Anyone here trading forex with Interactive Brokers? Is it correct that a) minimum order size is 25k, and that b) according to this page https://www.interactivebrokers.com/en/index.php?f=marginnew&p=forex the leverage for a EUR denominated account is 3% (33:1). Is it correct to assume that this means that you can use a 1:33 leverage? So for a 10k account, you can buy 330000 worth of EUR?
I've never examined the leverage since it is too rich for me. As for order size, you can place any order (I think in multiples of 1000), but if you are below the minimum order size, your order is channelled to a 'foreign exchange' place where they don't guarantee you the same spread as the normal displayed. I have no idea what the result of all this is, I trade FX with Oanda and other stuff with IB.
I think recently Interactive Brokers was forced to eliminate leveraged forex trading (i.e., forex on margin) due to regulatory bodies wanting to "protect" the retail trader (i.e., limit their freedom). As long as you don't use any leverage, I think you can trade forex at IB still. Of course, I could be totally wrong about this.
I think that's for US-Americans and certain other countries (Japan, Israel, Hongkong?) only. If situated in other countries, AFAIK FX at IB is no problem at all.
I used to trade a lot of forex on IB. But last year they were forced to eliminate forex to those who only had $10,000,000 in their account.
They only do not offer leveraged forex trading to US clients anymore due to US regulatory changes. The rest of the world can happily trade fx with IB at the industry tightest spreads sub 5mln notional positions. Anyone in Asia or Europe or Africa or Latin America (including Japan, Hong Kong, Israel) can trade leveraged fx via IB unless their local regulatory bodies prohibit such, which is very rare.