Interactive Broker commissions

[poxxoloco23]

Can someone please explain to me how Interactive brokers charge comissions on FX?

I know that the site kind of explains it, but I do not really get it. (I'm a slow learner ). I really don't get this 0.2 basis point*commerce size and minimum order material

Would be nice if anyone can explain it in terms of real life cases with lots, and what would the commission be.

Thank You

[poxxoloco23]

That is what I thought I works out. It is really very economical to go with brokers like interactive broker, especially when they require min 10k deposit. I might switch to a ECN if I want to do FX for a loooong time. I love the fact taht they give you true prices without including their very own'commission' in it like most brokers (including oanda)

[Jllee03]

The minimum is 2.50 $ for each transaction.


To figure out the price of a trade you multiply your lot dimension by 0.0001. (value of a stage ) You then multiply from the commission multiplier depedning on how much trade per month.


For exemple if you trade less than 1 million per month.

Your trade is 100 000

100 000 x 0.0001= 10

10 x 0.2 = 2

The minimum is 2.50 $ so you would pay 2.50 $.

When I misunderstand their commission platform please let me know.

[Jllee03]

Both ways bill but still it is true that it's not expensive and the more you trade monthly the less they bill you.

[oxcammokio]

but be carefull with overnight positions. That is where IB gets you with high interest costs that are odd.

[Palen57]

I believe they also charge you a fee when you cancel/modify an order:

http://individuals.interactivebrokers.com/en/accounts/fees/otherFees.php?ib_entity=llc

[silvikis]

I believe they also charge you a fee if you cancel/modify an order:

http://individuals.interactivebrokers.com/en/accounts/fees/otherFees.php?ib_entity=llc That's just for stocks, not for forex.

The fast interest rates are in fact quite competitive.

[laumami18]

TraderKGB: Why is it really 0.2 pips commission (i.e. $20 for 1 mio gbp/usd), nor do they perform the $20/mio USD traded thing (i.e. ~$40 to get 1mio. gbp/usd)?

[silvikis]

TraderKGB: is it truly 0.2 pips commission (i.e. $20 for 1 mio gbp/usd), nor do they do the $20/mio USD traded thing (i.e. ~$40 to get 1mio. gbp/usd)? ~$40 to get 1mio. GBP/USD. $20 per USD $1mio traded.

The US branch of HotSpotFX is the sole ECN broker that I am conscious of that charges the identical amount no matter base currency ($30 per 1mio. Bcu = ~$15 to get 1mio. GBP/USD).

[Alejangmamnaiz23]

I'd love to know more about this as well.
Our broker charges $30/mio in USD terms so GBP is twice provided that GBPUSD trades around $1.9900. EUR is obviously approximately $1.5000 so it is 50% more costly to trade EURUSD than to exchange USDCHF. I believe our commissions are too large but I need to know what you are paying to negotiate with my covetous broker.
It is important to note round turns in Foreign Exchange are per click that is very quite misleading. In futures round turn is out and in so you are flat that is what round turn is likely to imply. Forex is crooked and you need to monitor your statements to prevent being taken advantage of.
Here is what I pay:
$30/mio each side USD foundation.

[silvikis]

I believe our commissions are too large but I want to know what you are paying to negotiate with my covetous broker.
$30/mio per side USD base. Well, on the bright side, $30/mio USD surely surpasses MBT's rate of $50/mio USD. IB beats that rate in $20/mio USD, also HotSpot FXr on GBP and pairs with their rate of $30/mio notional.

[Memi1108]

Well, on the bright side, $30/mio USD certainly beats MBT's rate of $50/mio USD. IB defeats that rate in $20/mio USD, and HotSpot FXr on GBP and EUR pairs with their rate of 30/mio notional. MBT is for small account anything under 10k.

[gamiinho]

Well, on the bright side, $30/mio USD surely surpasses MBT's rate of $50/mio USD. IB defeats that rate at $20/mio USD, also HotSpot FXr on GBP and pairs using their rate of 30/mio notional. Recall Trader KGB - MB provides discounted rates for quantity traders and I'll be more then pleased to talk about our scale with anyone who sees me directly at. $5/100,000 is our rate. . .but we have loads of customers paying far less then .

