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InterbankFX's new spreads

  • #1
  • First Post: Nov 17, 2009 5:17am Nov 17, 2009 5:17am
Has anyone talked about InterbankFX's new spreads?

Does this affect any one's opinion of the broker?

Here are the new spreads, effective immediately, which are as low as:

GBP/JPY 3
EUR/JPY 2
EUR/USD 1
USD/JPY 1
USD/CHF 1
GBP/USD 2
AUD/USD 2
USD/CAD 2
GBP/CHF 4
  • #2
  • Nov 17, 2009 5:33am Nov 17, 2009 5:33am
Quoting aicccia
Has anyone talked about InterbankFX's new spreads?

Does this affect any one's opinion of the broker?

Here are the new spreads, effective immediately, which are as low as:

GBP/JPY 3
EUR/JPY 2
EUR/USD 1
USD/JPY 1
USD/CHF 1
GBP/USD 2
AUD/USD 2
USD/CAD 2
GBP/CHF 4
I used to have an IBFX account and didn't like them; thought they played a lot of games with prices. As would be the case with any broker though, the key phrase here is "as low as." That means spreads can be a crapload higher anytime they want them to be, as long as they are "as low as" sometimes.

They are probably doing this because they're feeling the pinch from the ECN brokers that now offer MT4; no doubt they're losing a lot of clients.

Just my 2 cents, but I guess any development like this can possibly be good news for traders...
  • #3
  • Nov 17, 2009 5:39am Nov 17, 2009 5:39am
Quoting TC East
I used to have an IBFX account and didn't like them; thought they played a lot of games with prices. As would be the case with any broker though, the key phrase here is "as low as." That means spreads can be a crapload higher anytime they want them to be, as long as they are "as low as" sometimes.

They are probably doing this because they're feeling the pinch from the ECN brokers that now offer MT4; no doubt they're losing a lot of clients.

Just my 2 cents, but I guess any development like this can possibly be good news for traders...
Hi TC,

I'm sure you've probably been asked this a hundred times, but in your opinion, what would you say are the best couple of market makers around? You seem to have a fair amount of experience..

Rgds
  • #4
  • Nov 17, 2009 5:42am Nov 17, 2009 5:42am
Quoting aicccia
Has anyone talked about InterbankFX's new spreads?

Does this affect any one's opinion of the broker?

Here are the new spreads, effective immediately, which are as low as:

GBP/JPY 3
EUR/JPY 2
EUR/USD 1
USD/JPY 1
USD/CHF 1
GBP/USD 2
AUD/USD 2
USD/CAD 2
GBP/CHF 4
this is not true, im trading with them right now and i see the same old spreads, except on usd/chf witch is now 3 instead of 4 pips. where did you get this info from?
  • #5
  • Nov 17, 2009 5:46am Nov 17, 2009 5:46am
Quoting DubaiTrader
Hi TC,

I'm sure you've probably been asked this a hundred times, but in your opinion, what would you say are the best couple of market makers around? You seem to have a fair amount of experience..

Rgds
No problem...as for market makers/bucketshops, I use FXDD, and have found them to be the best in that category; honestly there isn't any other bucket I'd want to use right now. I have had live accounts with most of the main bucketshops, and FXDD's execution (which is important to me) has been superior in my experience.

They are still a bucketshop and I never let myself forget that, but I have had a decent experience with them. Lots and lots and lots of people with complaints though, so you can find an opinion either way I'm sure...
  • #6
  • Nov 17, 2009 5:48am Nov 17, 2009 5:48am
Quoting BiggerPips
this is not true, im trading with them right now and i see the same old spreads, except on usd/chf witch is now 3 instead of 4 pips. where did you get this info from?
ok sorry i did notice a little change but nothing like the spreads that was qouted, here's what im seeing.


GBP/JPY 5-8
EUR/JPY 4
EUR/USD 2
USD/JPY 3
USD/CHF 3-4
GBP/USD 3-4
AUD/USD 3-4
USD/CAD 4-5
GBP/CHF 5-8
__________________
  • #7
  • Nov 17, 2009 6:02am Nov 17, 2009 6:02am
Quoting BiggerPips
ok sorry i did notice a little change but nothing like the spreads that was qouted, here's what im seeing.


GBP/JPY 5-8
EUR/JPY 4
EUR/USD 2
USD/JPY 3
USD/CHF 3-4
GBP/USD 3-4
AUD/USD 3-4
USD/CAD 4-5
GBP/CHF 5-8
__________________
I'm seeing a 2 pip spread on GBP/USD right now.
  • #8
  • Nov 17, 2009 6:19am Nov 17, 2009 6:19am
Quoting aicccia
I'm seeing a 2 pip spread on GBP/USD right now.
im on live account and i don't see anything close to 2 pips.
  • #9
  • Nov 17, 2009 6:46am Nov 17, 2009 6:46am
just now I had GBPJPY at 4 but what good is it if they rip you off with the reqoutes.
  • #10
  • Nov 17, 2009 7:14am Nov 17, 2009 7:14am
Quoting BiggerPips
ok sorry i did notice a little change but nothing like the spreads that was qouted, here's what im seeing.


