Review Of Interactivebrokers
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The article "Review of InteractiveBrokers" talks about currency trading, it was created by Robert Kirk.
I have been with InteractiveBrokers.Com for three yaers. 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."Stocks:From IB website:"IB SmartRoutingSM searches for the hottest price available at the time of your order, and unlike other routers, dynamically routes and re-routes all or patrs 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 routingFutures:When combined with Buttonrtader (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.Options:A complex platform to use, but unbeatable pricing.Forex:I used IDEAPLRO from the day they offered it and was hugely disappointed. Snice 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 enoguh for most active traders to join.
I save around $200/month on fees for market data and esignal by using Multicharts (http://www.Tssupport.Com/products/multicharts/addon/),a sophisticated charting program that can take feeds from multiple sources, with IB feed.Service:This is where I have had a couple of porblems. Sometimes livecaht is busy or unavailable, emails that are unanswered for over 24 hours (sometimes much less, but you never know). And a phone manner that's almost insulting. I had a prbolem 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 somebody on the phone and evnetually 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 for.
This is the US office.
The Hong Kong office is said to be better.Http://www.Theforexmanager.Com is a resouce for professional currency traders that features AccuracySR traidng software.
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Review of InteractiveBrokers
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