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OandA or Interbank FX for 1st live acct

  • #1
  • First Post: Oct 15, 2005 9:25am Oct 15, 2005 9:25am
Hello All

I will be opening my 1st live acct in November. I have been using Oanda Demo for many months. I chose Oanda because the demo has no expiration date. After reading good things about Interbank FX I opened a demo and have been using it alongside Oanda. I noticed in my IBFX mini demo that I am charged 'swap' = 1 pip when I hold the trade open. A search here found the following post by James 16 in an Interbank FX thread:
"some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give
credits on mini accounts."
Oanda pays a 'credit', but it seems that Interbank charges you regardless if you are using a mini acct. The pip spread is the same on both platforms for EUR/USD
I do like Interbank FX I am beginning to explore the capabilities of M4 and would hate to lose this after the 30 days demo ends. But if I understand another thread, I can just point the M4 to another server?
Question. Which, in your opinion, is best for a new acct. Oanda or mini Interbank FX. I don't want to open a 'standard' IBFX acct as 5K is not in my trading budget just yet.
Thank You.
In trading, there is no bullshit. You either make money or you don't.
  • #2
  • Oct 15, 2005 10:22am Oct 15, 2005 10:22am
Thats a tough question lol

Oanda is good because its a web interface, so you can trade almost anywhere with internet connection, the downside to them is that their charting capabilities are sub par to MT4.

InterBank FX was not getting very good responses from people here and on MoneyTec forum, especially with the MT4 platform. I actually want to open a live account myself and am also going through a tough decision of which broker to pick. There is Alpari for MT4, but I read on its forums that it's not that good.

If you download MetaTrader directly from their site (www.metaquotes.net) your demo will not expire (point it to metaquotes demo server).

Try CMSFX (http://www.cmsfx.com) they seem pretty good and their platform is great.

Good luck!
~If you fail to plan, you plan to fail~
  • #3
  • Oct 21, 2005 8:16pm Oct 21, 2005 8:16pm
forget the both of them! go with a preferred broker

btw, savant, is the reason we should trade at oanda because of the box options? LOL!
Relax and be happy.
  • #4
  • Edited 8:34pm Oct 21, 2005 8:23pm | Edited 8:34pm
Quote
Originally Posted by ElectricSavant

I have a very opinionated reply.


Why would anybody trade with anybody other than Oanda? Except maybe for the gamblers that want higher leverage?

Michael B.

I don't understand!


Why would I trade with a platform I don't like? Especially being new. I appreciate your opinoin , and respect it, and maybe I'll change my mind, I don't even have a live account yet.

Thanks ElectricSavant and MuddBuhdda, I can see you guys like Oanda, I just don't at this point.

But, as always, great info from this great group!!

Jimmy
  • #5
  • Oct 21, 2005 9:10pm Oct 21, 2005 9:10pm
Quoting mrgreen
Hello All

I will be opening my 1st live acct in November. I have been using Oanda Demo for many months. I chose Oanda because the demo has no expiration date. After reading good things about Interbank FX I opened a demo and have been using it alongside Oanda. I noticed in my IBFX mini demo that I am charged 'swap' = 1 pip when I hold the trade open. A search here found the following post by James 16 in an Interbank FX thread:
"some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give
credits on mini accounts."
Oanda pays a 'credit', but it seems that Interbank charges you regardless if you are using a mini acct. The pip spread is the same on both platforms for EUR/USD
I do like Interbank FX I am beginning to explore the capabilities of M4 and would hate to lose this after the 30 days demo ends. But if I understand another thread, I can just point the M4 to another server?
Question. Which, in your opinion, is best for a new acct. Oanda or mini Interbank FX. I don't want to open a 'standard' IBFX acct as 5K is not in my trading budget just yet.
Thank You.
remember that a standard account with interbank still allows you to trade micro and mini lots in addition to standard. i dont think they have done a very good job of advertising this fact
  • #6
  • Oct 21, 2005 9:13pm Oct 21, 2005 9:13pm
I'm seeing the at the end of the Oanda tunnel, pip spreads are tighter, they pay you credits, no margin calls, but man I wish they had another platform, maybe keep the crappy java one for folks with slow connections, but I want a trailing stop and a freakin ding! when a trade is exucuted LOL...... I'm thinking Oanda is going to get my $300 for a live account... dispite being dingless...

