Which Broker?? IB TS MBT ??? | Page 2 | Forex Factory

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Which Broker?? IB TS MBT ???

  • #21
  • Sep 20, 2007 10:40pm Sep 20, 2007 10:40pm
Quoting hanz
euro,yen 1 tick spread and ur in profit if ur 1 tick up inclusive of commission R/T
Hi Hanz, are you referring to Globex? IB IdeaPro is much more?
  • #22
  • Sep 20, 2007 10:42pm Sep 20, 2007 10:42pm
Quoting jleblang
MBT/EFX offer minimum trade size of .1 lot or 1000 currency units. So the commission would scale based on the size you are trading.

Example:

100,000 = $5.00 per trade

10,000 = $0.50 per trade

1000 = $0.05 per trade

The execution is all the same.
Hi Justin,

Is this fee structure exactly the same as MBT?
For micro and mini lot size, are they less chance of being filled compared to standard lot size?
  • #23
  • Sep 21, 2007 4:13am Sep 21, 2007 4:13am
Quoting Trader KGB
I can. Oftentimes put an order to buy in 0.5 pip above the bid, sometimes get filled, other times get filled at 0.5 below my limit (price improvement). Other times, don't get filled at all. All depends if there's a seller at my price and how active the market is. The point is, traders can trade within the spread at IB, just like at EFX, Hotspot, etc
Hmm, yeah you're right... Matter of fact, that happened to me on a EUR order two nights ago... I got a better fill than I expected...
Mr. Trend
  • #24
  • Sep 21, 2007 4:14am Sep 21, 2007 4:14am
Quoting Trader KGB
Glad I could be of help. fwiw, I may look into TS in the near future for some systems work and will comment on the FX side.
I have a lot of experience with TS. I would definitely recommend them. I can't comment on their Forex offerings, although they've improved a lot since I left. I saw VERY competitive spreads the other day from another poster... and that's weird coming from GAIN capital... heh. I'm thinking about dropping 5K in them and opening another account...
Mr. Trend
  • #25
  • Sep 21, 2007 10:52am Sep 21, 2007 10:52am
Quoting TickJob
Hi Justin,

Is this fee structure exactly the same as MBT?
For micro and mini lot size, are they less chance of being filled compared to standard lot size?
TickJob,

Hi TickJob,

The fee structure is the exact same.

The execution is all the same for any size order and if you choose to trade between the spread you'll actually find you receive price improvement many times as well.
  • #26
  • Sep 21, 2007 11:33am Sep 21, 2007 11:33am
what's the point of a 1 pip spread if theres only 5 contracts available? The futures vs spot debate has and will continue to raise tension but I cannot understand why anyone woudl choose futures over spot.

The margin requirements for futures are much higher (ok not necessariyl a great thing), consistent size is not always available unless you intend on trading 1 lots and it's only worth considering eur sterling yen and swiss.

Best option? Write(purchase) an aggregator for both futures and spot and you'll have best of both worlds

Quoting Trader KGB
They're usually the same for the euro and yen (1 pip on both spot & futures), and roughly the same on the aussie, pound, and cad during market hours. Right now in the pre-Asian session, yen and euro futures are both 1 pip, but pound/aussie/cad are all about a pip or two wider than spot.

Live CME futures prices (requires free signup)

IB's IdealPro can trade in 0.5 pip increments, so occasionally euro and the others are at 0.5 pip spread, but more often than not they hover around 1 for euro, yen, aussie; 2 for cad; 3 for pound.
  • #27
  • Sep 21, 2007 12:48pm Sep 21, 2007 12:48pm
Quoting sccz97
what's the point of a 1 pip spread if theres only 5 contracts available? The futures vs spot debate has and will continue to raise tension but I cannot understand why anyone woudl choose futures over spot.

The margin requirements for futures are much higher (ok not necessariyl a great thing), consistent size is not always available unless you intend on trading 1 lots and it's only worth considering eur sterling yen and swiss.
The lack of liquidity in futures is a falsehood (from a trader's perspective). Institutions automatically arb the futures market so any spot/futures differentials rarely exist. I've had 100 lot limit orders execute in the overnight market when the book was only in double digits depth-wise on the Aussie. That's without paying the spread as well. Don't judge liquidity by the size in the book, the DOM in any market is quite often misleading as most traders/institutions try to mask their size.

Margins for FX futures usually translate to roughly 80:1, which should be more than suitable for any real trader.
  • #28
  • Sep 21, 2007 3:29pm Sep 21, 2007 3:29pm
Exactly. There are a few exceptions. For example, you're not going to push 150 contracts on the YM, but you could on S&P 500.

