IB referencing to my account | Forex Factory

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IB referencing to my account

  • #1
  • First Post: Dec 25, 2005 4:22pm Dec 25, 2005 4:22pm
Hi,

Just asking a question:

Why should I reference my forex account to an IB? Can a referenced person even be a family member? Should it be just a way to help him/her financially? Can I also reference to other family members with my new accounts?

Jeff
For hiring me to program EA's, please PM me.
  • #2
  • Dec 25, 2005 10:09pm Dec 25, 2005 10:09pm
Hi, are you talking about introducing broker ? Somehow I'm still confusing with your question. Do you mean you've been ask by an introducing broker to put his/her name on your account reference ?
  • #3
  • Dec 26, 2005 1:17am Dec 26, 2005 1:17am
It might depend on which FX broker you are using.

If a FX Broker offers commission to IB's then by linking your account to an IB, they (which might really be you) would get commission.

The commission might be 1/2 pip per round turn. So if you enter then exit a trade, which has a pip value of US$500, you would get US$250 commission.

In most cases, the IB needs to go through more or less the same due dilligence in account opening.
  • #4
  • Edited 1:34am Dec 26, 2005 1:28am | Edited 1:34am
Quoting firedave
Hi, are you talking about introducing broker ? Somehow I'm still confusing with your question. Do you mean you've been ask by an introducing broker to put his/her name on your account reference ?
No, I am just questioning about who can be an IB. Can also a family member or myself be an IB?

Jeff
For hiring me to program EA's, please PM me.
  • #5
  • Dec 26, 2005 1:34am Dec 26, 2005 1:34am
Quoting hagadol
It might depend on which FX broker you are using.

If a FX Broker offers commission to IB's then by linking your account to an IB, they (which might really be you) would get commission.

The commission might be 1/2 pip per round turn. So if you enter then exit a trade, which has a pip value of US$500, you would get US$250 commission.

In most cases, the IB needs to go through more or less the same due dilligence in account opening.
Thanks for info. So, as it might depend on which FX broker I am using or I will use, I should contact broker to ask this question. Can a family member or myself also be an IB?

Jeff
For hiring me to program EA's, please PM me.
  • #6
  • Dec 26, 2005 6:29am Dec 26, 2005 6:29am
Quoting fxtrader625
No, I am just questioning about who can be an IB. Can also a family member or myself be an IB?

Jeff
Okay, I got your question. For most broker, anyone ( including you or any of your family member ) who open an account with them eligible to be their IB. But I think you can't act as an IB for your own account. For more detail on certain broker, you need to contact their customer service. Please let me know if you got other question. Hope this help
  • #7
  • Dec 26, 2005 10:37am Dec 26, 2005 10:37am
Quoting fxtrader625
No, I am just questioning about who can be an IB. Can also a family member or myself be an IB?

Jeff
To be an IB is very easy, just promise them that you have potential clients, find 2-3 minis and you are an IB. I would do following: I would open one account under my grandmother's name who is 78 years old and second under my cousin's name who is 18 years old. I will trade this accounts and I will sell on one account and buy on another When I am flat on one account I will withdraw funds by credit card from the second account which is free and open another account with 500 or slightly less/more under my neighbour's pet's name or anybody else and I will keep going like that. OK I will pay 6 pips but I will get 2 to my control account. I will add to winning positions and cut losses short. Yes it is risky because I am going to overcome these 4 remaining pips. But I do it basically to maintain my IB position, because I attract new clients periodically by this strategy. During this I will seek big fat fishes
kiss the trend
  • #8
  • Dec 26, 2005 10:43am Dec 26, 2005 10:43am
Quoting fx-trader777
To be an IB is very easy, just promise them that you have potential clients, find 2-3 minis and you are an IB. I would do following: I would open one account under my grandmother's name who is 78 years old and second under my cousin's name who is 18 years old. I will trade this accounts and I will sell on one account and buy on another When I am flat on one account I will withdraw funds by credit card from the second account which is free and open another account with 500 or slightly less/more under my neighbour's pet's name or anybody else and I will keep going like that. OK I will pay 6 pips but I will get 2 to my control account. I will add to winning positions and cut losses short. Yes it is risky because I am going to overcome these 4 remaining pips. But I do it basically to maintain my IB position, because I attract new clients periodically by this strategy. During this I will seek big fat fishes
Shoot ! You just gave me a great idea May I know what broker did you use ? I should try this some time
  • #9
  • Dec 26, 2005 5:16pm Dec 26, 2005 5:16pm
I think that in the U.S you need some sort of certifications to be an IB, ie. Series 7, 63, etc
~If you fail to plan, you plan to fail~
  • #10
  • Edited 5:18pm Dec 26, 2005 5:18pm | Edited 5:18pm
IBs in the US

For US residents interested in becoming an IB, you must be registered in at least one of the following categories with the NFA (National Futures Association):

 

  1. FCM - Futures Commission Merchant
  2. CPO - Commodity Pool Operator
  3. CTA - Commodity Training Advisor
  4. IB - Introducing Broker

~If you fail to plan, you plan to fail~
  • #11
  • Dec 28, 2005 1:41pm Dec 28, 2005 1:41pm
Quoting firedave
Shoot ! You just gave me a great idea May I know what broker did you use ? I should try this some time
Hi dave, remember I sent you to your e-mail trading human emotions strategy?
my basisbank e-mail
kiss the trend
  • #12
  • Dec 28, 2005 6:11pm Dec 28, 2005 6:11pm
Quoting fx-trader777
Hi dave, remember I sent you to your e-mail trading human emotions strategy?
my basisbank e-mail
Ah, now I know LOL Thank you for your PM. Btw any luck with the strategy ?
  • #13
  • Last Post: Dec 29, 2005 1:22pm Dec 29, 2005 1:22pm
Quoting firedave
Ah, now I know LOL Thank you for your PM. Btw any luck with the strategy ?
I am having vacation I will check it later.

I will sell/buy my friend's emotions
kiss the trend
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