IB new forex spreads

Discussion in 'Forex Brokers' started by oktiri, Feb 27, 2005.

  1. def

    def Sponsor

    the time you were looking at quotes was during the IB server reset.
    #11     Feb 28, 2005
  2. mokwit


    YES and I'm on the Asian server so you are telling me that the IDEALPRO FX prices go offline with US hours on the ASIAN server?
    #12     Feb 28, 2005
  3. mokwit


    Setharb, thanks for your suggestions.

    No quotes on futures because US reset. I was actually around B/E at the time and looking to get out of a double fill I got by (my) mistake at scratch +, which I would have been able to do if the quotes had moved with the market - was trying to avoid IB USD 30 charge .

    The IDEALPRO quotes did not go offline the way US quotes do during reset so there was nothing to suggest that the quotes were dead other than the fact that they were not moving.
    #13     Feb 28, 2005
  4. def

    def Sponsor

    It sounds to me like some code was restarted based upon the time. The best I can (and will) do is send the details you posted along to those involved with the product so they can look into it.
    #14     Feb 28, 2005
  5. Steve_IB

    Steve_IB Interactive Brokers

    Apologies my post earlier was incorrect. We offer 20 currency pairs. USD, EUR, JPY, GBP are all quoted against each other and against AUD, CHF, CAD, and HKD.

    Please see attached screenshot for typical spreads.
    #15     Feb 28, 2005
  6. Are IB broking this service against the CME future or are they market making?

    Is brokergae paid - if so how much ?

    Do you trade lots or is it a base currency amount?
    #16     Feb 28, 2005
  7. def

    def Sponsor

    IB is not broking against the future. We currently have two independent banks making markets.

    The blurb from our last communique answers your other questions....
    unlike other brokers that build their commissions into your spread, IB’s pricing is transparent, with dealer spreads and commissions charged separately. IDEAL Pro Forex commissions are .00002 of the trading currency value with a minimum of $5 or USD equivalent. Over the coming months we plan to add additional Forex dealers to continue to increase the competition.
    #17     Feb 28, 2005
  8. Thanks.

    When it gets volatile and over numbers what is the spread typically in the euro dollar?

    Is it an automated system or does he trade have to be manually accepted? If you say hit a bid at 1.3259 and it has moved by the time IB had received the request is the best bid shown or is the trade just rejected?
    #18     Feb 28, 2005
  9. def

    def Sponsor

    These are live quotes thus what you see is what you get. If a bid is updating when you try to hit it, there is a chance you'll miss it. conversely, if the bid is improving as you send try to hit it, you'll get the better price.

    the spreads over numbers should be similar to true interbank rates. i can't speak for those making markets in this product but our expectations are that they (and the others who should be joining in the future) will live up to their billing.
    #19     Feb 28, 2005
  10. So what are the spreads over numbers, in yor experience?
    #20     Feb 28, 2005