Smart Live vs. IBFX

A bit of context: I'd like to open an account with a broker for FX trading that supports MT4. I understand that Smart Live Markets and IBFX both offer accounts for trading Forex, but I'm not sure which to go with.

I also noticed that there's volume information on IBFX, and the Smart Live assistant tells me they too offer volume, but not market traded volume but price update volume instead (which he assures me is often more valuable because of the decentralised nature of FX).

I've been reading the comments from Paul from Smart Live here, and they come across really well and seem to be a good choice - no major complaints that I've seen. But who's using IBFX?

Anyone care to recommend one over the other?

(p.s. I'd been looking to trade a fairly small account, if this affects the answer)

Many thanks

martinrue said:

A bit of context: I'd like to open an account with a broker for FX trading that supports MT4. I understand that Smart Live Markets and IBFX both offer accounts for trading Forex, but I'm not sure which to go with.

I also noticed that there's volume information on IBFX, and the Smart Live assistant tells me they too offer volume, but not market traded volume but price update volume instead (which he assures me is often more valuable because of the decentralised nature of FX).

I've been reading the comments from Paul from Smart Live here, and they come across really well and seem to be a good choice - no major complaints that I've seen. But who's using IBFX?

Anyone care to recommend one over the other?

(p.s. I'd been looking to trade a fairly small account, if this affects the answer)

Many thanks

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IBFX doesn't have volume, its an MT4 FX broker (as you know) so there is no central exchange. Also if you take a look in the spread betting platforms section SLM is taking a lot of flak.
Anyway I have a micro account with IBFX. Their customer service seems fine but their spreads are not competitive these days.

Ted1983 said:

IBFX doesn't have volume, its an MT4 FX broker (as you know) so there is no central exchange. Also if you take a look in the spread betting platforms section SLM is taking a lot of flak.
Anyway I have a micro account with IBFX. Their customer service seems fine but their spreads are not competitive these days.

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Thanks for the Smart Live heads up, I'll have to search through them and read the current stage of affairs with them.

Does IBFX charge commission on each FX trade, or do they use the spread?

I'm basically just trying to get a handle on who the best broker to use is if I want to trade without commission charges on FX using MT4.

Thanks for the reply.

martinrue said:

Thanks for the Smart Live heads up, I'll have to search through them and read the current stage of affairs with them.

Does IBFX charge commission on each FX trade, or do they use the spread?

I'm basically just trying to get a handle on who the best broker to use is if I want to trade without commission charges on FX using MT4.

Thanks for the reply.

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I believe 90% of people would reccommend Oanda for your purposes (he never used to offer MT4, but it is now an option). In fact the only reason I havent moved my acount is that its too small for me to bother, and I'm lazy . IBFX isn't particularly bad. it just has very little to recommend it.

I have been trading with Smart Live on MT4 for the last 6 months and had no problems at all, only 2 requotes in 6 months, good spreads and helpful customer service. Make sure you have a good browser like Google Chrome rather than internet explorer

andycon said:

I have been trading with Smart Live on MT4 for the last 6 months and had no problems at all, only 2 requotes in 6 months, good spreads and helpful customer service. Make sure you have a good browser like Google Chrome rather than internet explorer

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What's a browser got to do with it? The orders go through MT4.

Ted1983 said:

What's a browser got to do with it? The orders go through MT4.

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MT4 is just the platform, the speed of your browser will effect how quickly the broker is receiving your request on MT4, if the browser is slowing it down by the time the broker receives it the price will have moved so you will get a requote. I new a guy who was trading with IG a last year who was complaining of requote after requote and believed IG was stitching him up. He switched to Google Chrome and had no further problems.

Smart Live for the win!

andycon said:

MT4 is just the platform, the speed of your browser will effect how quickly the broker is receiving your request on MT4, if the browser is slowing it down by the time the broker receives it the price will have moved so you will get a requote. I new a guy who was trading with IG a last year who was complaining of requote after requote and believed IG was stitching him up. He switched to Google Chrome and had no further problems.

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Certainly you clearly understand how things work on your computer Go on and give some more wise advices

Oscarossa being real or sarcastic?

Google Chrome all the wayyy for that.

t2wfx said:

Oscarossa being real or sarcastic?

Google Chrome all the wayyy for that.

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OK, just to make things clear. Andycon says that she/he has been trading with Smart Live on MT4. Smart Live offers MT4 platform as plenty of other brokers as a downloadable client terminal which runs as a separate application on your operating system and is not associated with your browser in any manner. It manages the communication with the server (on the brokers side) itself and has nothing to do with your browser. How could MT4 know which browser to use if you have 2 or more browsers installed on your computer?? Did you set it in your MT4 client somewhere?? No, because there is no such setting and because as I said MT4 does not need browser to communicate with the server.
The guy andycon mentioned above has been trading with IG. As far as I know IG does not offer MT4 platform at all. They offer their own browser based trading platform which of course can be affected by the performance of your browser, because it is BROWSER BASED.
Now I do not speak about VPS hosting. There are brokers and commercial providers out there offering web based access to your remote platform (could be also web based MT4 like Boston Tech.) as a paid service. Some brokers offers VPS for free but you have to meet the requirements that often vary from regular accounts.