[ELOJEAGOM]

MBT is to get small account anything under 10k. Beneath 7,5k.

With 7,5k you are able to go to Hotspot. :-)

[LFoken]

Beneath 7,5k.

With 7,5k you can go to Hotspot. :--RRB- Care to recommend a fantastic Hotspot broker w/7.5k start.

I've heard Hotspot has IB's that can pad the disperse???

[jlle69]

Care to recommend a good Hotspot broker w/7.5k start.

I have heard Hotspot has IB's that will pad the spread??? So why would you head to hotspot right?

[LFoken]

Oh, I see... so when I visit that a Hotspotfx broker its the real deal and IB's using Hotspot are called something eles.

Thanks

[jlle69]

OhI see... so when I visit a Hotspotfx broker its the real deal and IB's using Hotspot are called something eles.

Thank you Glad you got my point...

[NombempkGB97]

Can there be a demo account alternative with this broker? I can not appear to find it.

[jlle69]

This is the URL to receive their demo account:
http://www.hotspotfx.com/demo/
I'm currently in the process of opening a API account with them at the moment. I have filled out the documents, analyzed the API, and just need to fund my account.
I'm awaiting the capital to come in from one of my other brokers to send to Hotspotfx, and then I will be trading reside. They do seem great to me personally at this point, particularly with some of the crosses. As long as I do as well on the account since I do on their presentation it'll be fantastic! Time will tell. Besides the banks I have not found anything better... enjoy.

[mllaylejangmay]

Apart from the banks I haven't seen anything better... enjoy. Are you currently trading with Hotspotfx? And what do you mean by besides the banks? Can I able to get better prices going straight to a bank? If so, how can I do that? Do you have to get a volume that is very high to do so?

[laumami18]

Im trading with Hotspot europe. Its rather good, however after depositing in the commissions($30) its roughly exactly like Oanda (some pairs somewhat cheaper on average, a bit more pricey, i.e. Eur/Usd). The only reason I changed is that I had issues that are often disconnections/connectivity at Oanda. Not so with Hotspot, I never had a single disconnect ever with them. Stability and reliability is my principal concern, everybody who ever was in a position during a platform outage can understand. Executions are fast and accurate.

The only thing I miss are the aggressive rolls and interest in funds at oanda.

Spreads can be hughe during news releases (even bigger compared to oanda), but settle down within 30 seconds or so.

Customer support via email is missing, a number of my emails were not even replied, so in the event that you want something quick, its best to use the telephone.

Im also under the impression, that pairs with a bit bigger spread such as Gbp/Jpy are quoted way tighter on presentation, on live its much more like 3-4 on average.

I guess overall they're among the better options a retail trader can create.

What API are you using? The Java api or their new C dll?

[anaubem]

Im trading using Hotspot europe. Its quite good, however after factoring in the commissions($30) its about the same as Oanda (some pairs a bit cheaper on average, some a bit more pricey, i.e. Eur/Usd). Is that I had problems that are often disconnections/connectivity at Oanda. Not with Hotspot, I never needed a disconnect with them. Stability everybody who was in a situation in a platform outage probably can understand. Executions are fast and accurate.

The only thing I miss would be the competitive rolls and attention on funds in oanda.

Spreads can be hughe during news releases (even bigger than at oanda), but sit within 30 minutes or so.

Customer support via email is lacking, some of my emails weren't even replied, so in case you need something fast, its better to use the telephone.

Im also under the impression, that pairs using a bit bigger spread such as Gbp/Jpy are quoted far tighter on demonstration, on live its like 3-4 on average.

I guess overall they are one of the better options that a retail trader can make.

What API are you using? The Java api or their new C dll?
That is only one of the major causes of me not moving back to Oanda with majority of my funds. Their disconnections have become too regular, which was happening outside of major news announcements. What tipped me over the edge was when I needed to ring them when I had a position open and their was a disconnection, the customer representative made it fairly clear that they can not make any trades for me, ie change a sl, close out a position etc https://www.nigeriaforextrading.com/attachments/1519228561748384115.png that I would need to wait for the platform to re-connect before I could do anything on my place. I pulled all my money out the next day.

