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Verbiage directly from interbank trading agreement

  • #1
  • First Post: Jul 12, 2006 7:41pm Jul 12, 2006 7:41pm
I found this section from the Interbank FX trading agreement very interesting and felt it was worth sharing.

**************************************

REGULAR CONTRACT RULES AND REGULATIONS

I. REGULAR CONTRACT SPECIFICATIONS.

(A) Currency Contract Size - $100,000

(B) Spread. The size of the spread, which is the difference between the "BID" and "ASK" quotes, will vary depending on fluctuations in the exchange rate between the subject currencies. Interbank FX, LLC earns a portion of its income from part of the spread charged on its dealing rates to Customers.

*****************************************

I found the last section of part B where they state a portion of their income is generated from the spread charged on its dealing rates. Where does the rest of their income come from?

Can anyone enlighten me on other legitimate sources of income they might have(assuming its related to spot forex trading)? I hate to be paranoid but could this be a legal disclaimer for stop hunting or other shady activities?

Regards
Ah
  • #2
  • Jul 12, 2006 8:49pm Jul 12, 2006 8:49pm
I'm leaving Interbankfx. Constant disconnections and problems.

Can someone recommend a good reliable broker?

I'm currently looking at these:

SBFX/Solid Gold
SBFX/coesfx
FXDD

Thanks.
  • #3
  • Jul 12, 2006 9:42pm Jul 12, 2006 9:42pm
I'm looking at FXDD also.

There is a post somewhere on ff from a fellow named moe, he recommended both FXDD and interbankFX.

I guess the broker, and their ways to rip you off are just another part of the this game you have to learn if you want to win.

Best regards,
Ah
  • #4
  • Jul 12, 2006 10:48pm Jul 12, 2006 10:48pm
Quoting Achilles heel
I'm looking at FXDD also.

There is a post somewhere on ff from a fellow named moe, he recommended both FXDD and interbankFX.

I guess the broker, and their ways to rip you off are just another part of the this game you have to learn if you want to win.

Best regards,
Ah

whats up guys. i still have a small account with ibfx don't trade that much with them. my two main accounts now is with mb trading and fxdd love them both.
If I Go Broke Trying Then I Will die happy.
  • #5
  • Jul 12, 2006 10:50pm Jul 12, 2006 10:50pm
Quoting Achilles heel
I found this section from the Interbank FX trading agreement very interesting and felt it was worth sharing.

**************************************

REGULAR CONTRACT RULES AND REGULATIONS

I. REGULAR CONTRACT SPECIFICATIONS.

(A) Currency Contract Size - $100,000

(B) Spread. The size of the spread, which is the difference between the "BID" and "ASK" quotes, will vary depending on fluctuations in the exchange rate between the subject currencies. Interbank FX, LLC earns a portion of its income from part of the spread charged on its dealing rates to Customers.

*****************************************

I found the last section of part B where they state a portion of their income is generated from the spread charged on its dealing rates. Where does the rest of their income come from?

Can anyone enlighten me on other legitimate sources of income they might have(assuming its related to spot forex trading)? I hate to be paranoid but could this be a legal disclaimer for stop hunting or other shady activities?

Regards
Ah
THEY MIGHT HAVE A PROP DESK TRADING THERE OWN MONEY.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Jul 13, 2006 3:45am Jul 13, 2006 3:45am
Moe, does FXDD allow hedging in the same account? thanks scott



Quoting Moe
whats up guys. i still have a small account with ibfx don't trade that much with them. my two main accounts now is with mb trading and fxdd love them both.
  • #7
  • Jul 13, 2006 5:00am Jul 13, 2006 5:00am
Quoting smjones
Moe, does FXDD allow hedging in the same account? thanks scott
Yes they do. check out there website. fxdd.com
If I Go Broke Trying Then I Will die happy.
  • #8
  • Jul 13, 2006 7:00am Jul 13, 2006 7:00am
Thanks for the info scott

Quoting Moe
Yes they do. check out there website. fxdd.com
  • #9
  • Jul 13, 2006 12:05pm Jul 13, 2006 12:05pm
Hi Moe,

Thanks very much for the info, appreciate your time and input.

Best Regards,
Ah
  • #10
  • Jul 14, 2006 12:11pm Jul 14, 2006 12:11pm
Hi Moe,

What platform do you trade with at FXDD?

Thanks
Ah
  • #11
  • Jul 14, 2006 3:28pm Jul 14, 2006 3:28pm
just went live on there mt-4 great platform.
Quoting Achilles heel
Hi Moe,

What platform do you trade with at FXDD?

Thanks
Ah
If I Go Broke Trying Then I Will die happy.
  • #12
  • Jul 14, 2006 6:07pm Jul 14, 2006 6:07pm
Since there is an interest in FXDD here is info on them. FXDD is a subsidiary of Compagnie Financière Tradition and Tradition (North America) Inc.

