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InstaForex is scam, I have tested them couple of years back with 1,9 pip lien, therefore EURUSD had 1,1 pip spread. I had been aware they are scamers, so I opened account just to test them, as far as I earned more than $100 profit in a week they canceled bonus and all profitable transactions and abandoned losses. When I asked why, they reproduced some of the regulations and they just can do it... I am sorry, but that I can not send any evidence, because I deleted account and all emails, so you can trust me or not
I have deposit $80 and created some fantastic profits, but haven't attempted to withdraw yet, but its difficult for me to believe that they scam have all a trader wants, from a fantastic neighborhood to trading contests, fantastic website design, GREAT customer support, plus they are from 2007. You might be correct, but I have contacts to ruin their reputation and mercilessly hunt them down until they fail, even if takes, should they really do me to scam. I have done it all before.quote InstaForex is scam, so I have examined them couple of years back with 1,9 pip rebate, so EURUSD had 1,1 pip spread. I had been aware that they are scamers, so I started account only to test them, as far as I earned more than $100 profit per week that they pinpointed bonus and all profitable transactions and left losses. When I asked why they copied some of the regulations and said they simply can get it done... I'm sorry, but that I can't deliver any proof, since I deleted account and all of mails, so you can trust me or not
Quote from Lmax Professional Order execution policy: as principal and not as an agent on your behalf; we're the sole counterparty to your transactions and the sole execution place for the Orders
Quote from IB (a bit more difficult to find but it is there): OTC Precious metals trades are transactions with IB UK as your counterpary, and are not traded on a regulated exchange and are not cleared to a central clearine.
When client enters into a foreign exchange transaction with IB, IB, since the counterparty to customers trade ...
Interactive Brokers (UK) Limited (";IB UK";-RRB- is a broker approved by the Financial Conduct Authority (FCA) to operate over the United Kingdom. IBUKL, by comparison, isn't a legal entity but rather an internal bookkeeping or tagging convention used to designate. Currently, that action is made up solely of OTC products that IB UK clears and will be the counterparty to, such as non-exchange recorded CFDs and physical commodities (i.e., gold and silver).
Notice that forex is an OTC product ... I am sure I will find a lot longer should I put some more time in to it.
Observer
Watch that Global Prime Live Spreads Throughout the weekend.
No. Thanks.
Notice:
1. https://www.google.co.id/url?sa=trct...27984354,d.dGo N/A
2. ASIC and FCA Regulated Brokers only (pic #3)
They're the CLOSEST to some 100% Pure ECN you can get in retail FX. The PURE ECN is of course a market or order-matching services like Isle in stock daytrading.
Basically in some way IB does exactly the same as ActivTraders, Pepperstone, Fxpro and the rest of the retail fx brokers.
The sole distinction is that IB is technically speaking a true ECN, ECN stands for a broker that matches orders involving market participants, therefore it cannot trade contrary to the customer.
When you are trading using IB UK they don't take the other side of your trade, IBUKL takes the other side, nice loophole in the legislation but basically the same as a market maker.
They profit if you lose and lose if you earn profit. I must also point out that IB does possess alternative's for professional and bigger clients but you need to request them yourself.
Last but not least, there is nothing wrong using IB for retail traders, this is how forex trading functions for retail traders.
If you would like to get as close to the real deal as you can you need to go with PoP's, PB's or go directly to the interbank market.
I think IB and LMAX does operate in an ECN manner in that, such as you mentioned, does order-matching in their system instead of implementing the orders themselves and taking another side of the trade. The reason I know they're different from all these or MM's is because when I put in a limit order with prices between the bid/ask quotes, my true limit order actually shows up on the trading platform ready to be hit. If they operate as a hybrid vehicle or a MM, your limit order won't ever show up since it would've been executed by the broker right away or rejected or requoted. I have exchanged with the two hybrids and MM's and I will let you know my order NEVER shows up on the platform anyplace. The reason the order would show up on IB's platform is since IB's trying to fit your order with somebody else instead of implementing it themselves so that it shows it is not trying to be around the opposite side of the trade to profit from the passing.
To trade right on the interbank market, you will in fact be trading in a MM version again that is NOT what you want since you'll be trading with all the LP's plus they're IT, the FINAL that the ULTIMATE market manufacturers in the foreign market since they're the market. And they're just as unscrupulous and dishonest as the market manufacturers at the retail level. All the tricks that MM pull at the retail level, delay quotes, rejecting transactions, requoting, stop-hunting..., they do all of them on a larger scale and to get larger sum. Until forex is traded on an exchange, Pure ECN is the best I find because you will actually be trading against all different parties, kind of like a mini-exchange.
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