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More on interbankfx . . .

  • #1
  • First Post: Feb 28, 2005 5:05pm Feb 28, 2005 5:05pm
Would like to hear from traders who are using interbankfx - - - are they treating you right ?


I noticed all these details in their fine print of their sign up contract. Are all these things normal with other brokers ? Seems like a few of these are fairly one sided towards interbank:

Further, Interbank FX, LLC retains the right, at their sole discretion and without prior notice, to prioritize the entry of My/Our orders, for example giving market orders a higher priority than limit orders - - HMMMMM. . . . HOW OFTEN HAS THIS OCCURED? - - I THINK CUSTOMERS SHOULD BE NOTIFIED IMMEDIATELY IF INTERBANK DOES THIS.

. . . limit orders placed in increments not accepted by the primary marketplace will be adjusted to the nearest acceptable price that is more beneficial to the My/Our upon execution. That means it ain't a true limit order as interbank will go ahead and fill the order anyway (at a price favorable to interbank - - Not me). AGAIN, I THINK INTERBANK SHOULD IMMEDIATELY INFORM ALL CUSTOMERS IF THEY START THIS PRACTICE AT ANY TIME.

. . . . COMMISSIONS AND OTHER ACCOUNT CHARGES. Customer shall pay all such brokerage, commission, and special service charges as Interbank FX, LLC may from time to time charge to the Account, and all other charges (including, without limitation, cross-currency overnight interest debits, mark-ups and mark-downs, statement charges, idle Account charges, order cancellation charges, Account transfer charges and other charges) and fees (including, without limitation, fees imposed by any bank, clearing house, contract market or regulatory or self-regulatory organization) arising out of Interbank FX, LLC 's providing of services hereunder. . . . In addition to charges by Interbank FX, LLC, Interbank FX, LLC charges a 1pip commission per round trip lot traded which is charged when a position is opened. AGAIN, I THINK INTERBANK SHOULD IMMEDIATELY INFORM ALL CUSTOMERS IF THEY START CHARGING FOR ANY ADDITIONAL FEES . . .THAT ARE NOT BEING CHARGED FOR AT PRESENT.
(ANY ADD-ON, GOTCHA TYPE FEES).
  • #2
  • Mar 1, 2005 6:06am Mar 1, 2005 6:06am
Standard stuff.
Bob/autofx
  • #3
  • Mar 1, 2005 6:46am Mar 1, 2005 6:46am
I have heard that they do not take the other side of your trade. Supposedly most brokers take the other side of your trade so they are more likely to go stop hunting. Also, unlike other brokers they are insured up to 100K by FDIC. Since they are an actual bank it is against the law for them to take the other side of a trade. They seem to have great spreads. (2 pips on EUR/USD and 3 on other majors) Of course I heard this from an IB of theirs.

The only downside I have found is that they do not have guaranteed stops like FXCM. I have not been trading long enough to really know how important this is.
  • #4
  • Mar 1, 2005 7:53am Mar 1, 2005 7:53am
Just confirmed this with interbank - - - while they claim to offer 3 pip spreads - - - buried in their fine print states they will take an ADDITIONAL 1 pip on every round turn - - - so actually that is 4 pip spreads, right ?

I confirmed with Oanda they offer 2 to 3 pip spreads (quite often 2 pip), but they say they do NOT take any extra pip on round turns like interbankfx, and no possible extra fees or charges hidden in fine print either.

Only downside I can find with Oanda is it appears they only can offer up to 50:1 leverage, not the standard 100:1 on full size lots like most others do.

Anybody know more about leverage max with Oanda ? I emailed them but no response so far.
  • #5
  • Mar 2, 2005 6:04am Mar 2, 2005 6:04am
sarbot,

It is a fair model. It's the price one pays for not having stops hunted if you
scalp, and for true anonymity in the fx market.

Try these on I n te r b a n k F X ' s platform. Risk is set low in the scripts. Raising
it to 10, especially in the GBPUSD script, gives eye-popping results.

Oh yes, for the most realistic backtest, Commission should be at 10 for
Cable and at 8.6 for Swissy. Spread would be 3 on both.

GBPUSD 1Hr

USDCHF 1Hr
Bob/autofx
  • #6
  • Mar 2, 2005 7:43am Mar 2, 2005 7:43am
interbank claims to offer 3 pip spreads - - - but buried in their fine print states they will take an ADDITIONAL 1 pip on every round turn - - - so actually that is 4 pip spreads, right ?

Is that what you call a "fair model" ? Seems to me you would be paying 4 pips for EUR/USD and with many other brokerages you get 3 pips on EUR/USD.