http://www.tradition-na.com/contact/index.html

NFA ID: 0271289

Their web sites give little info unfortunately. Since their financial backing is large there is little need to trade against their customers or misuse their accounts. Accounts are insured against fraud and are government regulated (US and Swiss).
  • #13
  • Jul 14, 2006 11:01pm Jul 14, 2006 11:01pm
Quote
Don't sign-up with Interbankfx --- 07-12 - 2006 <hr style="color: rgb(255, 255, 255);" size="1">I just put in my withdrawal form. I'm cashing out from that horrible broker. They are the worst that I have ever seen. I waited for 3 hours to put a buy order in and when it was finally time to do it, "Invalid Account" . I've seen disconnect after disconnect after disconnect. Just when you thought it couldn't get worse, it does. They take horrible service to another level. They almost pride themselves in treating you poorly. I can only assume that these disconnections are a strategy for them. They pull the plug when they want to take your money. I can only assume that because the disconnections are very very common. It happens just about everyday. I had an order in for EURUSD today and I tried to put a stoploss in because I had forgotten it. When I tried to put it in, it said "common error" . I tried 5 times and I kept getting "common error" .
Sounds like something unethical is going on with IBFX.
  • #14
  • Jul 14, 2006 11:16pm Jul 14, 2006 11:16pm
The problem with FXDD is that you cant trade micro lots even on their Metatrader 4 platform. The minimum trade with FXDD has to be a mini lot of 10k. Micro lots on the other hand are good for EA trading.

Until FXDD offers micro lots, they will be at a disadvantage to other brokers like IBFX who do.
  • #15
  • Jul 15, 2006 9:27am Jul 15, 2006 9:27am
Quoting PipStar
The problem with FXDD is that you cant trade micro lots even on their Metatrader 4 platform. The minimum trade with FXDD has to be a mini lot of 10k. Micro lots on the other hand are good for EA trading.

Until FXDD offers micro lots, they will be at a disadvantage to other brokers like IBFX who do.
Margin Rates are akin to Globex Futures also

Leverage
FXDD allows maximum leverage of 100:1 for a regular account and 200:1 for a mini account. For example, if you had a $10,000 account value, you could control a maximum position equal to 100 times $10,000 (or $1,000,000). Trading in a currency where the base currency is USD, you could take a position equal to ten, 100,000 lots. Working the numbers another way, if you purchase 1 lot of EUR/USD at 1.3000, you would control a position equal to $130,000 (100,000 euros x 1.300 exchange rate = $130,000). The cash margin required to hold that position would be equivalent to $130,000/100 or $1,300.

This may not be a bad thing as it may relate to "You get what you Pay for" But it will require modifying MM Calcs.

I don't know about the MT platform. I haven't checked that but I assume it would be the standard MT platform.
Charting does seem limited in the FXDD platform with no allowance for custom coding. Although they do offer Order Types, again, more akin to Globex Futures.
Contingent
Stop
EntryStop
Limit
OCO
with the ability to set Stop, Limit and TrStop at time of placing Order

Started a Demo yesterday and will watch it with anticipation when the Markets open tommorow.

Thanks Rich for posting the link.
  • #16
  • Jul 15, 2006 11:24am Jul 15, 2006 11:24am
richx7, What post number is this quote from I cannot find it in this thread? Who made this statement so I may ask more questions?

Thanks Scott

Quoting richx7
Sounds like something unethical is going on with IBFX.
  • #17
  • Jul 16, 2006 3:43pm Jul 16, 2006 3:43pm
Quote
The cash margin required to hold that position would be equivalent to $130,000/100 or $1,300.
I spoke with a rep earlier who said all lots (including GBP US) require $1000 ($100 mini) margin. The MT4 platform is available for live trading now, or you can use MT3 or their FXDD trader which has no graphics. I have been using the demo and it is very stable and highly recommended.

Quote
What post number is this quote from I cannot find it in this thread? Who made this statement so I may ask more questions?
As I remember it was from Forex TSD forum. I have seached for the quote but could not find it - it may have been deleted. I will give links to any quotes outside the thread from now on.
  • #18
  • Jul 16, 2006 3:55pm Jul 16, 2006 3:55pm
Quoting PipStar
The problem with FXDD is that you cant trade micro lots even on their Metatrader 4 platform. The minimum trade with FXDD has to be a mini lot of 10k. Micro lots on the other hand are good for EA trading.

Until FXDD offers micro lots, they will be at a disadvantage to other brokers like IBFX who do.
I almost changed brokers because of this. My account is too small to trade mini lots.

When FXDD went live with MT4 they also allowed micro lots to be used with it. If you want micro lots you need to specifically ask for it when you use MT4. You will know it is enabled if it shows .01 lots in the dropdown box when placing a trade in MT4. Also if you try to type in micro lots and the button to submit the trade is grayed out then that means micro lots are not enabled.

I have been live with MT4/micro lots at FXDD since June 27.
  • #19
  • Jul 16, 2006 4:08pm Jul 16, 2006 4:08pm
Snuff, How has that been working for you? Are you pleased with them?

Thanks Scott


Quoting Snuffleupagus
I almost changed brokers because of this. My account is too small to trade mini lots.

When FXDD went live with MT4 they also allowed micro lots to be used with it. If you want micro lots you need to specifically ask for it when you use MT4. You will know it is enabled if it shows .01 lots in the dropdown box when placing a trade in MT4. Also if you try to type in micro lots and the button to submit the trade is grayed out then that means micro lots are not enabled.

I have been live with MT4/micro lots at FXDD since June 27.
  • #20
  • Jul 16, 2006 5:09pm Jul 16, 2006 5:09pm
Nobody is using oanda? I haven't heard once a bad thing about them.
About interbankFx i've heard lots of bad things, why people still use them?
I'm using oanda for a couple of months and everything seems in order, you can have any size on your lot, you can trade even with 1$, great and fast execution.
I use other tools for analysis like tradestation and mcfx, so i don't care about their java platform wich is quite good for placing orders, modifying your stop loss and take profit.
If you like metatrader for tehnical stuff, you can use it.
Try hard, think fast, die young
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