In currency futures, you can easily push what you need. And there's probably no one on these forums that need anything more than fifty contracts anyway...
Mr. Trend
  • #29
  • Sep 21, 2007 4:56pm Sep 21, 2007 4:56pm
Quoting Trader KGB
The lack of liquidity in futures is a falsehood (from a trader's perspective). Institutions automatically arb the futures market so any spot/futures differentials rarely exist. I've had 100 lot limit orders execute in the overnight market when the book was only in double digits depth-wise on the Aussie. That's without paying the spread as well. Don't judge liquidity by the size in the book, the DOM in any market is quite often misleading as most traders/institutions try to mask their size.

Margins for FX futures usually translate to roughly 80:1, which should be more than suitable for any real trader.
I'm not talking about finding arb opps between futures and spot (though they do exist when the mkt is volatile but you really need to have a lnet solution to take advantage). On anytihng apart from the to p2-3 most liquid fx futures contracts you will not regularly find 100 contracts available with a 1 pip spread. That's not to say however that you wouldnt get 100 filled at that price in numerous partial fills if you tried to hit the top bid. Most likley those contracts would be replaced immediately. whilst this may come across as more or less being the same as having 100 on offer at the start I'd personally feel more comfortable having 10m available on an ecn, maybe it's just me being picky.
  • #30
  • Sep 21, 2007 7:42pm Sep 21, 2007 7:42pm
Hi,
Can anyone please recommend any good book/url to learn about futures...looks like it is one of the hot topics here. From where I come from Futures are not very popular. Are they similar to options?

Thanks
Vouch me and I vouch you back !
  • #31
  • Sep 24, 2007 9:58pm Sep 24, 2007 9:58pm
Quoting Mr Trend
It's a close race. They're both very good brokers... IB's been around for a very long time, and are known by most older traders. MB Trading is known for their futures...
If there is a "close" part, I would think it would be between IB and MB. I don't see TS being a very good option. Execution stinks. They pass to Gain or GFT, I believe.
FXChant Singing the World of Forex
  • #32
  • Sep 24, 2007 11:31pm Sep 24, 2007 11:31pm
Quoting fxchant
I don't see TS being a very good option. Execution stinks. They pass to Gain or GFT, I believe.
You might be thinking of their old setup. They still trade through Gain, but they no longer use the separate Gain front-end. It's all integrated into 8.3 that came out this summer. They also support sub-pip fractional pricing (the spreads are tighter but there's a 0.2pip commission just like IB). I'm going to test their platform and execution.
  • #33
  • May 6, 2008 3:04pm May 6, 2008 3:04pm
in the prefered broker firms
http://www.forexfactory.com/brokers.php?broker=138

it said EFX offer mini lot (10K units)

I get a little confused now

Quoting jleblang
MBT/EFX offer minimum trade size of .1 lot or 1000 currency units. So the commission would scale based on the size you are trading.

Example:

100,000 = $5.00 per trade

10,000 = $0.50 per trade

1000 = $0.05 per trade

The execution is all the same.
  • #34
  • Jul 26, 2008 4:01pm Jul 26, 2008 4:01pm
What about ODL ? Anyone experience with?
  • #35
  • Jul 28, 2008 4:34am Jul 28, 2008 4:34am
hey, check out England Foreign Exchange http://www.efxco.com/Services/Advant...0/Default.aspx
see if its good for you or not!!! Good luck
  • #36
  • Jul 28, 2008 8:30pm Jul 28, 2008 8:30pm
Quoting Emilfx
hey, check out England Foreign Exchange http://www.efxco.com/Services/Advant...0/Default.aspx
see if its good for you or not!!! Good luck
This looks like a dealing desk, not an ECN.
  • #37
  • Jun 17, 2009 9:28am Jun 17, 2009 9:28am
Hi, i've just created a demo account on Interactive Brokers. Can someone explain to me why the hell all their currency feeds are off by some 150+ pips?

While EURUSD is right now at 1.3867, their platform is saying that it is at 1.4033! USDJPY is at 95.963 but they're saying it is at 98.950. LOL!


Any IB customer, can you explain to me what's going on? Is it just their demo platform that's crazy?
freedom
  • #38
  • Jun 17, 2009 9:31am Jun 17, 2009 9:31am
Quoting equilibrium6
Hi, i've just created a demo account on Interactive Brokers. Can someone explain to me why the hell all their currency feeds are off by some 150+ pips?

While EURUSD is right now at 1.3867, their platform is saying that it is at 1.4033! USDJPY is at 95.963 but they're saying it is at 98.950. LOL!


Any IB customer, can you explain to me what's going on? Is it just their demo platform that's crazy?
Demo is not based upon live data, just simulated/delayed data to test the platform.
  • #39
  • Jun 17, 2009 9:31am Jun 17, 2009 9:31am
They have delayed pricing on their demo. If you open a live-account you get a paper-trading account (which is a demo account with live-prices).
  • #40
  • Jun 17, 2009 9:32am Jun 17, 2009 9:32am
Ok thanks guys.
freedom
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