I’ve tried to do my dd on this, and at this point just need some opinions. I’ve been paper trading with CitiFX Pro now, and I’m ready to start trading with real dollars.
After doing some research I learned that Citi will sometimes trade against customers, and I decided Interactive Brokers would probably be the best. Citi has 1.6 pip spreads for commission and IB charges 2bps on USD MV, which is better after taking into account the narrower spreads.
I’m hesitant to go with IB because I really really like the CitiFX Pro desktop platform, aside from all the online reviews. I tried the IB TWS platform demo online (which doesn’t have real time quotes), and it just seemed to be terrible. I’m not sure if that’s because it was web-based or not.
Does anyone have any suggestions? My strategies are mixed with some swing trading and scalping, but I take long-term expectations based on various factors into account too. Mainly looking for narrow spreads, good charting, and basic order types (limits, if done, OCO, and ability to relate orders).
Any thoughts and suggestions are really appreciated!
I ended up opening up an account with CitiFX Pro. The trading platform is really great, but the spread-based commissions of 1.6 to 1.2 pips on EUR are a little steep. I have since switched to IB because their pricing will make a VERY significant difference in the long-run. The IB platform has an FX Trader setup, but I don’t like it quite as much as the CitiFX one. In the end, spending approx. $3 USD per 100k EUR trade as opposed to approx $20USD will be a big difference in my opinion. Good luck, and sorry for the delayed response!
Are you still with IB? Please share your experince with me. I am in serch of a good US broker. My choices are IB, Citifx pro and Alpari Direct ECN? Which would you recommend? Even though Citifx is the fx dision of Citi bank they don’t seem to be honest and reliable. Citifx is a STP market maker can trade agaist you. Can’t trust Russian Alpari much either. IB is apprantly the best among those three. But I hate the demo TWS platform. And have no idea about thier charges/ commision or the costs associted with trading. As I feel IB is for the big institutional traders and not for spot forex or traders with small capital (even 50k is a small capital). What do you think?