Mike...
***Building an EMPIRE one pip at a time***
  • #7
  • Oct 22, 2005 3:28am Oct 22, 2005 3:28am
Quoting mrgreen
Hello All

I will be opening my 1st live acct in November. I have been using Oanda Demo for many months. I chose Oanda because the demo has no expiration date. After reading good things about Interbank FX I opened a demo and have been using it alongside Oanda. I noticed in my IBFX mini demo that I am charged 'swap' = 1 pip when I hold the trade open. A search here found the following post by James 16 in an Interbank FX thread:
"some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give
credits on mini accounts."
Oanda pays a 'credit', but it seems that Interbank charges you regardless if you are using a mini acct. The pip spread is the same on both platforms for EUR/USD
I do like Interbank FX I am beginning to explore the capabilities of M4 and would hate to lose this after the 30 days demo ends. But if I understand another thread, I can just point the M4 to another server?
Question. Which, in your opinion, is best for a new acct. Oanda or mini Interbank FX. I don't want to open a 'standard' IBFX acct as 5K is not in my trading budget just yet.
Thank You.
Eventhough I'm not using both of this broker, but I do found them good. If you like to start your journey in forex trading and applying a good money management with small fund as a start, then I would recommended Oanda as your first live account. Not because Oanda is better than IBFX, but Oanda is support very flexible lot size. You could practise your money management, position sizing, etc. with only small amount of fund. If you like MT4 chart, just use it for your chart and execute your trade on Oanda. I use MT4 from Alpari as my main charting tools. And I think any MT4 demo account won't be expire in 30 days. Just my two cents
  • #8
  • Oct 22, 2005 9:24am Oct 22, 2005 9:24am
Yes I'm thinking along similar lines...live account with Oanda and charts from IBFX.

On IBFX my demo is still going after 30 days and I think you can recreate another quickly if it does from the MT platform as well.

Quoting firedave
Eventhough I'm not using both of this broker, but I do found them good. If you like to start your journey in forex trading and applying a good money management with small fund as a start, then I would recommended Oanda as your first live account. Not because Oanda is better than IBFX, but Oanda is support very flexible lot size. You could practise your money management, position sizing, etc. with only small amount of fund. If you like MT4 chart, just use it for your chart and execute your trade on Oanda. I use MT4 from Alpari as my main charting tools. And I think any MT4 demo account won't be expire in 30 days. Just my two cents
  • #9
  • Oct 22, 2005 10:17am Oct 22, 2005 10:17am
Quoting firedave
Eventhough I'm not using both of this broker, but I do found them good. If you like to start your journey in forex trading and applying a good money management with small fund as a start, then I would recommended Oanda as your first live account. Not because Oanda is better than IBFX, but Oanda is support very flexible lot size. You could practise your money management, position sizing, etc. with only small amount of fund. If you like MT4 chart, just use it for your chart and execute your trade on Oanda. I use MT4 from Alpari as my main charting tools. And I think any MT4 demo account won't be expire in 30 days. Just my two cents
as i said before ibfx has not done a very good job advertising the flexibility they now offer. you can trade ANY lot size at ibfx that you can trade at oanda. maybe more. 100, 1000, 10,000, 100,000.
  • #10
  • Oct 22, 2005 10:30am Oct 22, 2005 10:30am
Quoting mrgreen
Hello All

