Friday, 29 June 2012

Interactive Brokers Forex Reviews

I have been with for three years. Not 100% trouble free (more about that later) but overall a very satisfactory arrangement.

From IB website: "With consolidated equity capital that exceeds US $2.1 billion, IB and its affiliates ranked as the 16th largest securities firm by Institutional Investor, and the #1 software-based broker and lowest cost broker by Barron's in 2005. Over 17% world's options volumes* trade through IBG technology."


From IB website:"IB SmartRoutingSM searches for the best price available at the time of your order, and unlike other routers, dynamically routes and re-routes all or parts of your order to achieve optimal execution."

A great service. I went prop with a company that offered what they said was lightning fast executions, but it couldn't compare with the ease of TWSs' instinctive smart routing


When combined with Buttontrader (a plugin frontend) you have a platform almost equal to x-trader (TT) for a fraction of the price. Trade US, European and Asian markets.


A complex platform to use, but unbeatable pricing.


I used IDEALPRO from the day they offered it and was hugely disappointed. Since then it has evolved to be a very tight spread, liquid instrument. It is shaking up the forex industry because of the honesty of its ECN type executions.

Charting Feed:

This alone should be enough for most active traders to join. I save around $200/month on fees for market data and esignal by using Multicharts (, a sophisticated charting program that can take feeds from multiple sources, with IB feed.


This is where I have had a few problems. Sometimes livechat is busy or unavailable, emails that are unanswered for over 24 hours (sometimes much less, but you never know). And a phone manner that is almost insulting. I had a problem closing out a Dax trade 2 years ago, so rang the hotline and agreed to pay $30 to have them manually close it out. Got someone on the phone and eventually it was closed out - but it was tough for me to see a $300 positive trade go negative $250 by the time it was closed. I expected sympathy because it was an idiosyncrasy with TWS that caused the problem (not a fault with TWS-it was to do with the way they calculate margin in foreign currencies). However, the service gentleman was offhand.. I never phoned since. This is the US office. The Hong Kong office is said to be better.

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