ILQ Broker Info

Hey, wondering if anyone has any experience with ILQ. They seem to be a relatively new NFA regulated Forex broker. Hadn't heard about them till I got an email from my introducing broker about them. Apparently their EUR/USD spread is consistently under 2. Wanted to know if anyone has any experience with a live account with ILQ. I'm currently fooling around with an ILQ demo account.

Thanks for your input.

EDIT: Despite not hearing any response I decided to give ILQ a chance. So far so good.

How is you experience with ILQ going?

Any feedback from people using ILQ or any of their IB:s?
I heard they are market makers so it would be nice to hear about how they are handling profitable customers.

Some MM brokers starts to play games with their customers if they are profitable, how about ILQ?

Hey guys - saw the posts so wanted to give an update - sorry for the delay.

It's interesting that they will not take accounts directly - you MUST use an IB. The IB I'm working with has access to 4 different spread groups, all available for different deposit sizes, something along the lines of $500-$5k EURUSD spread 1.6-1.9, $5k - $10k 1.4-1.7, $10k-$40k 1.1-1.4, and $40k+ 0.7 - 1.0 EURUSD with no commission, my IB said they'd make some exceptions if I did decent volume as well... Unfortunately my account is in the $5k range so the spreads are alright but could be better. For a while I had been using MDP since they're not an ECN and execution was pretty good, I think the strategy itself is starting to go by the wayside though. Have started using another strategy which so far is up. Can't comment on withdrawal speed as I haven't made a withdrawal yet.

Haven't experienced any "stop hunting" or the like.

If you'd like my IBs contact please PM me.

Update: Just ran across this article: http://www.forexindustryinsider.com/...ce-nfa-action/

Not sure how serious the case is based on that article, but never a good thing to see an NFA case. If anyone else knows anything more about it let me know, I have a decent amount of funds over there.

Could anyone point me in the right direction for trading with ILQ ? As they don't take on clients directly.

So far I've only been able to find EES FX and BeamFX. Are there any others? Who provides the best offer?

Thanks!

This is what I have found AFTER opening my ILQ account....
ILQ has a number of price feeds so each introducing broker has access to different price feeds

EESFX:
$500+ = 1.2 eurusd + pay 5% of your monthly profits back to EESFX

BBFX:
$500-$2,500 = 2.1 eurusd
$2,500-$20k = 1.7 eurusd
$20k-$40k = 1.2 eurusd
$40k+ = 0.8 eurusd
(hint... you might be able to ask for rebates depending on which price feed you fall under)

ATC Brokers:
$5k+ = 0.8 eurusd + $8 commission so closer to 1.6 eurusd

BeamFX:
0.7 + $10 commission

Global Futures:
$500+ = 2.1 eurusd
(will do rebates too..)

SteadyOnFX:
$1,000 + = 0.5 + $7 commission eurusd
*ONLY for non-US customers

FipRebates:
$500+ = FIXED 3.0 eurusd - rebates

Janus Trading (Not managed, IB):
$1k+ = 0.4 + $8.00 commission

Euronis IB:
$3k+ = .7 + $8.50 commission

FX Evolve:
Have no idea... Anyone know?

ICS Forex:
Have no idea... Anyone know?

Fortress Capital Futures:
Have no idea... Anyone know?

White label of ILQ:
AxiTrader USA:
$2,500 + = 1.6 eurusd

Are these commissions per side or per roundtrip?

In my opinion, if you pay more than 1 to 1.2 pips all-in in Eur/Usd its a not competitive firm. Even for small accounts.

Apart from that, if you read the NFA complaint documents for both ATC and ILQ, the language suggests that NFA is extremely sceptical about this firm. There might very well be more regulatory action down the road.

Round-turn commissions

I saw that ILQ has an AU branch. Anyone trading over there or heard anything?

Bump, anyone have more to say about ILQ?

I'm trading with ILQ Au, spread of EU =1.5. It seems good so far, almost no re-quote

This company was fined by NFA and banned from NFA permanently for membership as a FCM principal or through another other brokers. They were the subject of series of investigations by the NFA for fraud, money laundering and running a ponzi scheme by one of their director (who is now serving a 30-year jail sentence). They were formally known as I Trade but after the NFA investigations and fines, in order to continue to do business, the owners of the company sold I Trade to another financial company who changed its name to ILQ.

See the detailed NFA case here: http://www.nfa.futures.org/basicnet/...px?seqnum=3320

I guess after they got kicked out of US, they set up shop in Australia. http://www.financemagnates.com/forex...-massive-fine/

Second, the spread of 1.5 on E/U is just OK, not the best and you are NOT supposed to have re-quotes AT ALL not just almost with no requotes. That is the basic standard for a decent broker who's interest is aligned with its traders otherwise you are dealing with a bucketshop MM broker who's trading against you and is trying to profit against your losses which given the previous history of the company I won't be surprised.

I've read nice rewiews on forexpeacearmy about ILQ

yes they were / are crooks

I had an account with ILQ when they still did business in the US.
good broker and I liked some of their solutions for multiple accounts to be traded.
i worked with their old compliance officer mark and it seemed to me the nfa gave him a raw deal.
i liked trading with them.