I will be opening my 1st live acct in November. I have been using Oanda Demo for many months. I chose Oanda because the demo has no expiration date. After reading good things about Interbank FX I opened a demo and have been using it alongside Oanda. I noticed in my IBFX mini demo that I am charged 'swap' = 1 pip when I hold the trade open. A search here found the following post by James 16 in an Interbank FX thread:
"some info for everyone trading with them. i opened a mini account with 15,000 and was getting hit for 5 to 7 percent on swaps. they dont give
credits on mini accounts."
Oanda pays a 'credit', but it seems that Interbank charges you regardless if you are using a mini acct. The pip spread is the same on both platforms for EUR/USD
I do like Interbank FX I am beginning to explore the capabilities of M4 and would hate to lose this after the 30 days demo ends. But if I understand another thread, I can just point the M4 to another server?
Question. Which, in your opinion, is best for a new acct. Oanda or mini Interbank FX. I don't want to open a 'standard' IBFX acct as 5K is not in my trading budget just yet.
Thank You.
My suggestion is to check out their capitals. Oanda's capital is much more higher than the IBFX's which make Oanda safer. Even in a world where Refco declares bankruptcy, your fund's safety should be the prime issue, imo. You don't have to open an account with IBFX because of M4 as you can use it for free with another server such as STS Finance. Earning interest on account balance is another distinctive advantage that Oanda offers, go with Oanda and use M4 free with another server, I am sure you won't be disappointed.
  • #11
  • Oct 22, 2005 12:09pm Oct 22, 2005 12:09pm
ok my last post as i dont seem to be getting thru. everyone is basing thier opinion on ibfx based on old/outdated information. oanda or ibfx, i could care less but i want people to get the correct info. at ibfx a standard account allows you to

1. TRADE ANY LOT SIZE YOU WISH

2. IT DOES PAY INTREST

3. THERE IS NO DEALING DESK

4. IT USES MET4 AND IS NOT HAVING ANY PROBLEMS.

5. I TRADE THE STANDARD AND I CAN VOUCH FOR THE ACCURACY OF THE ABOVE STATEMENTS.
  • #12
  • Oct 22, 2005 2:21pm Oct 22, 2005 2:21pm
Quoting james16
ok my last post as i dont seem to be getting thru. everyone is basing thier opinion on ibfx based on old/outdated information. oanda or ibfx, i could care less but i want people to get the correct info. at ibfx a standard account allows you to

1. TRADE ANY LOT SIZE YOU WISH

2. IT DOES PAY INTREST

3. THERE IS NO DEALING DESK

4. IT USES MET4 AND IS NOT HAVING ANY PROBLEMS.

5. I TRADE THE STANDARD AND I CAN VOUCH FOR THE ACCURACY OF THE ABOVE STATEMENTS.
i agree. ive been with them for a year now. the best damn broker i ever dealt with so for.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Oct 22, 2005 4:02pm Oct 22, 2005 4:02pm
Go with InterbankFX... Good fit for folks who trade with a mini-lot...
Oanda is good for big boys with a lot of capital... Thus 1:50 leverage is good enough...
  • #14
  • Oct 22, 2005 11:14pm Oct 22, 2005 11:14pm
Quoting james16
as i said before ibfx has not done a very good job advertising the flexibility they now offer. you can trade ANY lot size at ibfx that you can trade at oanda. maybe more. 100, 1000, 10,000, 100,000.
Hi Jim, my mistake then, I should read more. Thank you for the correction
  • #15
  • Oct 22, 2005 11:41pm Oct 22, 2005 11:41pm
I agree with James16. InterbankFX is great (so far). I've been with them about a month now. AND I AM SCALPING (real money). And doing very well at it. As far as leverage, yes of course I use it. Not afraid to use leverage when scalping 100:1 on every trade I do now. So IBFX isn't BS-ing when they say interbank direct dealing. I could care less about MT4. I don't need it. I have my own charting software. I like the speed and simplicity of their regular platform. I hate browser based platforms such as Oanda or Forex.com.

Thanks. My 2 cents worth.

JohnFX
  • #16
  • Oct 22, 2005 11:46pm Oct 22, 2005 11:46pm
Quoting ElectricSavant
oh..so little boy's should gamble with 400:1?