I do miss the daily attention, and the decent swaps, but I would rather pay 1/2 a pip more in distribute and have better stability, and know that I case of an emergency, I can actually ring somebody who can do something about my trade. Their spreads are exceptional, and once you factor in the commissions with most ECNs', Oanda does come out on par if not better than a few.

In addition, the disconnections have just been an issue over the past 6-8 mths, never needed such probs earlier, in the 2-3 years I had been with them.

Regards,
K.

[mllaylejangmay]

What API are you using? The Java api or their new C dll? I am using Java for their US based API. Are you using the API in Europe? I've heard that it is somewhat different there in that you can access data, is that accurate? I would like to gather historical data like that I used to do at Oanda, but it would be simpler for me to do if I could call like the several minutes of data at once. That is precisely what I did at Oanda, however right now I'm attempting to set up things to accumulate each tick that comes in and turn it into 1 second OHLC for both bid and offer prices (kind of a pain).

[ainamaimene]

The minimal is 2.50 $ for every trade.


To figure out the price of a trade you multiply your lot size by 0.0001. (value of a stage ) You then multiply from the commission multiplier depedning on how much commerce per month.


For exemple if you trade less than 1 million each month.

Your commerce will be 100 000

100 000 x 0.0001= 10

10 x 0.2 = 2

The minimal is 2.50 $ so you would pay 2.50 $.

When I misunderstand their commission system please let me know. These fees are done through per trade basis or are they cumulative? As in on monthly basis?

[Yolivpe]

2,5 $ is charged per a position that was open for closing a position, and 2,5 is charged, so if you open and close a location of 100 000 you pay 2,5*2 disperse. The longer the tarde worth per month the comission. I think one can get this information. Thousands times it is asked here about their comissions and alotof incorrect information is posted. You're able to find all the information on their site, search for fx comissions in the site there is everything explained clerarly.

[Pinguino]

With IB I also paid $ 5 a day to get a position....
Why is this?

[Jllee03]

with IB I also paid $ 5 a day to get a position....
Why is this? Depending on how big this lot as well as the pair It May be the Rollover (swap) that is paid or charge everyday Based on the rates

http://individuals.interactivebrokers.com/en/accounts/fees/interest.php?ib_entity=llc

I believe these rates are what is being paid or charge for rankings

[bmown91]

~$40 for 1mio. GBP/USD. $20 a USD $1mio traded.

The US branch of HotSpotFX is the only ECN broker that I am conscious of the charges the identical amount regardless of base currency ($30 each 1mio. Bcu = ~$15 for 1mio. GBP/USD). So trading only GBP/USD, is HotSpot FX the lowest priced ECN at ~$30 a million round trip?

[silvikis]

Therefore trading only GBP/USD, is HotSpot FX the lowest priced ECN at ~$30 a million round trip? You got it!

[laumami18]

Hotspot USA division is cheaper with $30/mio. Hotspot Europe is not cheaper with $.

P.S. the disadvantage using the US branch is They offer USD accounts only

[bmown91]

Hotspot USA division is more affordable with $30/mio. Hotspot Europe isn't cheaper with $30/mio USD traded.

P.S. the downside with the US branch is that they offer USD accounts only I have heard that HotSpot stops you from cancelling or ammending an order if its inside 10 pips of the current price?

If this is true, then I can't change or move my stop order if its inside that range?

[Jllee03]

I've heard that HotSpot prevents you from cancelling or ammending an order if its within 10 pips of this current price?

If this is true, then I can't alter or move my stop order if its within that range?
In their order manual they do state it might not be canceled or modified if you're less than 10 pips away from the market


Note:
Clients that have an active order and want to modify or cancel the active order:
When the market rate is near the active order rate (1 to 10 points away),
the order modifiion or cancellation may not be approved. If this happens, your order will continue to be active.

[bmown91]

Within their order they do state it may not be canceled or altered if you're less than 10 pips away from the market


Note:
Clients that have an active order and would like to alter or cancel the busy order:
When the market rate is close to the busy order rate (1 to 10 points away),
the order modifiion or cancellation may not be accepted. If this happens, your original order will continue to be active. Thank you Phil, has anyone experienced this restriction?

[laumami18]

This guide is old. The 10 pip restriction for stops was removed quite some time ago. I never had a problem moving a stop together.

[javabemox]

Thanks for the info my fren