IB interactivebrokers.com - how is your experience? | Forex Factory

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IB interactivebrokers.com - how is your experience?

  • #1
  • First Post: Oct 14, 2010 3:48am Oct 14, 2010 3:48am
i recently started an account with IB (interactivebrokers.com).

now i like that they are dealing with the interbank market and they are NO market makers.
also the spreads are quite low, for GU 1-1.5pips and for EU 0.5-1 pips.

what i dont like:
-commissions (about 0.3 pips/halfturn)

-and they have no MT4 platform. so you can use their own chart software,
which is getting better, but still not good as MT4.

-complicated account management functions: you have a section "market value real FX position" AND a section called "FX portfolio-virtual FX position".
so sometimes you see at the and of the day a realised profit for example of $100, but you cant see it on your account.
i am asking them why this is happening, they told me something about i have to "convert" all existing currency positions to "base currency".
so far i have no idea what this menas, its science for me.

so thats as far my experience with IB, good and bad.

has anybody else IB as a broker or knows something about this broker?
trading is like dancing, don't think and just listen to the music!
  • #2
  • Oct 16, 2010 6:14am Oct 16, 2010 6:14am
nobody has andy experience with IB?

ok, from me another positive side to have IB.
i had NEVER a problem to trade during news time nor i had 10-20 pips spreads.

also i had NEVER a connection lost to their server and therefore no bid and asks what seems to happens to other retail brokers like oanda, alpari or FXCM.
trading is like dancing, don't think and just listen to the music!
  • #3
  • Oct 17, 2010 8:34am Oct 17, 2010 8:34am
I use IB to trade futures and sometimes options. Like them ok. No problems. Low commissions. Fast executions. I use a different order entry front-end than the one they provide. I use free Ninja Trader for charts.
They do have a habit of removing their day-trader margins during times of high volatility, and are slow to reinstate them. I will stay with them for now.
  • #4
  • Oct 18, 2010 3:14am Oct 18, 2010 3:14am
Quoting Kenz987
I use IB to trade futures and sometimes options. Like them ok. No problems. Low commissions. Fast executions. I use a different order entry front-end than the one they provide. I use free Ninja Trader for charts.
They do have a habit of removing their day-trader margins during times of high volatility, and are slow to reinstate them. I will stay with them for now.
great, thx for your comment to IB.
trading is like dancing, don't think and just listen to the music!
  • #5
  • Nov 16, 2010 7:17am Nov 16, 2010 7:17am
Quoting Kenz987
I use IB to trade futures and sometimes options. Like them ok. No problems. Low commissions. Fast executions. I use a different order entry front-end than the one they provide. I use free Ninja Trader for charts.
They do have a habit of removing their day-trader margins during times of high volatility, and are slow to reinstate them. I will stay with them for now.
I agree with Kenz987 IB has low commisions and fast order executions, but their trading platform is really bad (especialy when using charting). I tried different tools and decided to use 1st-Profit platform for charting and order placement.
  • #6
  • Nov 16, 2010 10:54am Nov 16, 2010 10:54am
I use Interactive Brokers for forex and stocks. I am happy with them at present. Although I definitely agree with you on the over-complicated account management functions.

I use NinjaTrader for opening and closing positions and automated SL/TP. It is a good combo.
We're all stories in the end. Just try to make it a good one.
  • #7
  • Edited 7:36am Nov 17, 2010 6:56am | Edited 7:36am
I have a trading account with IB and I recommend them if you can live without MT4.

the pros,

great spreads
ECN
Book Trader!!!!!
Programmable HotKeys!!!!
Time and sales and market depth
Order presets
great execution
ability to trade every exchange out there from one acc and platform.... KOPSI CL can be great times.
Excellent commissions on futures.
API allows you to trade the feed on multiple charting platforms. ( tradestation Amibroker and ninja to name a few.)
decent spreads on news
free withdrawal per month.
multiple order types, with algos available

Cons.
trading and execution subject to depth... so at times anit the best (futures expesially)
to many bloody platform updates!
ledger currency
FX comms a bit high, can't economically trade FX under 80K with out com hurting.
contacting them sucks! support tickets have a day lag for me chat sucks takes to long to load, calling them always has 5-10min waiting time.
charge you to close trades over the phone if your net goes down.
statments are mental..... need a degree to understand them
can't close a stop or tp on open trades and reopen it
can't add a bracket order to a open trade.
Tradersworkstation is clunky and that trade wizard is a pain!
converting currencies attracts a min com fee.
in house charts getting better but really suck!
if you set presets for AUD it sets for all AUD pairs, so the stop and take profit orders stuff up for AUDJPY if you set it up on AUDUSD
security card makes logging in fast a challenge!
no insurance or SEC protection for funds used to trade FX and futures.


apart from those little things, they're great. if you like it simple stay with MT4 as IB takes some getting used to.

see screen shots for booktrader. SPi futs and EURUSD

Cheers
Attached Image (click to enlarge)
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  • #8
  • Nov 17, 2010 8:16pm Nov 17, 2010 8:16pm
Quoting Traderji
I use Interactive Brokers for forex and stocks. I am happy with them at present. Although I definitely agree with you on the over-complicated account management functions.

