InterbankFX Spreads Problem

[gazuz]

Hey everyone,

I'm not sure if I missed something but I was experimenting with trading manually live and notice a 3 pip spread in the EURUSD instead of the 2 pip that is promised on their website. I am doing this in Demo, so is this just becuase it is a Demo account that it's doing that or did they change it back to 3 or whats going on??

Thanks in advance

[scorpion]

It's still 2 pips for me (demo account too). But only EURUSD is ok, the others are somewhat 1 to 2 pips higher.

EURUSD 2 pips
GBPUSD 5 pips
USDCHF 5 pips
USDJPY 4 pips

[cobra]

Originally Posted by gazuz

Hey everyone,

I'm not sure if I missed something but I was experimenting with trading manually live and notice a 3 pip spread in the EURUSD instead of the 2 pip that is promised on their website. I am doing this in Demo, so is this just becuase it is a Demo account that it's doing that or did they change it back to 3 or whats going on??

Thanks in advance

I have a demo with MIG in Switzerland and they do the same cranking up the spread by one or two pips when its getting too volatile or at their gusto.

In their terms and conditions they mention that they will do those things whenever they feel like. On the other hand you are actually not trading with the market but with your broker since your lots are way too small. Anyways, I also receive very often a requote, that sucks even more especially when there are news reports released like TIC report or Non Farm Payrolls and you are forced to redo the math instead of just closing your order.

cobra

[cobra]

Originally Posted by gazuz

Hey everyone,

I'm not sure if I missed something but I was experimenting with trading manually live and notice a 3 pip spread in the EURUSD instead of the 2 pip that is promised on their website. I am doing this in Demo, so is this just becuase it is a Demo account that it's doing that or did they change it back to 3 or whats going on??

Thanks in advance

I have a demo account with MIG in Swiss and they also add 1 or 2 pips when the market gets too volitile or when they feel like doing it. They also write it in their terms and conditions.
Additionally they have very often a re-quote, which even sucks more, especially when you trade on news releases. You just want to close your order and they come up with a requote and you have to re think it while the market moves on. I guess that is part of the game since we are actually trading with the broker firm and not with the market. The broker firm is trading with the market since we have to few weight in our lots, right.

Cobra

[gazuz]

I noticed i only had that problem on sunday, so this might mean because it was an off-schedule since they are located in the US...

I don't think its too much of a problem though because I usually don't trade on sunday nights or fridays...

I'll update this thread though if I ever encounter this problem on a normal business/trading day (monday-friday)

[jnr1234]

Hmm.... FxOpen seems to to me. The spread are as tight as their contract had said.
Never seem to see spread going up and down in Major pairs.

Spread are different for account type.
On mini account...
EURUSD 3
GBPUSD 4
USDJPY 3
USDCHF 5

On micro account...
EURUSD 2
GBPUSD 3
USDJPY 2
USDCHF 3

hmm... im not sure if im allowed to put my IB link here. But... credits to me for this info and cool broker... Hehe... FxOpen

[RebateFX.com]

IBFX do tend to have random spread increases, usually just when you have opened a position or try to close it, or if your stop loss is 1 or 2 pips away.
That nonsense was enough to make me leave them.

[scottdkuehne]

A little while back when it became clear that IBFX had ties to FXLQ and was actually using them to clear their trades instead of passing customer orders straight through to banks as they claimed, IBFX's Chairman and president Todd Crossland claimed not to be involved with FXLQ. Forex Street Weblog: InterbankFX related to FXLQ?.... I do not think so However it is obvious that this is in fact a flat out lie and that IBFX is thoroughly dishonest from the top down. Look at page number 7 of the report under the institutional clients section and this becomes obvious. http://www.robbevans.com/pdf/forexlqreport01.pdf This explains why they can claim they have no desk, there clients were using FXLQ's desk instead! No wonder when the financial data was finally released for December by the NFA it shows that "Interbank" FX's net capital has been reduced by the $11,000,000 that they say was owed to it by FXLQ. Financial Data for FCMs Apparently they are even lying about the amount owed to them. Think "Interbank" FX is honest and financially stable? Think again.
Scott Kuehne, President
Forex Traders Incorporated
toll free at 866-432-4658
email: scott@forextradersinc.com
website: ForexTradersInc.com - Use Us As Your Introducing Broker

[betterworld]

Originally Posted by gazuz

Hey everyone,

I'm not sure if I missed something but I was experimenting with trading manually live and notice a 3 pip spread in the EURUSD instead of the 2 pip that is promised on their website. I am doing this in Demo, so is this just becuase it is a Demo account that it's doing that or did they change it back to 3 or whats going on??

Thanks in advance

InterbankFX doesnt have a fixed spread pair, for example in eurusd, sometimes it can widen until 5 pips in big volatile news.