GBP/JPY 5-8
EUR/JPY 4
EUR/USD 2
USD/JPY 3
USD/CHF 3-4
GBP/USD 3-4
AUD/USD 3-4
USD/CAD 4-5
GBP/CHF 5-8
__________________
Looks like the same old spreads.
  • #11
  • Nov 17, 2009 7:18am Nov 17, 2009 7:18am
Quoting Pipo
just now I had GBPJPY at 4 but what good is it if they rip you off with the reqoutes.
Or, if they go with the "variable" spreads, does that mean they can widen them (that is, whenever it is beneficial to them) whenever they feel like it? Of course this is pretty much what all the rest of the brokers do, isn't it?
  • #12
  • Nov 17, 2009 7:33am Nov 17, 2009 7:33am
Quoting Pipo
just now I had GBPJPY at 4 but what good is it if they rip you off with the reqoutes.
never had that problem, been with them since 2005 made most of my money from them, i mostly trade thru a ECN now.
  • #13
  • Nov 17, 2009 7:58am Nov 17, 2009 7:58am
Quoting TC East
No problem...as for market makers/bucketshops, I use FXDD, and have found them to be the best in that category; honestly there isn't any other bucket I'd want to use right now. I have had live accounts with most of the main bucketshops, and FXDD's execution (which is important to me) has been superior in my experience.

They are still a bucketshop and I never let myself forget that, but I have had a decent experience with them. Lots and lots and lots of people with complaints though, so you can find an opinion either way I'm sure...
Thanks for your info. Is that FXDD extreme or just regular FXDD MT4? I have a demo FXDD and spreads are pretty high.

Do you have any experience with ECN's at all?

Thanks again.
  • #14
  • Edited 8:39am Nov 17, 2009 8:27am | Edited 8:39am
Never had any slippage or requote problems with InterbankFx even during volatile times.

Requotes can be the result of a crappy WLAN connection. When it takes 500ms to reach your broker and new quotes come in fast of course you will get reqoute. It takes 500ms to ge the quote lets say 100ms to react and another 500ms to send the order to your broker. Do you guys think they'll freeze the market for you during that 1.1 seconds?

Also note that it's recommended to upgrade your DSL with fastpath or get a cable internet connection which is much much faster in terms
of response time than a crappy DSL connection.
  • #15
  • Edited 8:52am Nov 17, 2009 8:40am | Edited 8:52am
I've been trading live with them for the past few months now, and haven't incurred any serious problems yet. In fact when my orders are placed, they are placed almost instantaneously ... not unlike Alpari U.S. (and possibly Alpari U.K.?) which takes almost 5 seconds to place an order. Of course this was on their demo trader. I don't know what it's like trading with them live? Also, with IBFX, you can use your old EA's, without having to modify them or put up with all this FIFO crap. That is a big plus, if you want to still keep your account in the U.S.
  • #16
  • Nov 17, 2009 8:43am Nov 17, 2009 8:43am
Exactly the same here, no problems with requotes at all with IBFX ...unless of course its high risk news time and trading live with fairly large lot sizes I've had price come within 1 or 2 pips of my stop and then still gone on to profit, so not noticed any funny tricks either so overall happy with them.

As far as these variable spreads are concerned, live support told me they will move lower but never higher than the old spread unless its news time and thats exactly what I've seen. I used to have to pay 7 pips for G/J all the time, but in normal trading I haven't seen it even reach 7 today, its been 4,5 and 6. Even 1 pip better is better for me
  • #17
  • Nov 17, 2009 8:58am Nov 17, 2009 8:58am
I've been trading with them for a little over a month now coming from FXCM. While I like them better than FXCM, the spreads aren't that much better, maybe 1-2 pips.
  • #18
  • Nov 17, 2009 9:00am Nov 17, 2009 9:00am
Quoting Tjpld
Also note that it's recommended to upgrade your DSL with fastpath or get a cable internet connection which is much much faster in terms of response time than a crappy DSL connection.
Hey, I still have a "slow" DSL connection, and my orders are filled almost immediately.

So, what is "fastpath?" Is that a software patch that can be downloaded? Of course I could probably just Google it ... and, in fact I might just do that.
  • #19
  • Nov 17, 2009 9:09am Nov 17, 2009 9:09am
Quoting DubaiTrader
Thanks for your info. Is that FXDD extreme or just regular FXDD MT4? I have a demo FXDD and spreads are pretty high.

Do you have any experience with ECN's at all?

Thanks again.
I just use the standard MT4. Spreads are a tad high but are fixed, so at least you don't have to worry about them widening. I opened the account there during the financial meltdown last year when Lehman went under. ECN spreads at that time were ridiculous, so I wanted a fixed spread bucketshop as an alternative. I've just stayed with them ever since and been happy.

I use ATC Brokers as my ECN right now, but have also used MB Trading and PFG. MBT's commissions are close to criminal though in my opinion lol...
  • #20
  • Nov 17, 2009 9:32am Nov 17, 2009 9:32am
Quoting TC East
I just use the standard MT4. Spreads are a tad high but are fixed, so at least you don't have to worry about them widening. I opened the account there during the financial meltdown last year when Lehman went under. ECN spreads at that time were ridiculous, so I wanted a fixed spread bucketshop as an alternative. I've just stayed with them ever since and been happy.

I use ATC Brokers as my ECN right now, but have also used MB Trading and PFG. MBT's commissions are close to criminal though in my opinion lol...
Thanks for all your info. MBT have interested me, although have to agree their comm's look through the roof! Any thoughts on execution?

I'll have a look at ATC.

I presume you use FXDD for longer term positions where spread isn't such an issue?
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