I use NinjaTrader for opening and closing positions and automated SL/TP. It is a good combo.
Same here. I use Ninja Trader for charting. I use IB mostly for its low spread and comm, but everything is got a price. You want low spread and comm, you get low service. Their customer service is getting better but is still slow and minimal. You can't expect much handholding either. So if you use IB, you pretty much have to know what you are doing.
Make your losses in demo. Earn your profits live.
  • #9
  • Dec 3, 2010 9:20am Dec 3, 2010 9:20am
I recently upgraded my TWS to build 908.7 from an older build (could not recall exact version) .

Now, my sim and live modes are different from each other. There are buttons which exist on sim which could should not be there per IB support.

As far as trading goes, I was not aware that there is no longer the 'armed mode' on booktrader . Not totally sure why but I think this was due to a pending suit against them by a patent holder relating to this.

So now everytime you place a trade in BT, you have to confirm first. Move the order, confirm first. Not good at all.

I wonder what the other people here as replacement for BT.
  • #10
  • Dec 3, 2010 9:53am Dec 3, 2010 9:53am
I don't have an account at IB and am not familiar with their forex trading solutions.

But I know some people (hedge funds, private traders with large accounts) who have 7 to 8 digits accounts at IB for trading futures. So it's a reliable broker.

If you like MetaTrader, then you might give NinjaTrader a chance. You can connect it to IB - at least with their futures accounts.
  • #11
  • Dec 3, 2010 10:19am Dec 3, 2010 10:19am
better than any mt4 broker. commission is only an issue if you trade small size, as it's a tier'd approach. can't be the spreads, though. can chart trade through ninjatrader or sierra chart as well. the statements are very awkward, however. just make sure to manually keep track of your trades.
fyi: if trading many forex pairs, careful on trade size. sizes are based on the currency traded, as opposed to your typical fixed lot-based broker.
  • #12
  • Dec 3, 2010 2:18pm Dec 3, 2010 2:18pm
What is the minimum trading size to' trade with IB? How much money do you think a trader should have to' trade with them? Thank a lot for the answers
Sincerly yours
A tired bucket shop trader
XD
  • #13
  • Dec 3, 2010 2:32pm Dec 3, 2010 2:32pm
Quoting Beman
What is the minimum trading size to' trade with IB? How much money do you think a trader should have to' trade with them? Thank a lot for the answers
Sincerly yours
A tired bucket shop trader
XD
http://www.interactivebrokers.com/en/p.php?f=commission
You should search around on their site, all questions are answered.
I trade US stocks using the IB gateway, no complaints, commission is awesome.
But the forex deal is not quite as good, as another poster mentioned, you have to do reasonable size to get the commission down and they don't do any automatic re-balancing of trades into your denomination.
The breaking of a wave cannot explain the whole sea.
  • #14
  • Dec 3, 2010 2:51pm Dec 3, 2010 2:51pm
Quoting Craig
and they don't do any automatic re-balancing of trades into your denomination.
Could you please describe the process a little bit. Thanks
  • #15
  • Dec 3, 2010 2:55pm Dec 3, 2010 2:55pm
Thanks Craig found what i was looking for!
Did i read right? Is the minum commission 2.5$ for trade? Sorry if i keep questioning but i'm not sure if i read right or not
  • #16
  • Dec 3, 2010 3:00pm Dec 3, 2010 3:00pm
Quoting A_3
Could you please describe the process a little bit. Thanks
It is all described on the site, but basically, when you buy and sell currencies you end up with odd amounts of each denomination, depending on what you do. Most brokers will automatically re-balance your account into (for example) USD. IB does not do this, so as you trade you end up with amounts of EUR, JPY etc which need to be reconverted into your base denomination (USD for example).
So one has to be careful, as you pay commission and spread on the re-balance as well as the original trade. This however is a negligible cost depending on how it is managed.
The breaking of a wave cannot explain the whole sea.
  • #17
  • Dec 3, 2010 3:08pm Dec 3, 2010 3:08pm
Quoting Craig
It is all described on the site, but basically, when you buy and sell currencies you end up with odd amounts of each denomination, depending on what you do. Most brokers will automatically re-balance your account into (for example) USD. IB does not do this, so as you trade you end up with amounts of EUR, JPY etc which need to be reconverted into your base denomination (USD for example).
So one has to be careful, as you pay commission and spread on the re-balance as well as the original trade. This however is a negligible cost depending on how it...
Thanks, Craig! Where in the platform can I do this reconverting? And what does "depending on how it is managed" mean? Is there a secret way or what does it mean?
  • #18
  • Dec 3, 2010 3:28pm Dec 3, 2010 3:28pm
Quoting A_3
Thanks, Craig! Where in the platform can I do this reconverting?
I think it's under the 'Account' dialog.

Quoting A_3
And what does "depending on how it is managed" mean? Is there a secret way or what does it mean?
This just means having enough of a particular currency that you can use IDEALPRO rates to convert back into base currency, as opposed to IDEAL.
The breaking of a wave cannot explain the whole sea.
  • #19
  • Jan 27, 2011 1:42pm Jan 27, 2011 1:42pm
I'd appreciate any feedback on how trading spot FX with IB compares with trading CME FX futures with them? This is for day trading the big USD pairs, with maybe a few small position news trades for light entertainment. I have the account to trade multiple full lots or contracts once established, but I'd prefer to get comfortable with Minis first.

Thanks, Max
  • #20
  • Jan 27, 2011 4:08pm Jan 27, 2011 4:08pm
Liquidity in future market is very low compared to spot market. more slippage
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