Really there is a valid point for this..I just want to see if you know?
Oh! Do you really read only half the sentance? little boys with small capital have no other option to make money (if they are smart, 1:200 leverage will help them to boost the account balance)... with a small capital and 1:50 -- uphill battle...

Even if they burn that small capital; it may be their ForEx trading course fee -- They better loose 500 than 10000... and they will become a better traders...

I just like to see whether you understand???
  • #17
  • Oct 23, 2005 12:38am Oct 23, 2005 12:38am
Quoting ElectricSavant
Well since you obviously, do not understand let me tell you...

Lets Say you trade a system, "day-in and day-out". You have defined your winrate, stoploss, risk to benefit ratio and drawdown.

THE ONLY REASON TO INCREASE LEVERAGE IS:

If you continue trading the same way with the same stops and the same Uncle point DrawDown in DOLLARS and simply want to"tie up" less money and to free it up to diversfy out to other trading systems/instruments or markets, because you can lower your margin requirement at the dealer/marketmaker. YOU DO NOT CHANGE ANYTHING, BUT THE MONEY YOU TIE UP...THERE IS NO ACCELERATION OTHER THAN THAT. This is simply a Mechanical Dealer requirement that you are minimizing. it has nothing to do with the way you trade or how fast you are going to get there!

This is not an opinion, unless you believe trading is gambling, then you will not believe me, and it does not matter if this is an iopinion or not. I will tell you right now, any successful, consistent trader will confirm this FACT that I am telling you..


Why do you think that most retail spot Forex traders fail...Some say it is 95% of them. What is wrong with this picture you are painting, troll?

This is a public Forum, and how many people are you hurting, without explaining yourself?

Michael B.

P.S. Please excuse my directness, It's just that I treat trading as a business, not a game. Trading is my life's work and I am 46 years old and have traded since I was 18 years old (My parents cosigned my Merril Lynch account). Traders and New Traders please don't use too much leverage unless you have that valid reason above. PLEASE. If I could admonish you to lower your expectations....take your time, you have the rest of your life.
Pure old BS wisdom -- and that's not the only reason to increase leverage... This advise will generate more of your so called 95% retail traders... and where did you get that 95% spot ForEx failure statistics...
LoL
  • #18
  • Edited 7:53am Oct 23, 2005 7:45am | Edited 7:53am
For those who like margin and leverage...
http://www.investopedia.com/universi...in/margin3.asp

Nothing is wrong with InterbankFX (their PAMM is a good option for money managers to control and trade all accounts with one click)... I have accounts in both Oanda and InterbankFX...
  • #19
  • Oct 23, 2005 10:02am Oct 23, 2005 10:02am
Quoting linuxtroll
For those who like margin and leverage...
http://www.investopedia.com/universi...in/margin3.asp

Nothing is wrong with InterbankFX (their PAMM is a good option for money managers to control and trade all accounts with one click)... I have accounts in both Oanda and InterbankFX...
"little boys with small capital" are *usually* inexperienced traders, hence the last line "Margin trading is extremely risky." on the summary page for the link you provided is the very reason they should trade on low margin.

eg. margin 10:1 on $1000 account trading 50% of account ( not recommending that, just allowing for newbie cluelessness) means that (AUD$):

$500 = 4000 EURUSD units Each pip = $0.54 If they lose 30 pips on a trade it costs them $16 or 1% of their capital. They can make 31 losing trades before their initial capital has dropped by 50%.

Trading @ 50:1 thay can purchase 17000 units with pip value of $2.27. 30 pip loss = $68 or 7% of their capital. They can make 13 losing trades before reducing capital by 50%.

Now extrapolate that to 100:1 or worse 200:1 and see how long it takes an unexperienced trader to lose their dosh.

High margin is *not* your friend.....
  • #20
  • Oct 24, 2005 12:16am Oct 24, 2005 12:16am
Quoting Beachie41
High margin is *not* your friend.....
For smart little guys and trolls, high margin is definitely a friend...
http://www.forex.com/contest_interview.html

Cheers,
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