Reminds me one thing I like about Interactive Brokers is their lot size--there is none, all that matters is $$$ amount, commission 0.00002 per unit, minimum commission $2.50. I believe the minimum trade size for Forex is $30,000 after leverage (which leverage is low compared to brokers that cater to smaller accounts, order of 30x IIRC for Canadians). The significance is we can write strategies that micromanage order quantity without worrying about standard 100K lot sizes.
Below 30K the order is switched from IB's Forex trading servers (IdealPro) to their "currency conversion" servers (Ideal), with a spread penalty.
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My feeling exactly. I don't think IB is a good venue for spot forex. I like to scale into and out of my positions. Their minimum $5 commission (roundtrip) really kills it for me. I was paying them a fortune in commission and had to work that much harder to make my money.
Like I said in my earlier post, I haven't found a better broker than LMAX for spot forex yet. The spreads are tiny, it's regulated by UK authorities, really fast executions, good customer service.
I have been account at IB for 6 years. I am trading forex at them as well.
Stability. They have strong financial background and very large insurance four your account.
Tight spreads especially in non frequented pairs. I saw half pip in AUD.JPY but usually 1-2 pips only the spread.
You can trade from one account everything. It is important if trade other asset categories as well.
$2.5 minimum commission and the smallest quantity is equal to $25000 so can't open 10000 eur.usd
Bad interest rates. For example in most forex brokers you get paid for an usd.jpy positions. At IB you have to pay for a lot (100000) around $100/month.
Hard to calculate the profit and loss. They do not convert back you profit to your base currency after you close the position, you have to convert it back periodically.
I know what you are saying. I have loose quantities left over and seems we have to enter the odd quantity as an order to close it. Now the way IB is organized, I am confused exactly how many units that I need to close.