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Interactive Brokers profile

How IBKR works

B. For Forex transactions, IB generally will act as agent or riskless principal and charge a fee. IB may effect Forex transactions through an affiliate or third party, which may profit or lose from such transactions. Customer agrees that IB may transfer to or from Customer's regulated futures or securities account(s) from or to any of Customer's non-regulated Forex account any funds or assets that may be required to avoid margin calls, reduce debit balances or for any other lawful reason.

C. Netting: (i) Netting by Novation. Each Forex transaction between Customer and IB will immediately be netted with all then-existing Forex transactions between Customer and IB for the same currencies to constitute one transaction...

D. Nothing herein constitutes a commitment of IB to offer Forex transactions generally or to enter into any specific Forex transaction. IB reserves the unlimited right to refuse any Forex order or to decline to quote a two-way market in any currency.

4. Order Routing: Unless otherwise directed, IB will select the market/dealer to which to route Customer's orders. For products traded at multiple markets, IB may provide "Smart Routing", which seeks the best market for each order through a computerized algorithm. Customer should choose Smart Routing if available. If Customer directs orders to a particular market, Customer assumes responsibility for knowing and trading in accordance with the rules and policies of that market (e.g.,trading hours, order types, etc.). IB cannot guarantee execution of every order at the best posted price: IB may not have access to every market/dealer; other orders may trade ahead; market centers may not honor posted prices or may re-route orders for manual handling; or market rules, decisions or system failures may prevent/delay execution of Customer's orders or cause orders not to receive the best price.

6. Order Execution:IB shall execute Customer orders as agent, unless otherwise confirmed. IB can execute Customer orders as principal. IB may use another broker, or an affiliate, to execute orders,and they have benefit of all IB's rights hereunder. IB may decline any Customer order, or terminate Customer's use of IB's services at any time in IB's discretion. All transactions are subject to rules and policies of relevant markets and clearinghouses, and applicable laws and regulations. IB IS NOT LIABLE FOR ANY ACTION OR DECISION OF ANY EXCHANGE, MARKET, DEALER,CLEARINGHOUSE OR REGULATOR.

https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=3203

Direct Access to Interbank Quotes

No hidden price spreading, no markup, no kickbacks. Just the combination of real time prices from 17 of the world's largest FX dealing banks plus a transparent, low commission that avoids the conflict of interest of FX platforms which deal for their own account.

ECN-Like Market Structure

Our order book allows you to set orders away from or between the markets, and trade with other IBKR clients* as well as with the liquidity-providing banks. *Certain Institutional clients operate in a market-making and/or liquidity providing capacity within IBKR's currency platform. These clients may have individualized configurations, technical facilities, and/or market data feeds customized to their restricted quoting and market-making functionality.

https://www.interactivebrokers.com/en/index.php?f=759

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