I dunno. Seems like they market and claim 3 pips BIGTIME on easily visible webpages, but only when you dig deeper and read fine print at sign up do you discover the extra pip "gotcha" in their contract. Doesn't seem real honest and forthcoming to me.

4 pips spreads across the major pairs really ain't any better than 3, 4, 5 that fxcm is offering, is it ?

Or compare to CMC, they offer 3 pips in all 3 majors, only in Swiss do they offer 4 pips.

I don't see how 4 pips across all majors with interbankfx is "better" than any of the other brokerages . . . .
  • #7
  • Mar 2, 2005 9:37am Mar 2, 2005 9:37am
Something fishy about it since a multiple bank fed model such as they are promoting should yield a varied spread which sometimes would show 1,2 or 3 pips in EUR for example depending on the movement of the different price feeds. For them to have a multiple feed with a fixed 3 pip spread doesn't make sense. With 3 pips and the 1 pip on the round turn they charge it is no better than what you can get elsewhere. It is unfortunate since it is a better model than the market making type (FXCM and the lot)
I think the Interbank model is the best, but it can be found elsewhere. I trade with Hotspot on their retail platform and you genuinely get spreads ranging from 1-3 pips in the majors and they only charge $6 per round turn as opposed to the $10 that IB is charging, so even when the spread is 3 (and it is normally 2 in eur and jpy) you are saving nearly half.
I do like the fact that you can trade odd lots with IB, but maybe if enough people ask, Hotspot will add the capability. My point is you can do better than the spreads IB is showing and still enjoy the benefits of the ECN type model.
  • #8
  • Mar 2, 2005 11:04am Mar 2, 2005 11:04am
Quoting autofx
sarbot,

It is a fair model. It's the price one pays for not having stops hunted if you
scalp, and for true anonymity in the fx market.

Try these on I n te r b a n k F X ' s platform. Risk is set low in the scripts. Raising
it to 10, especially in the GBPUSD script, gives eye-popping results.

Oh yes, for the most realistic backtest, Commission should be at 10 for
Cable and at 8.6 for Swissy. Spread would be 3 on both.

GBPUSD 1Hr

USDCHF 1Hr

Autofx, I just want to say thank you for all the time and effort you have put into the AIP experts. Most important thank you for sharing continualy with everyone.


I take back every bad thing I ever said about you.
Forex Trading: The hardest way to make easy money.
  • #9
  • Mar 2, 2005 11:48am Mar 2, 2005 11:48am
Hi Auto fx,

I really appreciate your knowledge about FX and sharing it here on this community.

I’m beginner on this stuff and want to learn about fx, by the way this is my first post here.

I’ m using interbankfx demo and got idea of trying to use crossing of SMA(5) and SMA(8) as a enter signal on 1H chart.

As I see you have experience in this meta programming and would ask you if it is posible to create code for . exp. green dot for buy when SMA(5) cross SMA(8), red dot for sell when SMA(8) cross SMA(5) on a chart for this signals.



Thanks in Advance!!!

Ozren
  • #10
  • Mar 2, 2005 12:03pm Mar 2, 2005 12:03pm
Quoting blueshirt
I trade with Hotspot on their retail platform and you genuinely get spreads ranging from 1-3 pips in the majors and they only charge $6 per round turn as opposed to the $10 that IB is charging, so even when the spread is 3 (and it is normally 2 in eur and jpy) you are saving nearly half.
I do like the fact that you can trade odd lots with IB, but maybe if enough people ask, Hotspot will add the capability. My point is you can do better than the spreads IB is showing and still enjoy the benefits of the ECN type model.
Actually, you can't trade fractional lots as their demo suggests. You have
to go mini if you want to do that, and then 1.0 is the same as 0.1, if that
makes sense.

How is autotrading support with Hotspot?
Bob/autofx
  • #11
  • Mar 2, 2005 12:05pm Mar 2, 2005 12:05pm
Quoting Ozren
As I see you have experience in this meta programming and would ask you if it is posible to create code for . exp. green dot for buy when SMA(5) cross SMA(8), red dot for sell when SMA(8) cross SMA(5) on a chart for this signals.
Yes, it certainly is possible. I would not recommend pursuing that trading
model, however. It's been done many times and is usually unprofitable.
Bob/autofx
  • #12
  • Mar 2, 2005 12:06pm Mar 2, 2005 12:06pm
Quoting Norbecker
Autofx, I just want to say thank you for all the time and effort you have put into the AIP experts. Most important thank you for sharing continualy with everyone.

