honest go find an ECM - you get transparency, real interbank prices , inter spread dealing , small commissions , very tight spreads , 1-2 pips even the big crosses dont typically ever go beyond 5.
Until recently though it was standard lots only - now and i dont work for them GOD BLESS EFX. finally the little guy gets a level playing field.
Incidentally when IBFX says no dealing desk it does not mean what you think. Are they crooked- ? no , but thts about where it ends. REtail brokers are like drug dealers, theyd happily take a position against their clients and you get pretty much the same deal on the street corner, usually cut with dubious substances.
best
Taos
In every moment any outcome is inherently possible.