I take back every bad thing I ever said about you.
You're welcome, thanx for the retractions.
Bob/autofx
  • #13
  • Mar 2, 2005 1:23pm Mar 2, 2005 1:23pm
Has anyone else using the GBPUSD and USDCHF scripts been getting "invalid S/L or T/P" in the log when the run the backtest? The positions are not being modified properly and are not exiting at the right time. So every backtest loses boatloads of cash. (btw, what a cool feature!)
  • #14
  • Mar 2, 2005 2:36pm Mar 2, 2005 2:36pm
Quoting quksilver
Has anyone else using the GBPUSD and USDCHF scripts been getting "invalid S/L or T/P" in the log when the run the backtest? The positions are not being modified properly and are not exiting at the right time. So every backtest loses boatloads of cash. (btw, what a cool feature!)
Are you running these on the InterbankFX? I'm thinking not.
Bob/autofx
  • #15
  • Mar 2, 2005 9:03pm Mar 2, 2005 9:03pm
Today's Forward Testing
Bob/autofx
  • #16
  • Mar 5, 2005 12:36am Mar 5, 2005 12:36am
Quoting autofx
Today's Forward Testing
I have noticed you are always using an extremly large account for your testing. I have been using a more realistic account size for myself (10K) and do not seem to get the same percentage of winning trades as you do. Does AIP work significantly better with large accounts verses small accounts?

I am opening an account with interbankfx to autotrade due to the AIP thread on the other forum and the thread about interbankfx here. Both of which you are a significant contributor. Thanks again.
Forex Trading: The hardest way to make easy money.
  • #17
  • Mar 5, 2005 8:18am Mar 5, 2005 8:18am
Quoting Norbecker
I have noticed you are always using an extremly large account for your testing.
No. I'm using accounts of sizes varying from $5K to $25K to $50K to $3M
to $5M. I've been testing on a number of computers.

AIP will work BETTER on smaller accounts, because they will benefit from
the automatic lot size increases as equity grows.

Make sure you're using the latest versions of the scripts. AND make sure
you're not testing on MetaTrader or any platform that does not support a
pip-by-pip trading model. I'll only answer questions for those using the
same platform I am -- InterbankFX.

You can get the latest scripts at my forum. A casual search will get you
there.

Try googling "Automatic Forex".
Bob/autofx
  • #18
  • Mar 5, 2005 8:27am Mar 5, 2005 8:27am
Quoting sarbot
interbank claims to offer 3 pip spreads - - - but buried in their fine print states they will take an ADDITIONAL 1 pip on every round turn - - - so actually that is 4 pip spreads, right ?

Is that what you call a "fair model" ? Seems to me you would be paying 4 pips for EUR/USD and with many other brokerages you get 3 pips on EUR/USD.

I dunno. Seems like they market and claim 3 pips BIGTIME on easily visible webpages, but only when you dig deeper and read fine print at sign up do you discover the extra pip "gotcha" in their contract. Doesn't seem real honest and forthcoming to me.

4 pips spreads across the major pairs really ain't any better than 3, 4, 5 that fxcm is offering, is it ?

Or compare to CMC, they offer 3 pips in all 3 majors, only in Swiss do they offer 4 pips.

I don't see how 4 pips across all majors with interbankfx is "better" than any of the other brokerages . . . .
Yes, it's a fair model. You want a broker to provide you with anonymous
presence in the market, no trading desk intervention, and great automatic
trading infrastructure for free, do you? If you think that would be fair, try
opening your own brokerage under a "fairer" model and see how long you
stay in business.

FXCM has become notorious for making life impossible for scalpers.
Once they identify someone as holding trades for less than two minutes, they
go on list and are then subjected to requotes and other shenanigans to make
them miserable. Then there is stop hunting. I traded with them a lot, and
only had one stop I know of targetted by their desk, but they DID admit it
and refunded my money. That's good and bad. Admitting it and refunding
the money was good. Doing it in the first place is bad.
Bob/autofx
  • #19
  • Mar 5, 2005 8:28am Mar 5, 2005 8:28am
Quoting digetman
The only downside I have found is that they do not have guaranteed stops like FXCM. I have not been trading long enough to really know how important this is.
Yeah, this could be a problem. If things continue to go well, I'll go live with
them and find out for myself.
Bob/autofx
  • #20
  • Mar 5, 2005 10:34am Mar 5, 2005 10:34am
Yes, that really is chickens__t that fxcm's dealer desk hunts the stops of their own clients. There outa be a CTFC rule against that practice plain & simple.

3 weeks ago FXCM was indicted by CFTC along with one of their IB's for screwing folks.

I've heard that Oanda is pretty fair and offers better spreads than interbankfx 90% of the time. But I've heard don't trade the news with Oanda - - spread is too wide. Only downside I see with Oanda is max leverage allowed is 50:1.
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